Frequently Asked Questions

Below is a list of definitions of terms used on the website.

• Active - Properties in Active status are available for sale and have no ratified contracts pending.
• Average - Average is the mean value of the dataset.  The Average Sales Price is the sum of the total sales dollar volume divided by the total number of units sold.  The Median Sales Price is the Sales Price at which half of all sales are above and half are the sales are below.  Sometimes the Median Sales Price is a better indication of the market than the Average Sales Price, especially when a few sales may distort the Average Sales Price.  Example:  Ten sales are in an area. One was for $1,000,000 and nine were for $250,000.  The Average Sales Price would be $325,000 and the Median Sales Price would be $250,000.  
• Average Sold Price to Average List Price Ratio - This represents the average of the ratios for the gross sales price to the original list price for individual listings.  (See also - Ratio of Average Sold Price to Average List Price.)
• Bank Mediated - The Bank Mediated category includes all properties indicated as a Foreclosure (REO) or Short Sale in the MLS database.
• Contingent - Properties in Contingent status have a contract that has been ratified but contains contingency clauses that have not been satisfied. It includes the statuses of Contingent w/ Kickout and Contingent w/o Kickout. Typical contract contingencies may include clauses pertaining to:

Third-Party Approval – Short Sales

Document Review – HOA, Condo, Short Sales

Appraisal contingencies

Accepting Backup Contracts

Home Inspection

Radon Inspection

Home Sale Contingencies

Preliminary Lender Approval

Gift Letter

Feasibility Study (land)

Zoning Application (land)

Coop Board Approval

• Contract (Under Contract) - Properties in Contract status have a ratified contract and are pending settlement.  Contingencies have been satisfied.
• Days on Market (DOM) - Days on Market is a calculation based upon the number of days a property is for sale.  It is calculated based upon the property and accumulates between listings.  Days on Market is calculated from the date when a property first comes on the market (list date) to the time it is taken off the market due to a sale (contract date) or off market condition (off market date).  If a property changes between Active and other statuses during the life of the listing(s), the cumulative on market time is tracked.
• Foreclosure - Foreclosures are real estate owned (REO) properties. The property is in the possession of a lender as a result of foreclosure or forfeiture.   While some information is available regarding foreclosures, this information is primarily available from lending institutions. 
• Home Type - Attached/Detached - Detached properties are those that do not share a partial or complete wall with another property. Attached properties share a partial or complete wall with another property.   Attached is split up further to indicate whether it is in a condo or coop building vs. a townhouse, row house or similar.
• Inventory - Inventory indicates the number of homes for sale with Active status.
• Gross Sales Price - Gross sales price indicates the selling price of a property before any seller concessions have been applied.
• List Price - List price is the original list price of a property.  While a price can be reduced over the time a property is for sale, the original list price is used in all calculations and graphs.
• Living Area Sqft - Living Area Square Feet is the interior finished floor area (square footage) as defined by local taxing jurisdictions.
• Median - Median is the middle value of the dataset.  The Average Sales Price is the sum of the total sales dollar volume divided by the total number of units sold.  The Median Sales Price is the Sales Price at which half of all sales are above and half are the sales are below.  Sometimes the Median Sales Price is a better indication of the market than the Average Sales Price, especially when a few sales may distort the Average Sales Price.  Example:  Ten sales are in an area. One was for $1,000,000 and nine were for $250,000.  The Average Sales Price would be $325,000 and the Median Sales Price would be $250,000.  
• MoM - Month-Over-Month is the percent change for a given statistic from the preceding month.
• Net Sales Price - Net Sales Price indicates the net selling price of a property after seller concessions have been applied.   Gross Sales Price minus Seller Subsidy = Net Sales Price.
• New Listings - New listings represents the number of new properties placed for sale during the time period.
• Original List Price - Original list price is the initial price the listing was put on the market at.
• Pending - Pending properties are when a contract has been submitted and is ratified or in the process of being ratified.  It includes the statuses of Contingent w/ Kickout, Contingent w/o Kickout and Contract.
• Ratio of Average Sold Price to Average List Price - This is the ratio of the agregated average gross sold price to the aggregated average original list price of the listings.  (See also - Average Sold Price to List Price Ratio.)
• Short Sale - Short Sale represents a property where the sale price of the property falls short of the balance owed on the property's loan.  In some jurisdictions, this piece of information is not required to be disclosed.
• Solds - Solds represents the number of units sold for the time period indicated.
• Sales Price - Sales price is the gross sales price.  It is the price the seller accepted from the buyer in the contract.  It excludes seller concessions.  This is also called the Gross Sales Price.
• Seller Subsidy - Seller subsidy is the amount a seller provides a buyer as a concession towards settlement of the property.   The gross sales price minus the seller subsidy is the net sales price.
• Total Active Inventory - Total Active Inventory includes those properties that were active outside of the current time period as well as the New Listings.
• Total Pendings - Total Pendings includes those properties that were pending outside of the current time period as well as the New Pendings.
• YoY - Year-Over-Year is the percent change for a given statistic from the same month in the prior year.

RBI introduced a new system for statistical reporting. Beginning with the release of the January 2011 statistics, all data, including historical figures, were generated by these improved methodologies.

Why did we do this?

1. New data points - New information, such as Total Pendings, is now available. Also, the data can be analyzed by characteristics of the listing, such as sales by bank mediated status.

2. More accurate data - Some methods for calculations on prior reports were based upon flawed assumptions. These calculations are now more accurate, such as the count of Active Listings.

3. Provide new reporting - Previously, reports were limited in the data and the time frames available.  For example, Zip Code reports were not available prior to  2006. In the future, we will be able to provide new reports on geographies such as city, neighborhood or election district.

Details on New Methodology (in alphabetical order):

Active Listings - This count of Active Listings will be significantly lower than before. Prior methodology included Contingent listings in the Active count. The new methodology removes the Contingent listings and instead counts them as Pending. The count represents Active Listings at the end of the time period.

Attached - The value for Attached in the Sold Summary includes the listings that fall into the categories of Attached/TH and Condo/Coop.

Attached/TH The value for Attached/TH in the Sold and Active Detail sections is determined by the Type of listing. Excluding any listings marked as Condo/Coop, the Attached/TH category includes:  Attach/Row House, Back-to-Back, Duplex, Garden 1-4 Floors, Hi-Rise, 9+ Floors, Mid-Rise 5-8 Floors, Multi-Family, Over Storefront, Penthouse, Quad, Semi-Detached, Townhouse, Triplex and Vacation Rental.   The Type of Garage/Parking Space value is not used in this calculation.  (See Detached for related information.)

Sold to List Ratio (NEW) Previously, only Ratio of Average Sold Price to Average List Price could be calculated/displayed. The definitions of both the legacy and new calculations is below along with an example.

Scenario:
Listing A: List Price = 100,000; Sold Price = 90,000; Ratio = 90%
Listing B: List Price = 200,000; Sold Price = 150,000; Ratio = 75%
Listing C: List Price = 1,000,000; Sold Price = 700,000; Ratio = 70%

• Average Sold Price to List Price Ratio - This represents the average of the ratios for the gross sales price to the original list price for individual listings. Uses the Average of the Ratios ((90+75+70)/3) = 78.3%   (does not use the aggregated values)
• Ratio of Average Sold Price to Average List Price - This is the ratio of the aggregated average gross sold price to the aggregated average original list price of listings.  Uses the Aggregated Averages and obtains the Ratio - (313,333/433,333) = 72.3%

Condo/Coop - Condo/Coop indicates a listing where the listing is part of a Condo or Coop building.  It is assumed all Condo/Coop listings are Attached.  There is no breakdown by Bedroom for Condo/Coop.  Ground Rent listings used to be included In this value.  It was removed (see Ground Rent Listings).

Days on Market (DOM) - The ranges for DOM now match the facets on the interactive reports on the RBI website. Instead of 5 ranges, there are 11 ranges. A value of zero for DOM can mean two things: the listing sold the same day it was listed, or the listing was entered as a Comparable/Sold into the system.

Detached - The value for Detached in the Sold and Active Detail sections is determined by the Type of listing.  Types in Detached include: Bed & Breakfast, Detached, Double Wide, Dwelling w/Rental, House of Worship, Mobile, Other, Patio Home, Rooming House, Vacation Home. The Type of Garage/Parking Space value is not used in this calculation.  (See Attached and Attached/TH for related information.)

Financing - this section counts the number of listings by the New Trust Loan Type.  Owner represents both Owner and Owner 2nd.  Other includes: Government Bond, Other, Private, State/Local Gov'tProg, Tax Deferred Exchange and Unknown.   Previously, Assumption incorrectly included Government Bond, Owner 2nd, State/Local Gov't Prog, Tax Deferred Exchange and Unknown

Ground Rent - Ground Rent listings are now in the Residential category of the Sold and Active Detail sections and are distributed accordingly using the criteria for Attached/Detached and Bedrooms. Previously, Ground Rent listings were in the Condo/Coop value. This will affect Baltimore County and Baltimore City reports due to the high amount of Ground Rent listings in those jurisdictions.

Inventory - Last Year and Percent Change - NEW - The new report shows both current period and last year's as a comparison.  The percent change is also calculated.

New Contingents - New Contingents is a count of listings that changed to Contingent (with or without a kickout) during the month and were Contingent at the end of the month.  The underlying logic has not changed, however, the value may be lower due to listings that were Pending more than once. Since the data was processed after the listings sold, a listing that was Pending more than one time in its life will only be counted once as Pending. As noted earlier, these were included in the Active count as well in the previous methodology.

New Listings - New Listings Is a count of listings that came on the market during the time period.

New Pendings - New Pendings is a count of listings that changed to either Contingent or Under Contract during the month (New Pendings=New Under Contracts + New Contingents).  The underlying logic has not changed, however, the value may be lower due to listings that were Pending more than once. Since the data was processed after the listings sold, a listing that was Pending more than one time in its life will only be counted once as Pending.

New Under Contracts - New Under Contracts is a count of listings that changed to Under Contract during the month and were Under Contract or Sold at the end of the month.  The underlying logic has not changed, however, the value may be lower due to listings that were Pending more than once. Since the data was processed after the listings sold, a listing that was Pending more than one time in its life will only be counted once as Pending.

Price Ranges - Both the Active and Sold Detail sections use new price ranges.  Previously, there were two formats and they were condensed into one.

Total Pendings - NEW - This represents the number of listings that were Contingent or Under Contract at the end of the time period, regardless of when the listings were contracted.

Units Solds - Listings with a status of Contract with a Contract Date and Close/Settlement Date in the same month used to be included in Units Sold.  This is no longer true. Only listings with a status of Sold are included.

Overall, any number may not match exactly, even if it is not specified above. This is because we re-processed all the data from the past 13 years. Listings have been deleted, added (comparables), or edited over time and the re-processed data takes these changes into account. The numbers will be close, unless a change in calculation was indicated above (i.e. Active Listings).