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Updated over 18 years ago,
Question on tracking residential real estate trends
I'm new! I recently passed the a broker's exam and now have a license in Illinois. I don't know if I'll ever actually sell real estate or not yet. I'm interested in market trends though.
If I want to tracks trends in a particular residential neighborhood or zip code one way to do it would be to:
(1) keep track of the number of homes put up for sale per month and
(2) keep track of the number of prospective buyers who visit those homes per month and
(3) keep track of the number of homes that sell per month.
Applying simple math formulas to those those numbers I might find some insight into what is happening in terms of demand and supply. Are there any public or commercial tools available to track theses variables. If there are how and where do I find them and if not how could you do it on your own in some way.
Thanks,