Understanding your local real estate market is crucial, whether you're buying or selling. Fortunately, a powerful, yet underutilized tool is available to help: ShowingTime Market Stats.
Years ago, Realtors relied on cumbersome Excel spreadsheets to analyze market trends—a process few actually undertook. Today, ShowingTime Market Stats offers an intuitive, user-friendly data portal that generates clear, insightful graphs with just a few clicks. These real-time visualizations provide an instant snapshot of current market trends in your specific neighborhood.
ShowingTime Market Stats empowers us to analyze market data with unprecedented precision and easily share those insights with you. It's the ideal first step when determining a listing price or crafting a competitive offer.
For example, let's look at Royal Oak, Michigan. (Keep in mind, you can perform these searches for any city, zip code, or school district.) You can analyze data from the past year, three years, five years, ten years, or even as far back as January 2003
And you can do that for any of the following categories:
Pouring over these statistics you can gain a sense of whether we're in a buyer's market, seller's market or somewhere in between and more importantly where prices are on average.
That's not all! Searches can also be narrowed based upon your home's features to further fine tune your search into a more apples to apples result. This article's been a bit cluttered with the charts thus far so I will list the categories and not make any more example charts. The categories are:
Price Range, Property Type, Finance Code, Garage Type, Square Footage, Bedrooms, Bathrooms, Year Built, which all means to say if you want to search on condos built before 1960, with 1 bath, no garage, 1,500 square feet or less, you can.
As a Realtor we can provide these charts to our clients as links that update themselves automatically as new data becomes available. So once you've crafted your searches you only need to click the links every month for fresh updates.
If you don't live within Realcomp's geographical area here in South East Michigan, your local MLS should provide your local agents with a similar tool.