Fundamental Property Data Described
We’re going to define some of the fundamental property numbers that get thrown around on a regular basis. We’ll use one real estate marketplace, situated in Hood County Texas to do that. More granular, we’ll use the single family numbers for houses in Granbury Tx, a small town of about 8,000 residents which has found significant real estate increase in the previous 12 months. It is necessary when reviewing real estate data to use a group of amounts granular enough to tell your story, although big enough for uniformity.
The data that we’ll be referencing are exact and authentic for the year but are used to define the property stat itself.
We’ve selected Granbury Tx as our example because the increase of the local property marketplace there get the statics stand out.
Anytime you’re assessing data, particularly in real estate, the source of the amounts are incredibly significant. More often than not, the MLS (Multiple Listing Service) provides the most precise numbers when referring to real estate. It is because they’ve all listings by all local real estate brokers within their database. For the benefit of explanation of the information, we’ll be looking at the amounts for house sales in Granbury Tx from the MLS. These amounts are meant to give an example of the best way to read the data themselves. Anytime you appraise real estate amounts, its vital that you pay close attention to how the amounts are collected. In this case, we’ll use single family properties that are JUST in the city of Granbury.
Fundamental Property Data
Amount of Sales – This one is fairly self explanatory. It’s just the variety of single family homes sold in a specific month. In January of 2015, they’d 51 single family homes. One thing to pay attention to when looking at this stat is are they currently using the day the property really or the Under Contract date went to close. Both of these dates are generally so its vital that you just understand which is being referenced. Additionally, many of the houses that get computed, should you be using the “under contract” amount may not really close! In our case, we’re using the amount of houses that really closed. In January of 2016 they’d an increase of over 49% which brought the total from 51 to 77. Increase of that amount is quite rarely seen.