1004MC Report (Explained)

To access this report click Market Reports at the top right corner of Matrix. You will find this report in the General Section. Market Conditions 1004MC Report.

This report provides Appraisers with deep market insights and can also assist agents in understanding the market environment and trends. Benefits for an agent are studying the months of supply going back a year, how many homes are selling vs. what's still active on the market, and how much sellers are asking vs. the reality of how many units are selling for in a given area.

The below example is using the Single-Family Market in Pembroke Pines for 3 bedroom and 2 bathrooms. We recommend selecting Active Status, Pending, Closed Sale but be sure to remove the date range as this report is designed to go back a year. You can also add Coming Soon and Active With Contract to get a larger picture of the market as well.

See screenshot of the statuses selected for this demo.

We are now going to select the location: Pembroke Pines and Beds 3 and Baths 2.

Once you have selected the criteria click the Generate Report Button Below

Sample Report Below

As previously mentioned this report is designed to go back a full year. The first data set on the right (current - 3 months) column breaks down our current period as of date going back three months.

Middle Column (Prior 4-6Months) 121 days ago through 180 days and the column on the left (Prior 7-12 Months) goes from 181 days ago to 365 days.

The total # of comparable sales will give us all the units that have been sold whereas the

Absorption Rate will give an average for how many units are sold each month. The absorption rate is calculated by taking the amount of sold properties and divide by the amount of active listings. 10 sold listings and 40 active listings. 10 divided by 40 in this example. 

Months of Supply: Is calculated a bit differently. You take the amount of active listings and divide by the amount of sold listings.

Dividing the number of active listings by the amount of sales each month will provide us with Months of Supply. For example, above we take 101 active listings (for our current 3 months) and divide that by the amount of sales within our current 3-month period which gives us our months of supply. 

Now to focus on the bottom portion of the report. 

Median refers to prices in the middle of the market unless you specify an initial price range before running the report. In this example, I did not specify a price range. This report again breaks down the market based on the time frames mentioned above.

For example, within our current 3 months, the sale price of units in the middle of the market is 587,500 with a media sales DOM of 24. We can think of the sales price as being what the buyers during this period ultimately paid. As to where Median Comparable List Price is how much the Seller is asking with in this time frame during the marketing of the property and including when it sold.

Median Comparable Listings DOM will provide us with the overall Days on the Market during this time frame.

Median Sale Price/Median List Price % will represent how closely sellers are getting to the asking price once the unit is recorded as sold in the MLS.