In any market, the transactions that define market trends are evident in MLS data more clearly than any other data source. However, third party companies like portals and public record firms have become the de facto source of market information to the major media outlets. A number of years ago, the Council of MLSs (CMLS) explored hiring a Chief Economist and a PR firm to position MLSs as the most valued source of market data. For a number of reasons, CMLS did not pursue the strategy, but did create a focus on establishing best practices for MLSs to effectively communicate data and market insights to their local media companies. There are many examples of excellence found among MLSs and REALTOR® Associations, but one that stands out to us is Silicon Valley based MLSListings, Inc. We are sharing this release because we think that others will be able to observe what is working. This release ran as an article in the San Jose Mercury News, and I suppose other media outlets too.
Some things that I especially like about the press release is that the voice is the CEO, James Harrison. There is a reasonable bias in many markets to use the board president as the spokesperson for these types of communications as a perk. The tradeoff is that you do not establish a consistent person that the media journalists can build a trust relationship with over time. The spokesperson gets swapped out every year. The best bet for a local MLS is to build relationships with journalists in the area, invite them to events, socialize with them, and attend the National Association of Real Estate Editors (NAREE) convention. For MLSListings, media relations falls under Myra Jolivet’s responsibilities but Harrison is the tip of the spear.
For the first time, days on market has moved out of the single digits in one of America’s hottest markets. Some of this is seasonal and some it simply economic. Price inflation is never everlasting, which is a welcome relief to homebuyers. Many agents in Northern California coach their buyers that they need cash in hand with no contingencies to win the home they want to buy. If you visit a home you like and do not place an offer on the way out the door, the likelihood of it not being under contract that same day is rare.
Enjoy this press release and glean as much from it as you can to improve your effectiveness.
Silicon Valley Housing Market May Be In Transition?
MLSListings Summer Data Shows a Changing Market
Sunnyvale, CA, – The counties of the world’s technology hub are beginning to show changes in home prices and inventory: these are not drastic changes, but prices in some areas are easing, with median prices down slightly from June in San Mateo, Santa Clara and Santa Cruz Counties. The average percentage of list price received is still well above 100, but down 2% in both San Mateo and Santa Clara Counties. Median days on market are in double digits throughout the territory, and average days on market grew in all counties except Santa Cruz County. This stands in stark contrast to the breakneck pace of the last few years where single digit days on market were common.
“After taking a preliminary look at the August numbers, we see a continuation of the trend: slowing sales, building inventory and longer days on market. The numbers speak for themselves. MLSListings data from June, July and August indicates that even Silicon Valley may not be immune to cooling forces in the market. It’s particularly remarkable given the timing. The beginning of summer is typically the peak time in the real estate market annual cycle,” said Jim Harrison, President and CEO of MLSListings.
These reports are released each month to track activity and trends in real estate for Monterey, San Benito, Santa Clara, Santa Cruz and San Mateo Counties. For a comprehensive history of monthly market reports, see https://www.mlslistings.com/media-center/market-data-reports/.
About MLSListings Inc.
MLSListings Inc. is recognized as a premier multiple listing service in the nation. Based in the heart of Silicon Valley and specializing in Monterey, San Benito, Santa Clara, Santa Cruz, and San Mateo Counties, MLSListings provides real estate professionals and consumers with accurate data that is updated every five minutes. Facilitating more than $70 billion in annual real estate activity, the MLSListings platform is the intersection of comprehensive real estate data and the transaction for the northern California marketplace. https://www.mlslistings.com
MLSListings Inc. Media Contact:
Myra Jolivet | VP, Public Affairs
w408.874.0243 | m408.489.9009