Just the Stats Ma'am

Thank you Jeri for helping us better understand the value that our Quarterly Market Statistics provide to both the agents in this community and our clients.

“Just the Stats Ma’am” – Jeri Moran, General Manager, Keller Williams Realty

Knowing your numbers has taken on a whole new meaning in the last year. Though it was always crucial to know the market and where you stand, now more than ever does could it mean the difference of 30 days on the market or over 100 days. It could mean the difference of 96% of list price or 83% of list price. It could mean your reputation.

Knowing the key numbers could also mean the difference of just getting to the table in the first place. And in our current market where buyers are more challenging to come by, this is very important. So what are some key talking points to look at? And, by the way, we are 5 of only 10 offices in Atlanta that have access to this compiled data and charts! Thank you Chuck Carr (chartmasterchuck@aol.com) So, take a look at some key areas please.

1. Average days on market for listings that require a price reduction vs. those that don’t. We are looking at a difference of 2-3 (sometimes 4) times longer on the market depending on area and price point.

2. Another important number is the % of closed transaction from the same period year prior. If you look at the entire metro Atlanta detached we are down about 22%. Intown areas are down 11.7% and condos a whopping 29%.

3. The % of failed (overpriced) listings has increased to over 70% in all categories.

4. Finally, the decline in the median price point. Prices have not been this low since 2003!

So the good news is we have the information. The information really isn’t good or bad, it is just the facts, the market that we have. It is what we do with this information NOW that will determine if it is a positive or negative in our business. With over 33,000 properties sold in the Atlanta Metro Area this year and looking at the 80/20 (really 90/10) principle in our business, there is plenty to go around and you can get YOUR unfair share. The other piece of good news is we know what the challenge in this market is: PRICE! Yes, PRICE! Inventory has stabilized somewhat and now our greatest marketing strategy is price.

Now what? Get aggressive! Create a worry price that will force buyers to make offers. Make reverse offers and create bidding wars! View properties that are under contract and be the best priced, best looking home on the market. Give incentives on your listings; hoa fees, buy down the mortgage. Remind buyers that they can always turn down an offer but let’s make sure we get one.

This information arms you with data for this wartime market. Get in the game because if you don’t you are just a spectator! You CAN do it!

I hope you will continue to join us at the next quarterly presentation of these statistics. If you would like more information about this event send me an email at ConnieCarlson@kw.com.