We know that in today’s “technology” world more and more home buyers and sellers want to do things for themselves. And while we applaud all the new tools and resources on the internet for people to utilize – there are still many facets to home buying where a licensed residential real estate agent can be an asset.
One new tool that we’d like to share with you today is called “The Thing”. This is a public facing resource on the site www.mplsrealtor.com. The Thing provides interactive market analytics from the Minneapolis Area Association of REALTORS. It allows you to compare areas by community, zip, city, school district, county or neighborhoods in the following breakouts – Price Ranges, Foreclosure, Property Types and New Construction.
You can choose one of ten different categories to review – Median Sales Price, Average Sales Price, Average Price per Square Foot, Pct of Orig Price, Days on Market, Months Supply, Homes for Sale, New Listings, Pending Sales and Closed Sales.
It gives you up to a 7 year overview of a 12 month average or a monthly average of the parameters that you select. You can see the results in a bar graph or an interactive line graph.
For example, by choosing some simple parameters of Area – TC Region and Homes for Sale – you will see that February 2012 shows 21,728 homes available (see photo). This is the lowest homes available inventory since July 2005 according to the interactive line graph. If you add the Breakouts of Price Ranges and Property Types, you will see a much more detailed chart breaking out four different price ranges and three different property types – Single Family Detached, Condo and Townhouse. Amazing how much power is available with a few keystrokes!
Have fun exploring this tool for yourself or if you’d like insight into what it all means, call your Roger Fazendin REALTORS® agent. They have another tool available to them called InfoSparks that allows them define more specific areas and give you more comprehensive information.