No one studies housing market data more closely than a homeowner thinking about selling or a buyer who wants insight into whether it’s a good time to dive into the market. Whether you’re thinking about buying or selling, it can be difficult to match high-level market numbers with your personal circumstances.
Enter the Bright MLS T3 Home Demand Index.
The Bright MLS T3 Home Demand Index provides a monthly snapshot of the local market based on real-time data, such as listing views, home showing requests, and recent sales. The data shows where buyers are looking, what price range they’re looking in and what types of homes are in demand.
In August, the Index showed moderate levels of demand in the DC area that indicate a return to the normal seasonality of the real estate market after the turbulence of the past year and a half. Home showings in August typically decline as people head on vacation, however, the Index showed that demand is still high for most property types in the DC region, except for lower-priced single-family homes and townhouses.
If you’re in the market for an entry-level single-family home or townhouse, that could be good news since it may mean you’ll face less competition for the limited number of homes for sale. On the other hand, the reduced demand could be because there are so few homes available on the lower end of the price range that there’s nothing for buyers to tour. A real estate agent can help you put the information into context.
In addition to the T3 Home Demand Index, buyers and sellers can see monthly median sales prices for the region and for each county that surrounds DC. Other available statistics include the median number of days it takes for homes to sell, the number of new listings on the market, the number of closed sales and the number of pending sales, which are homes under contract that have yet to go to settlement.
All those numbers can provide a general portrait of what’s happening in the area. But for a true understanding of how market dynamics will impact your purchase or sale, you’ll need the assistance of a real estate agent who can provide localized data and insight.
See other articles related to: bright mls
This article originally published at https://dc.urbanturf.com/articles/blog/this-new-tool-provides-all-the-market-data-for-your-real-estate-transaction/18813.
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