Median Price:
The real estate industry generally uses "Median Price" instead of "Average Price" because a couple of high-end or low-end properties in a single zip code or city can skew the Average Price pretty quickly. Using Median (or the midpoint) gives a more accurate depiction of local price levels.

 

Simply put, "Days-on-Market" tells you how long the active properties currently for sale, in aggregate, have been on the market (a.k.a. "time on market"). Said otherwise- "of the active listings currently available for sale - how long have they been for sale?"

The Days-on-Market number that you see here on AnthonyLum.com is a "cumulative" number. So what does that mean? Sometimes listing agents will pull a listing from the active market and re-list the property in the near future - maybe a couple of weeks or months down the road. This is a common action for an agent to take if a property has been on the market for an extended period of time or if the property will have its price reduced. Frequently, this also resets the days-on-market number back to "0 days" in the local MLS search. By re-listing the property, it can appear to be "new" in the local market because new buyers in the market may not have seen the property previously. But, that doesn't really tell you want the true "days-on-market" value is in that market.

To correct for that, we calculate "Days-on-Market" as a cumulative number, which means if a properties leaves the active market and is relisted again within a 90-day period, we assume that they property was never really "off the market" - more like "it was taking a break."

 

Price per Square Foot is a measure of value. Think of this stat as answering the question - "How much house am I getting for my money?"

This is particularly important if you are analyzing a market with a diverse mix of homes. For example, one 3-bedroom home (or Condo...) could be 1800 square feet and another in the same neighborhood could be 2200 square feet. If they are both listed at the same price, you'd be able to "get more house" by purchasing the 2200-square foot home (all other factors equal such as condition, lot size, highway access, school district, and all the other stuff that affects home prices...).

When examining the Price per Square Foot stat in a market area - a city or zip code - it's very helpful to know "how much house you're getting for your dollar." That's why we calculate Price per Square foot.

 

"Inventory" is simply real estate lingo for "the number of homes for sale." This stat shows you how much supply is available in the market you are researching. Inventory levels can ebb and flow frequently due to seasonal effects. There's usually more inventory on the market in the spring-time as the natural rate of real estate activity picks up during this time of year. Alternately, there's generally less inventory in the Fall or Winter as real estate activity slows.

This can mean mixed things if you're a buyer or seller in the market, or a real estate agent working with your clients. At times when there is higher inventory, it means there's more selection for buyers. But there's also more buyers in the market in the spring time which means more competition for the homes on the market.