Issued on Thursday, June 13:
Yesterday you received our May 2013 pending sales release. It has been brought to our attention that a change made by one the Multiple Listing Services on behalf of its subscribers, caused the May 2013 pending data to include data that it hasn’t in the past. While we were aware of this change, we did not anticipate the effect it would have on the statistics.
The good news is that starting in May, pending data will include all properties under agreement including those with contingencies*. In the past, contingent listings were considered active and we did not include those in our pending sales figures. As a result, this caused an inaccurate year-to-year comparison on pending sales data for the month of May 2013.
We apologize for this one month anomaly, but we believe the data we track going forward will be even more reflective of the market.
Please note: none of this affects our closed sales and median price data which will be issued at the end of the month.
*Contingencies – i.e. back up offers, inspections, financing, etc.
We are working with our data providers and vendor to make sure that our data going forward is even more reflective of the market and of the experience buyers and sellers are having on a daily basis. Again, we’re sorry for the confusion it might have caused this month.