HOUSINGNEWS REPORT
THE OFF-MARKET HOUSING MARKET
inventory in Orange County,” according to Michael Mahon, president at First Team Real Estate. “Because listings have been down for 2016, you have a lot of agents who through their own sphere of influence … they already have ready and willing buyers so they never make it to the MLS.”
Mahon believes most off-MLS sales are the result of these so-called pocket listings. “We have agents who have 50 to 75 buyers sitting there as pent-up demand waiting for listings,” he said. “A lot of these home sellers are willing to
entertain an offer that they feel is fair for the asking price they are wanting to get for the property … a ready, willing and able buyer in queue is very appealing.” Off-Market in Middle America The share of off-MLS sales were also much higher than the national average across the country in Dallas and Phoenix. An ATTOM Data Solutions analysis of MLS closed sales counts provided by the Texas A&M Real Estate Center and public record closed sales counts in Dallas County, Texas, shows MLS- closed sales of single family homes in 2016 represented 86 percent of single family home sales recorded with the county for the year — indicating about 14 percent of all sales were not on
“We have agents who have 50 to 75 buyers sitting there as pent-up demand waiting for listings. A lot of these home sellers are willing to entertain an offer that they feel is fair for the asking price they are wanting to get for the property … a ready, willing and able buyer in queue is very appealing.”
MICHAEL MAHON PRESIDENT, FIRST TEAM REAL ESTATE, SOUTHERN CALIFORNIA
MLS SHARE OF SINGLE FAMI LY SALES IN ORANGE COUNTY, CA PUBLICLY RECORDED DEED SALES MLS SALES COUNTS MLS SHARE OF SALES
89%
90%
30,000
88%
87%
87%
88%
25,000
86%
84%
83%
84%
20,000
82%
80%
81%
15,000
80%
80%
78%
76%
10,000
76%
74%
72%
5,000
70%
0
68%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SOURCE: FIRST TEAM REAL ESTATE, ATTOM DATA SOLUTIONS
4
OCTOBER 2017 | ATTOM DATA SOLUTIONS
Made with FlippingBook Online newsletter