Terminology
Active - Properties in Active status are available for sale and have no ratified contracts pending. The count represents Active Listings at the end of the time period.
Advertised Subdivision - Advertised Subdivison names are based on either local adoption of the source as presented in public records, or names used by builders and developers in marketing. Subdivisions were added to RBI Statistics in March 2014 based upon a minimum number of sales in the past two years. Any legal or advertised subdivision that has fewer than 12 sales over the past two years (averaging less than half a sale per month) was excluded. For statistics to be useful, this minimum was necessary or the reports would just have a bunch of zeroes for months with no sales activity.
All Pendings - 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.
Attached/All - This facet encompasses any listing that falls into the categories of Attached Townhouse or Attached Condo/Coop.
Attached/Condo-Coop - Condo/Coop indicates a listing where the listing is part of a Condo or Coop building.
Attached/TH - 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.)
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 Original List Price Ratio - This represents the average of the ratios for the gross sales price to the original list price for individual listings. Example scenario to help illustrate:
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%
In this scenario, the SP to OLP Ratio is ((90+75+70)/3) = 78.3%. To further clarify, we do not take the aggregate list price and divide by the aggregate OLP.
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. Examples of contract contingencies may include:
- 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 - Properties in Contract status have a ratified contract and are pending settlement.
Contract Ratio - A measure looking at the level of purchase activity compared to active inventory available for purchase. The calculation: (Total Pendings / Active Listings). "Total Pendings" encompasses any listings that were Under Contract (including contingent contracts) at month's end, including those that entered the month in Under Contract status. A higher Contract Ratio signifies a relative increase in contracts compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contracts compared to supply, and indicates the market is moving in the buyer's favor.
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.
Detached - The value for Detached in the Sold and Active Detail sections is determined by the Type in the listing. Detached values include: Bed & Breakfast, Detached, Double Wide, Dwelling w/Rental, House of Worship, Mobile, Other, Patio Home, Rooming House, Vacation Home. Listings that are a Condo or Coop can be included in detached if specified within the listing. The Type of Garage/Parking Space value is not used in this calculation. (See Attached and Attached/TH for related information.)
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.
Financing - On the Detailed Report, this section counts the number of sold 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.
Home Type - 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 further delineated to indicate whether it is a condo or coop building vs. a townhouse, row house or similar.
Inventory - Inventory indicates the number of homes for sale with Active status.
Legal Subdivision - Legal Subdivison names are based on public records sources (i.e. local assessor's office). Subdivisions were added to RBI Statistics in March 2014 based upon a minimum number of sales in the past two years. Any legal or advertised subdivision that has fewer than 12 sales over the past two years (averaging less than half a sale per month) was excluded. For statistics to be useful, this minimum was necessary or the reports would just have a bunch of zeroes for months with no sales activity.
List Price - List price is the current or last list price of a property.
Living Area Sqft - Living Area Square Feet is the interior finished floor area (square footage) of the property.
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.
Months Supply of Inventory - This number tells you how many months it would take for all the current homes for sale on the market to sell, given the sales rate for that market. RBI's calculation takes into account the seasonal fluctuations of selling activity by applying the average sales rate of the prior 12 months. Months Supply of Inventory = (# Active Listings at month's end) / (Average Sales rate of prior 12 months). 4 to 6 Months is generally considered a balanced market; less than 4 months a sellers' market as there are more buyers than homes available; more than 6 months can be considered a buyers' market as there are more homes for sale than buyers to purchase them.
New Contingents - New Contingents is a count of listings that changed to Contingent (with or without a kickout) during the time period.
New Listings - New listings represents the number of new properties placed for sale during the time period.
New Pendings - New Pendings is a count of listings that changed to either Contingent or Under Contract during the time period (New Pendings=New Under Contracts + New Contingents).
New Under Contracts - New Under Contracts is a count of listings that changed to Under Contract during the time period.
Original List Price - Original list price is the initial price the listing was put on the market at. 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.
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 and Contract
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 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.
Total Active Inventory - Total Active Inventory includes those properties that were active at the end of the time period.
Total Pendings - Total Pendings includes those properties that were pending at the end of the time period.
YoY - Year-Over-Year is the percent change for a given statistic from the same month in the prior year.