October New Homes data for the GTA and the GCA has been available in the RealInfo NH service since late last week and we’re currently preparing and delivering all the monthly reports for clients and data contributors.
Once you have reviewed the Monthly Market Reports and digested the new month’s sales, inventory and pricing changes and have reviewed the longer term trends, what should you do next?
Monthly Performance Monitoring & Market Knowledge Update
I advise clients to jump into the RealInfo NH online service and perform a few searches every month that will provide you with a feel for your own market performance, as well as checking out what sites, and what product offerings, came out on top in October. This provides an essential, routine check of your market performance relative to your competitive area, alerting you to potential problems that may require your immediate attention, while updating your general knowledge on what’s working in today’s market. And remember, market knowledge is a combination of market data and your interpretation of that data. So you need to look at the data and try to answer the questions that arise.
So how do I quickly perform my monthly performance check and market knowledge update?
First, say you have a site in Vaughan (or Markham, Downtown West, C1, or Airdrie or Calgary SE). In RealInfo, in GTA Low Rise, perform a search for all Active offerings in Vaughan. All you need to do on the search form is select Vaughan in the Municipality box (or click on Vaughan on the map) and hit “Search”. You are immediately taken to the search results page and see a list of 88 active product offerings. Each row is one product offering, in one site, by one builder. The pertinent information on each is displayed as well as the Current Month Sales, the Year to Date Sales, and the Remaining Inventory.
Now just click on the little arrow pointing down at the top of the Current Month Sales column and now you have an list of all active product offerings in Vaughan, in descending order based on Current Month Sales. You now take note of the top performers in Vaughan for the month – What lot sizes did well? What product types did well? What sites did well? As you review the list you’re learning a lot about the current new homes market in Vaughan – combining the data with your own perspective and experience. And you’re looking for your product offerings and comparing your performance against the rest of Vaughan. If you need more details on a given product offering – just click on the hyperlink into the detailed record and view sales history, pricing, and other data related to that product offering.
Now say you want to focus on only one of your product offerings at that site in Vaughan. Say your new homes on 40′ detached lots. You can either sort by the lot size column and compare all of the 40′ lot offerings that are now grouped together, or you can do a new search for only 40′ product in Vaughan, or even for the whole GTA to see what municipality, and what site, had the best selling new homes on 40′ detached lots.
The more you search, the more you learn. It all just takes a few minutes.
And as an example, here’s the top of that sorted search results page for Vaughan.
Builder and development names above have been blurred as some readers are not clients and therefore have not signed the license agreement governing the allowable use of the data.
For training on the above monthly routine, or other ideas on how to use RealNet’s RealInfo service, please give me a call or an email.