While sales tell the past and big closing numbers get all the headlines, it’s every individual new contract that truly forecasts the current and immediate future outlook. Without new contracts, there are no new sales – it is a very cause and effect relationship as a healthy transactional pool keeps the market moving.
With that said, I am pleased to share…
The Onderko Index (TOI)
Where we are now, compared to where we were then. TOI – Somewhat bold, fully self-proclaimed…yet valid. With that said, I would like to give some insight into current market conditions by diving into a statistic not generally available to the public, let’s call it — the New Contract Volume (NCV) statistic.
New Contract Volume | Sales Per Day
Normal Market Conditions: 1/01 -3/12/2020
1/1/2020 – 3/12/2020
The Explanation: Taking what began on 03/13/2020 called current market conditions and comparing this time to the then (01/01/2020 – 03/12/2020), known as normal market conditions. The goal was to come up with a new contract per day average figure and compare the current conditions with the recent and, for the most part, modern-day normal.
Current Market Conditions: 3/13/2020 – Current
3/13/2020 – Current
$3M+ Transactions
The Forecast: The higher the % above the norm, the stronger prices will remain. The lower % or negative % from the norm, the more prices will soften for properties that need to sell in the immediate and near future. The longer this lasts, the more impact we will see.
05/01/2020 – Current
$3M+ Transactions
Normal Market Conditions: % New Contracts vs. Region
Current Market Conditions: % New Contracts vs. Region
