The Statistics That Matter

This information is important to you for three reasons.  First, you are looking to buy a home.  Second, you are looking to sell a home.  Third, you are a homeowner that wants to be informed about your area.  Just remember if there is any other information you need, please feel free to reach out.  Whether it’s a call, text, email, morse code or smoke signal, we can do it all.  Except faxes, we don’t do faxes.

Average List Price

Average Sale Price

Average Days on Market

Absorption Rate

Median List Price

Median Sale Price

Median Days on Market

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Whether you are looking to buy or sell, we are here to help.  If you need to see a home for sale, feel free to contact IG Bailey & Co.  We can show you any home for sale, not just the ones we have listed, even For Sale by Owner homes.

If you need to figure out the price of your current home before looking at new homes, you can get a cma.  This is a quick and automated process.  This is sort of like a Zestimate from Zillow with a few distinct differences.  Our automated valuation is NOT powered by unicorns and fairy dust.  We use actual real time data to give you the most accurate price for your current home. In many cases, this is a big range.  In order to get a precise idea of what your home could sell for, we will have to send one of our experts to come take a look. Don’t worry, this is painless and no obligation.

What's For Sale in 40272

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What's Pending in 40272

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What Sold in 40272

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What is Average List Price?

The Average List Price is the average of all the homes currently listed for sale.  For example, four homes are listed for sale in a given area.  The list prices are $125,000, $257,000, $148,500, $323,800.  The total value of all four homes is $854,300.  Divide $854,300 by 4 (number of homes listed) and the Average List Price is $213,575.

What is Median List Price?

Median means “in the middle”. When we are talking about Median List Price, this means exactly half of homes listed are above this price and exactly half are below. For example, let’s say there are 5 homes for sale in a market at prices of $275,000, $300,000, $450,000, $350,000, and $570,000.  The median is $350,000.  That means $350,000 is the halfway point.  Exactly half of the homes are above $350,000 and half of the homes are below $350,000.

What is Average Sales Price?

The Average Sale Price is the average of all the homes that have sold.  To get the Average Sale Price add the sale price of homes that have sold for a given area and time period.  Next, divide by the number of sales.

For example, four homes have sold in a given area. in a month  The list prices are $276,000, $257,000, $438,000, $199,900.  The total value of all four homes is $1,170,900  Divide $1,170,900 by 4 (number of homes that sold) and the Average Sale Price is $292,725.

What is Median Sales Price?

Median means “in the middle”. When we are talking about Median Sale Price, this means exactly half of homes sold above this price and exactly half sold below. For example, let’s say there are 5 homes for sale in a market at prices of $345,000, $200,000, $250,000, $350,000, and $775,000.  The median is $350,000.  That means $345,000 is the halfway point.  Exactly half of the homes sold above $345,000 and half of the homes sold below $345,000.

What is Average Days on Market?

The Average Days on Market (sometimes called CDOM) is the average number of days a home is on the market cumulatively.  CDOM stands for Cumulative Days on Market.  For example, four homes have sold in a subdivision.  The CDOM for these homes are 16 days, 58 days, 32 days, and 190 days.  Add up all the CDOM and it equals 296.  Divide that by the number of homes that sold (4).  The Average CDOM is 74.

What is Median Days on Market?

Median means “in the middle”. When we are talking about Median Cumulative Days on Market (CDOM), this means exactly half of homes sold above this number of days and exactly half sold below this number of days. For example, let’s say there are 5 homes that sold.  The CDOM of 18, 45, 51, 86, and 191.  The median is 51 days.  That means 51 days is the halfway point.  Exactly half of the homes sold in more than 51 days and half of the homes sold in less than 51 days.

What is Absorption Rate?

Absorption rate is how many months it would take for the current homes on the market to be depleted.  Let’s say 70 homes are for sale, 7 of them sell in one month.  That would mean there is currently 7 months of inventory.

This number is great for determining whether you are in a seller’s or buyer’s market.

An absorption rate of less than 6 indicates a seller’s market.  More buyers are looking for a home than sellers are willing to sell.  An absorption rate of above 6 indicates a buyer’s market.  More sellers are willing to sell than buyers are looking for a home.  An absorption rate of 6 means the market is balanced.  Roughly their are the same number of buyers and sellers.