In our MARIS MLS we have a PENDINGS category.
DEFINITION: PENDING - for properties with an accepted contract. These properties remain in this status until they close.
Our MLS also provides several different monthly market overviews that include such data as 'System Wide Totals by Status'.
This reports --total of and DOM -- for Actives, Contigents, Pendings etc. Neither SOLDS nor EXPIREDS are included.
Not all pendings result in a closed sale (I don't know the fallout ratio) but it just seems incomplete to not include SOLD and EXPIRED stats in these monthly market overviews. BTW, there is no lag. The June market overview has already been posted.
If for no other reason, I would like to see the data on solds, expireds and pendings so I can determine the fall out ratio. I would probably have to look at 3+ months data as most transactions don't close in the same month they go pending, but I could at least get an idea if I looked at 3 months of data. Basically ditto on expireds.
Is my thought process off base? What am I missing? I am probably overlooking something obvious but appreciate your help in advance.
The MLS office is closed a right now or I would call. I was hoping that someone here might understand the strategy.
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