Metro MLS is now offering a new and enhanced version of the monthly market reports to provide more accurate statistics to members. RapidStats will replace the 10K Market Indicator Reports as the provider for Metro MLS’s monthly market reports.
RapidStats is the in-house reporting and market analytics tool offered by Markt. This change gives members access to more accurate monthly data that better reflects the current market. In addition, RapidStats only uses cleansed data, unlike the 10K reports that incorporated data errors in its data set to calculate the provided information.
Members will have access to three RapidStats Monthly Market Reports. Below is a short breakdown of each report:
–Monthly Local Market Report: In this folder, you will find single-page reports for 13 counties and over 25 cities or groups of municipalities.
–Monthly Metrics Report: An informative report that offers statistics on the market in the four-county Milwaukee metropolitan area.
–Monthly Housing Summary Report: A summary report of the housing market in the four-county Milwaukee metropolitan area that makes it easy to compare month-to-month data.
You will notice some slight differences between the RapidStats Monthly Market Reports and our previous reports. The biggest improvement with the new RapidStats reports is how the data is calculated. Besides cleansing the data, RapidStats also bases the data off the last 12 months, unlike the 10K reports that used a rolling 12-month data set.
Previously, members sought more price range options in the 10K Housing Summary report, as the highest price range was $350,001 and above. Unlike those reports, RapidStats breaks down the price range into more reasonable amounts, including four price ranges above $300,000 in the Monthly Housing Summary report.
One other noticeable difference is how Active and Pending listings are calculated. RapidStats calculates both listing types at the end of the month, not the beginning of the month like the previous reports. RapidStats calculates New and Closed listings based on any changes that occur throughout the month.
You can find in-depth information on the reports, including definitions for the calculations, under the MLS menu tab by clicking on Statistics.
Below, Metro MLS answered questions regarding RapidStats and the benefits it will offer members moving forward.
–Why is RapidStats now producing the Metro MLS monthly market reports?
The new RapidStats Monthly Market Reports give members access to more accurate data that better reflects the current market. RapidStats only uses cleansed data, unlike our previous reports, and doesn’t include any data errors in its calculations for the monthly reports. It also uses data from the last 12 months and not a rolling 12-month data set. Ultimately, this provides members with honest, accurate and informative statistics on the market.
–Where can I find the RapidStats Monthly Market Reports?
We will email you the reports by the 15th of every month. You also can find them on MetroMLS.com under the MLS menu tab by clicking on Statistics.
–What is RapidStats?
RapidStats is the in-house reporting and market analytics tool offered by Markt. It provides members with informative reports that use data directly from the MLS and give you timely, accurate and comprehensive information. This allows you to have highly accurate reports and powerful market insight to help you in your day-to-day business.
–Will members have to pay for these new RapidStats Monthly Market Reports?
The RapidStats Monthly Market Reports are free just like the previous version of the monthly reports. But these reports provide more value and accurate information than the previous version of the monthly market reports.
–What will happen to the 10K Market Indicator Reports?
RapidStats will produce our monthly market reports moving forward. This change gives members access to more accurate monthly data that better reflects the current market. In addition, RapidStats only uses cleansed data, unlike the 10K reports that incorporated data errors in its data set to calculate the provided information.