Terminology

The terms listed below are in alphabetical order.  If you do not see a term or need additional help, please contact MFRMLS at support@mfrmls.com or 1-800-686-7451.  

Active - Properties in Active status are available for sale and have no ratified contracts pending. The count represents Active Listings at the end of the time period.

All Pendings - This represents the number of listings that were Contingent or Under Contract at the end of the time period, regardless of when the listings were contracted. 

Attached - This facet encompasses any listing that falls into the categories of Attached.  This includes townhouses, condos, condo hotel and coop properties.  

Average - Average is the mean value of the dataset.  The Average Sales Price is the sum of the total sales dollar volume divided by the total number of units sold.  The Median Sales Price is the Sales Price at which half of all sales are above and half are the sales are below.  Sometimes the Median Sales Price is a better indication of the market than the Average Sales Price, especially when a few sales may distort the Average Sales Price.  Example:  Ten sales are in an area. One was for $1,000,000 and nine were for $250,000.  The Average Sales Price would be $325,000 and the Median Sales Price would be $250,000.  

Average Sold Price to Original List Price Ratio - This represents the average of the ratios for the gross sales price to the original list price for individual listings.  Example scenario to help illustrate:

Listing A: List Price = 100,000; Sold Price = 90,000; Ratio = 90%
Listing B: List Price = 200,000; Sold Price = 150,000; Ratio = 75%
Listing C: List Price = 1,000,000; Sold Price = 700,000; Ratio = 70%

In this scenario, the SP to OLP Ratio is ((90+75+70)/3) = 78.3%.  To further clarify, we do not take the aggregate list price and divide by the aggregate OLP.

Bank-Mediated - The Bank-Mediated category includes all properties indicated as a Foreclosure (REO) or Short Sale in the MLS database.

Contingent - Properties in the Contingent category are listings with an Active with Contract status.  The contract that has been ratified but contains contingency clauses that have not been satisfied. 

Contract - Properties in Pending status have a ratified contract and are pending settlement.

Days on Market (DOM) - Days on Market is a calculation based upon the number of days a property is for sale.  It is calculated based upon the property and accumulates between listings.  Days on Market is calculated from the date when a property first comes on the market (list date) to the time it is taken off the market due to a sale (contract date) or off market condition (off market date).  If a property changes between Active and other statuses during the life of the listing(s), the cumulative on market time is tracked.

Detached/Other - Detached listings are properties where there is no wall shared partially or entirely with another property.  The Detached/Other group includes homes that have a property style of modular, manufactured or mobile homes.

Detached/Single Family and Villa - Detached listings are properties where there is no wall shared partially or entirely with another property.  The Detached/Single Family and Villa group includes homes that have a property style of single family home and villa.

Foreclosure - Foreclosures are real estate owned (REO) properties. The property is in the possession of a lender as a result of foreclosure or forfeiture.   While some information is available in the MLS regarding foreclosures, this information is primarily available from lending institutions.

Financing - On the Detailed Report, this section counts the number of sold listings by the type of new financing obtained when the listing sold.   Assumptions include the sold terms of Assume Conventional, Assume FHA/VA, Assume Private and Wrap-around.  Cash are those with sold terms of All Cash.   Conventional are those with sold terms of New Conventional.  FHA are those with sold terms of New FHA.  Owner are those with sold terms of 2nd Mortgage.  VA are those with sold terms of New VA.  Other are those with sold terms of Arm, Balloon Mortgage, Combination, Deed Agreement, Lease Option/Purchase, New Private and Other.

Home Type - Detached properties are those that do not share a partial or complete wall with another property. Attached properties share a partial or complete wall with another property.  

Inventory - Inventory indicates the number of homes for sale with Active status.

List Price - List price is the current price or last price a property was offered at.

Living Area Sqft - Living Area Square Feet is the interior finished floor area (square footage) of the property.

Median - Median is the middle value of the dataset.  The Average Sales Price is the sum of the total sales dollar volume divided by the total number of units sold.  The Median Sales Price is the Sales Price at which half of all sales are above and half are the sales are below.  Sometimes the Median Sales Price is a better indication of the market than the Average Sales Price, especially when a few sales may distort the Average Sales Price.  Example:  Ten sales are in an area. One was for $1,000,000 and nine were for $250,000.  The Average Sales Price would be $325,000 and the Median Sales Price would be $250,000.  

MoM - Month-Over-Month is the percent change for a given statistic from the preceding month.

New Contingents - New Contingents is a count of listings that changed to Contingent (with or without a kickout) during the time period.

New Listings - New listings represents the number of new properties placed for sale during the time period.

New Pendings - New Pendings is a count of listings that changed to either Active with Contract or Pending status during the month (New Pendings=New Contracts + New Contingents).

New Contracts - New Contracts is a count of listings that changed to Pending status during the time period.

Original List Price (OLP) - Original list price is the initial price the listing was put on the market at.  OLP is used in the ratios such as OLP to Sales Price Ratio.

Pending - Pending properties are when a contract has been submitted and is ratified or in the process of being ratified.  It includes the statuses of Active with Contract and Pending.

Ratio of Average Sold Price to Average List Price - This is the ratio of the aggregated average gross sold price to the aggregated average original list price of the listings.  (See also - Average Sold Price to List Price Ratio.)

Short Sale - Short Sale represents a property where the sale price of the property falls short of the balance owed on the property's loan.  In some jurisdictions, this piece of information is not required to be disclosed.

Solds - Solds represents the number of units sold for the time period indicated.

Sales Price - Sales price is the gross sales price.  It is the price the seller accepted from the buyer in the contract.  It excludes seller concessions.  This is also called the Gross Sales Price.

Total Active Inventory - Total Active Inventory includes those properties that were active at the end of the time period.

Total Pendings - Total Pendings includes those properties that were pending at the end of the time period.

YoY - Year-Over-Year is the percent change for a given statistic from the same month in the prior year.