As high interest rates continue to influence the Seattle real estate market, consumers may be confused or uncertain about the fluctuations in home values over time. Brokers have long had access to public records information to guide their clients through the homebuying and selling process, but they have had to rely on third-party vendors to provide clear depictions of this data, such as data analysis and visual representations of trends, for their clients.
Through member feedback and strategic planning, Northwest Multiple Listing Service (NWMLS) identified opportunities to develop valuable partnerships and accessible tools for both brokers and consumers to review trends and provide market clarity amid turbulent changes.
NWMLS produces a monthly press release to highlight market trends and statistics throughout the state. As the organization continues to grow, it is important to ensure the information released is useful to both membership and consumers throughout its service areas.
NWMLS has long partnered with CoreLogic to provide up-to-date listing information and data analysis through its Matrix platform, which is accessible to brokers; thanks to the continued goodwill between the organizations, CoreLogic now provides quarterly commentary of the market for Washington state, offering comparisons and analysis between the local market and the national industry at large.
Closer to home, NWMLS has expanded its partnership with the renowned Washington Center for Real Estate Research (WCRER). The center, which merged with the University of Washington in the heart of Seattle in 2012, aims to provide credible research and value-added information services to both brokers and consumers in Washington and is a key provider of research and data across the state. NWMLS now works directly with WCRER and their experts to provide monthly analyses of county and state trends, from rural to metropolitan areas, which is included in NWMLS’s monthly press releases.
One of the most exciting new developments for NWMLS members and their clients has been the implementation of interactive graphics on its public website. NWMLS has provided infographics in conjunction with the monthly data release to help visualize the overall market trends, but member and media feedback indicated there was a desire for county-specific information in an easy-to-digest format. In October, NWMLS launched new interactive charts with the press release and infographics that can be customized, downloaded and shared for informational purposes.
These interactive charts provide visual representations of important real estate statistics that are highlighted in press releases and infographics, including year-over-year charts comparing the number of active listings, new listings, pending sales, closed sales, median price and months of inventory. Since forecasting is dependent on the analysis of long-term histories, NWMLS created five-year trend charts for those same metrics, such as visualizations showing the number of active listings over the last five years. Data for individual counties or multiple counties for comparison is instantly available by using the drop-down filter menu on the left of each chart.
Market woes will no doubt persist over the Seattle area as the winter season deepens, but based on research from WCRER and market trends that can now be immediately visualized with interactive graphics, there is reason to be optimistic about a robust spring season. With these new tools and resources in place, NWMLS continues to put transparency and education front-and-center for its members to guide their clients to positive buying and selling outcomes.
Tara Marino is the Northwest MLS director of communications and training.