How to Read Those Quarterly Real Estate Market Reports

The second quarter of the year ended last Thursday, so quarterly market reports will be out any minute (including Compass', which of course we'll be sharing with you).  These reports provide valuable data and insight, but here are a few things to remember when you read them:

They capture a moment in time.  What happened then isn't necessarily what's happening now, in real time.  

They rely on averages and medians.  Again, incredibly useful for overall trends, but all real estate is hyper-local.  Every neighborhood, street, and building is its own market.  What's happening with Midtown East co-ops and Tribeca condos may be very different, but they're both lumped together under "Manhattan."

They can lack context.  When the previous year was a record-breaker, as 2021 was in many markets, what might seem like precipitous drops in homes sold, etc. the following year may just be a return to the status quo.  It may make more sense to compare them to the last "normal" year, like 2019, to get a better sense of where things truly are.

They don't tell the whole story.  You'll see how many contracts were signed and how many homes sold.  You won't know what traffic to listings was like, whether or not there were multiple offers, or about other factors that may have affected sales (i.e. a massive construction project in an area).  

To really unlock and understand the value of these reports (especially as they pertain to you), review them in tandem with a knowledgeable, experienced real estate broker.  That's where we come in.  We're happy to share our expertise, and you don't have to be planning to buy or sell to take advantage of it.Please feel free to get in touch by clicking the button below.