MRIS data, Average Sold/List Ratio: 98.6% or 92.2%?
By FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com
(Northern Virginia Homes - FRANKLY REAL ESTATE Inc)
MRIS stands for Metropolitan Regional Information Systems. They are the company that provides the Washington DC area MLS system for all Realtors. They also provide data to consumers and the press to reveal how the market is doing. The only problem is that the data is limited and can easily be misinterpreted without giving proper clarification. When I first saw these numbers, I was shocked that the zip code 22204 was able to get 98.6% of the list price. Only a drop of 1.4%? How is that possible in such a slow market?So I set out to recreate the numbers and I finally think that I understand how they came up with their data. I don't question whether the data is correct, I just question how it is presented.I believe now that the "% of Asking Price" means the "% of the last and lowest asking...