This is one reason why Appraisers use data from multiple sources, including the Property Appraiser's office.  There are a lot of real estate transactions - both residential and commercial - that will never appear in MLS.

Most agents seem to think the mls is the only source of info. I've always checked our county websites which reports all sales and I've always used them for comps. Good appraisers also know how to fnd sales that weren't listed in the mls. Some builders also sell homes that were never listed in mls. Some title companies here offer to help Fsbo sellers.

It should be factored in if you use RPR to help with your data.

There is a good amount of these sales in our market and you only find out about them through the assessor's office and title records usually.  They won't be in the MLS, which is what companies like core logic, NAR and the portals all depend on.

Peter,

Good point, and I have a feeling that they are factored in in some areas.  A

Interesting Peter.  I haven't seen  many FISBO's in my market.  But when I pull tax records I'll be able to see what else has closed that wasn't in MLS, and I'm not seeing any of that for some time.

Places like Black Knight will have that info which is where title companies get their info. Our tax base in the MLS pulls that info but you'd have to do a price search of the entire neighborhood.

Like Annette said, Ibuyers are not in the group either.

Thank you for the clarification and update. 

Interesting information about the sales in your market. 

I have asked many tmes on Active Rain for folks to queiry the tax databases to identify the number of sales completed outside of the MLS.

The overwhelming response has been an unwillingness to look off ones own paper.
My impresssion is most agents are without a clue regarding the number of sales that can be attrbuted to FSBO, iBuyer and investors. I bet some will even say recent drop in MLS sales is due to Covid.
WE have access to the data. 
How can one say the 'Know the numbers' if they do not know this one.
The good news is iBuyer are canablizing each other but collectively they ARE making a difference. And the FSBO can benefit.

our local paper posts all county transactions weekly so we can keep up with those not in the MLS also. 

Sometimes money changes hands behind the scenes or we can safely assume that a layman seller places a sign and is inundated with offers and may or may not pay 2% to a buyers agent. The market beckons.....

Interesting. 

I believe that appraisers have the ability to include FSBO data into their work.

I find it hard to believe that a "majority" of closings are FSBO. 

Interesting. I'll have to see if I can find some statistics on that. our office was up over 10% in all metrics (listings taken, listings sold, contracts, etc. etc). So, people are still buying and selling with agents. 

My MLS allows sales to be reported as Sold Not Listed to capture the FSBO sales activity if the buyer was represented.

Most FSBO sales are not entered though.

I have wondered about the same thing. We are a mortgage brokerage and have lots of sales of homes from parents to children, inherited homes by siblings, tenant purchasing from the landlord. Appraisals are done but wouldn't be included in the MLS calculations.  

Our wonderful County GIS has layers including sales. So I can look at an area from the sky, click a button and see the last sale how much what kind of deed and when. I have always used that over MLS.
There has always been life outside MLS.
NAR says that 88% of homes sold used a realtor in the past year. So real estate remains local and hyper-local.

FSBO sales happen regularly in condominium communities so checking the tax records is essential.

Interesting.

Perhaps our data sources need to start drawing from sources beyond what is sold by agents.