What day of the month is the Domus Analytics platform updated?
Domus can be updated daily, so results for the prior month are available on the 1st day of the next month. However, most Associations have a “lock day” when they expect sales to be entered and “final” for the month. We’ll work with you to understand your needs, and customize your update schedule accordingly.
Why do the metrics change over time?
One of the benefits of an interactive platform is that we’re constantly updating data on the backend. So if a sale is entered in the MLS later than usual, our next update cycle will pick it up, and the values for that month will change. A static report would never get that update, so it represents a snapshot in time rather than the true market measures.
What’s the difference between Median and Average for Prices?
Quite a lot, actually. Most people assume to use Average, which is the sum of all the values divided by the total number of values. However, any “anomalies” at the upper end of the range will skew the results. For example, if houses within an area sell for ~$250K, but a couple houses sell for $800K one month, the average selling price is artificially inflated by those 2 fringe sales, even though the market hasn’t drastically changed.
Median, on the other hand, is the mid-point in a given range of values. This calculation eliminates those occasional variabilities in sales performance to give the true picture of your market.
Does the Domus Analytics platform contain property details like number of bedrooms or bathrooms?
Yes, but we provide them with reservations for a couple of reasons. First, Domus is meant for economic analysis, not as a property search tool. As such, you generally don’t need that level of detail. Second, and more important from a data analysis perspective, as more granularity is added to the filters, the number of listings that fit that criteria shrinks, making the economic analysis less relevant. For example, if there are 100 units sold in an area with a median price of $200K, and you add a filter for 4 or more bedrooms, there may only be 3 listings meeting that criteria. A median taken on 3 listings is far less valuable than a median over a larger population.
Does Domus offer maps with custom selection criteria (“polygon maps”)?
Yes, those maps look cool. But Domus doesn’t use them because each Association already defines the unique economic areas within their MLS which make up the foundation of Domus products. Enabling additional custom defined areas creates more work for the agents, can be hard to consistently reproduce, and is typically used to define such small areas that any aggregation of that data is statistically pointless.
Can I post Domus charts to Facebook or other social media sites?
Of course, as long as your usage remains within compliance of your MLS policies. All of the Domus charts can be downloaded and then posted to your social media of choice, just like any other image.