How’s the Market?

How’s the Market?

We are asked almost everyday “How’s the market doing these days?” We respond by saying “It depends where you live and whether you are considering selling, buying or renting.” The question you should really be asking is “how is the market for me?” But we can’t answer that accurately either until we know where you live and if you are asking about a detached home, a duplex, townhome or condominium or a unique property.

Many people ask about the market as a general question. But for the person who really wants to know about their personal situation, we create customized market reports that look at sales data in the zip code or neighborhood of their choice going back as far as several years.

While,, and provide good information on active listings, schools and estimates of market value, they do not provide useful, easy-to-read information on sold properties, price trends, inventory levels, list price/sold price ratios, etc. that are most helpful to real estate consumers.

When a person is really ready to sell or buy a home in a certain neighborhood, they need to know precise, accurate information from the local Multiple Listing Service, such as “what is the ratio of list price to sold price in my zip code?”

Median For Sale VS. Median Sold
Or, whether you are a buyer or seller, how important is it to know what the inventory levels are? How many months of inventory there are in a certain zip code or neighborhood? And then to be able to break it down to the smallest set of criteria, such as condos under $600,000 in Del Mar, or single family homes in Carmel Valley?

Monthly Supply of Inventory
These are just 2 charts of a dozen that we run for clients who need to know what is really happening in a given neighborhood or zip code.  Only after analyzing all of the important metrics of a certain market can you truly understand “how the market is doing.”

Remember, asking “how’s the market” is not just a clever way to start a polite conversation at a cocktail party.  It’s a complex question that requires a nuanced, serious and sober answer based on relevant and accurate data – not sales-y, hopeful guesses.

If you want to know what’s happening in the market where you live give us a call today and we will be happy to deliver customized market reports to you.