Glossary (data as reflected in a given month):
· New Listings – homes newly listed for sale.
· Pending Sales – a count of the homes that have accepted contracts and are in escrow.
· Closed Sales – count of the actual home sales closed.
· Days on Market – this metric reflects the median number of days between the home’s initial listing and offer acceptance.
· Median Sales Price – midpoint where half of the homes sold were priced higher, and half were priced lower.
· Average Sales Price – mean sales price for all closed sales.
· Price per Square Foot – this metric reflects the median value, based upon sold data; the midpoint at which half of the homes sold were priced higher and half-priced lower, divided by the number of square feet.
· Inventory – number of homes available for sale in an active status at the end of the month.
· Months Supply of Inventory – also known as the absorption rate. The available inventory of homes on the market at month’s end, divided by the average monthly pending sales from the previous twelve months.