Who moved my STATS?

Posted on February 12, 2011 by Corey Hart
12

Feb

2011

RBI has a new system for statistical reporting. Beginning with the release of 2011 statistics, all data, including historical figures, are 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. Note, the respective chart in the Interactive Charts section still represents the legacy calculation (Ratio of Average Sold Price to Average List Price), but will be replaced with the more accurate calculation in March.

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 Detached 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 Eschange 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).

methodology
Comments: 9  |  Back to rbiBLOG

Anthony - Yes, we have

Anthony - Yes, we have applied the adjusted/corrected methodology to all stats/reports going back to 1997. So if you were to pull the number of actives in the Market Activity interactive chart for a given ZIP, or look at the Active count in a prior month's Detailed Reports, that metric does not include listings that were in Contingent status.

So as we look at Actives 11

So as we look at Actives 11 vs. Actives 10 == I assume, then, that the Actives 10 have been changed to reflect the same methodology as in 2011? And how far back does that go at this point in time - 2009? 2008? Thanks.

Hi Art - The YoY reports are

Hi Art - The YoY reports are published. Here's a post that explains where to find them. http://www.rbintel.com/blog/how-find-2010-year-end-stats-your-county-or-...

Still yearning for those

Still yearning for those Y-O-Y statistics to be published. Any update?

The Year-End stats need to

The Year-End stats need to run through the same amount of processing MRIS has run in the past, and additional clean-up related to the adjusted methodology detailed in the post above. Should all go according to plan, the date for the Year-End aggregate for 2010 is now March 1.

Why so hard to find 2010

Why so hard to find 2010 sales?

Who MOVED my stats? is the

Who MOVED my stats? is the question that is yet to be answered. Although I know who [RBI] and what the CHANGES will be {nice ones] but to where will they be MOVED? Are you saying that there won't be a button at the bottom of my list for "STATS?" Are you saying that I won't find "ANALYSIS" in the list of reports to be printed?.... or are you saying that the frightening headline was supposed to read "Wno CHANGED by stats?"

Hi John - the 2010 Year-End

Hi John - the 2010 Year-End stats should be published this week, early next week at the latest. Once the Detailed Reports have been published, you can access any of the County Reports from the 'Get Reports' widget on the Home Page (http://www.rbintel.com/) or on the Reports tab on a specific county's page (e.g. http://www.rbintel.com/statistics/arlington-county-va). Check this blog post for more information re: Y/E reports. http://www.rbintel.com/blog/2010-annual-year-end-stats-coming-mid-february

How do I access the year end

How do I access the year end stats for 2010?

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