Re-Introducing the MB Market UpdatesPosted on Friday, February 3rd, 2012 at 3:32pm.
As some readers will recall, for about 3 years, we did our market tracking in Excel files, publishing the PDFs online for download. Then we gave away the dial-up modem and switched to an online Google Docs format. Our last spreadsheet was issued in Fall 2010.
Finally, they're back, better than ever, and covering more activity in MB than ever. There are hundreds of properties in the current spreadsheets, reflecting current actives and recent sales.
As we re-launch the feature, it's worth saying why. These spreadsheets have got something we don't think you can find anywhere else: An intelligently organized, easy to browse, subregion-by-subregion list of active and sold properties. Recent moves are easy to spot. Background data on each subregion and each property are easy to find at a glance.
Our goal is to return to publishing updates twice a month. The January 2012 update needed a lot of background work to get us started, so it covers the whole month.
Here are some things to know about the MB Market Update spreadsheets:
|Use TABS to select different MB submarkets.|
Live links to properties (active or sold): Click on any property address to see the full listing details on Redfin. (Why do we point to Redfin? Because they have "the friendliest, most complete display of information" on properties. For more, see our nerdy explanation in "Not Using Redfin to Search? Why Not?") To see everything you may need to register with Redfin, but they do not harass registrants.
Pending and sold property info: Submarket by submarket, you can develop your own comps and sense of market activity with our report on recently sold properties. We'll maintain 6 months' worth of recent history in the solds.
Sand Section townhomes and East MB SFRs, and the spreadsheets now track these submarkets. (We're still skipping THs/condos outside the Sand for now, and that means few Manhattan Village listings will hit the spreadsheets.)
Improved highlighting: To better call attention to market action (new and pending listings), we're using color highlights. On the main sheet of active listings for a particular submarket, new listings will have a yellow highlight and an N (for "new") next to them, while properties that went under contract during the period covered by the update will be in green with a P (for "pending") next to them. You'll see this on the current sheets.
Real estate listing data do not always make common sense. For instance, if a seller switches listing agents after 6 months and the property has been under the new agent's control for one month, with many searches, you'll see 30 DOM, not 210 DOM. Similarly, lots of changes in the formal listing status over time can obscure the actual pricing history.
In compiling data for these spreadsheets, we try to follow common sense. We count everything from the start. That means...
DOM calculations: We will calculate DOM based on the first date the property hit the open market, regardless of re-lists, holds, failed escrows or changes of listing agents. Only if a property went off market 90 days or more will we use the most recent re-list's start date. Note that this method of calculation will tend to show slightly more DOM in some cases and many more in others, more than you would see on Redfin or through a routine MLS search. In rare cases, the DOM we show may be slightly more than even the CDOM figure ("combined days on market") shown in some searches. This is our attempt to give the most forthright appraisal of how long the property has been available, period.
Past-sale data and other comments: In the "comment" column, we will usually post relevant past-sale data for a property, mainly if it last transacted in 2003 or later. Knowing the market value during the past decade can help in assessing a property's current market value. (MB's median price for 2011 was essentially flat to 2004, for instance, and properties sold in peak years like 2006-07 commonly go for 15% or more below acquisition when resold.) We'll also offer other relevant comments that provide insight into the property's value.
That's a summary of what you'll find in our online spreadsheets. We'll also resume reporting on market activity based on our market tracking.
We hope and expect that you'll find the new spreadsheets useful.
Any time you have a question or suggestion, feel free to email MBWatcher / address: MBWatcher [ at ] gmail.com
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