UNDER CONTRACT PROPERTIES - Often referred to as 'Pending Sales Activity'. This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.
MEDIAN SOLD PRICE - That point at which half of the properties sold for a greater amount and half have sold for a lesser amount during the month. This indicator pinpoints where in the price spectrum homes have sold rather than reflecting home value. There is a common mis-perception that a decrease in the MSP directly indicates a decrease in home value. It is far more likely that a drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.
FOR SALE PROPERTIES - This chart shows the number of properties that were For Sale for at least one day during the month.
THE AVERAGE DAYS ON MARKET (DOM) - This chart shows the average amount of time in days during the month that it has taken to get a property 'Under Contract' ('Pending' status in the MLS). This is a very general (and thus not wholly accurate) indicator of the amount of time on the market because many sellers will continue to market their home during the initial phase of their escrow until the buyer fully commits to the transaction by removing their contingencies. That initial marketing period during an active escrow is referred to as 'Looking For Backup'. So while the property may be in escrow, the DOM counter continues until the marketing status in the MLS is changed to 'Pending' wherein the property is removed from sale and the DOM counter stops.
NEW PROPERTIES - This chart shows the number of new properties that have come onto the market during the month.
MONTHS SUPPLY OF INVENTORY (MSI) - This is a leading indicator of market supply which directly impacts pricing. The MSI is an estimation of how long (how many months) it will take for all of the market's homes to be sold or 'absorbed' based on how many homes are currently on the market and the rate at which they are selling. Generally, a five-to-six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.