Especially during the real estate market shift, the most important thing we can be doing each day is monitoring the numbers that matter! Knowing the data behind the undercurrent of the market will help you overcome objections, generate more leads, and ultimately help move your clients closer to their goals (which is why they pay us!). 

Data Points I mention, and a few more that are worth considering*: 

Monthly Sales $/SF means the average sale price per square foot for homes sold this month. We use today's actual Monthly Sales, not a rolling average.

Appreciation - Monthly $/SF compares the Monthly Sales $/SF for today with that for the same date last year. This is the average annual appreciation based on comparing the most recent monthly period with the same month last year.

Average Sale Price % List compares the average sale price and average final list price for homes sold this month. It shows how close the final sales price was to the list price that was in effect at the time the listing closed. Of course, this may be different from the initial list price.

Days on Market - Monthly Sales means the average cumulative days on market for sales which closed this month (as defined below). 
 

Days on Market - Active Listings is the average cumulative days on market for active listings. You can also include or exclude UCB/CCBS for additional insights. 
 

The Day Inventory indicates how many days it would take to sell all the active listings if they were to sell at the rate implied by annual sales and assuming no new listings become active. It equals Days in Last Year x Active Listings / Annual Sales.

Listing Success Rate is the percentage of listings that closed with a sale rather than expiring or being canceled. It compares the number of listings sold this month with the number of listings that were sold, expired or canceled in the same period. This percentage gives a useful indication of what percentage of terminated listings closed successfully.

Here's where I suggest finding these numbers: 

If you are in the Metro Phoenix Market, you MUST be a subscriber of Cromford Report. In my opinion, with access to such an incredible market subscription, it should just be the cost of doing business here. 

If you do not have access to something similar, begin with gathering reporting from your MLS. You pay dues to your MLS already and they likely offer reporting features that can deliver much of these datapoints for you. 

Next, check with your Local and State Associations. Again, you pay dues to these associations, so if they are very slow at delivering great reporting consistently or frequently, it's up to you and your colleagues to hold them accountable. 

Finally, I love checking on Realtor.com in a pinch. Hover over Buy to open drop down menu > Housing Market > Enter your location. This is great to get a quick pull of info, even for zip codes or subdivisions. Remember, these search portals are really just data collection agencies. Use them. 

Timestamps for this video: 

[02:01] Why Market Data Helps With Converting Leads - We can use data to help combat some of the objections clients may have. It leads them to feel more empowered in their decision-making. Know and understand your data! So, you can explain how and why it is relevant to the public. 
[05:00] Where To Find Market Data - Pull up your market data every single day, to get your mind into the game and understand what's happening in your area. Stefanie shares where she gets her extraordinary market data within Phoenix, AZ. You can also check your data in MLS, next is in your local and state association, and lastly is in google. 
[12:09] What Numbers Matter Most - Stefanie shares her routine in getting the numbers. Knowing your numbers really establishes trust with your clients!

*Thank you Cromford Report for helping provide definitions for the numbers stated above!

Thanks for listening! Download my free eBook covering all this and more in depth. You can find that for free, here.

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