Questions:
How often do the Micro Market Indicator Maps get updated?
Why do the Micro Market Indicator Maps show the date "Preliminary"?
Why do the Micro Market Indicator Maps only show the 'year' as the date?
Answer:
Micro-markets — counties, ZIP codes, and neighborhoods — require special analysis methods compared to metropolitan markets. The 'problem' with micro-markets is that they typically don't have enough actual home-sale transactions in a given period to produce a statistically valid sample for precision analysis.
Our Technical-Analysis-based scoring and ranking tools require maximum accuracy, which can only come from tracking specific, actual home sales. (Inferior micro-market approaches sacrifice accuracy by leaning on cheap, readily available MLS data.) We use custom, proprietary technology to update and analyze all micro-market data throughout the year, as follows:
- Step 1: In the second calendar quarter of each year (once there's enough new micro-market data to start), we download the new data and begin the current-year analysis. We assign the current year as the date and label it "Preliminary," because it's just the first of several updates.
- Step 2: Finalize the prior year's ending data by reconciling it to the current year's starting data, and remove the "Preliminary" designation.
- Step 3: Throughout the year and into the next, keep uploading new micro-market data and providing ongoing updates, keeping the "Preliminary" designation. When new data arrives the following calendar year, repeat from Step 1.
This is why micro-market data is dated by year (not quarter/month) and carries a "Preliminary" tag for much of its life: it's continuously refined as more repeat sales accumulate.
NOTE: micro-market maps and tools will not match the Metro-level maps and tools exactly, because of the different methodologies and the greater time delay in obtaining and curating micro-market data. Read the Metro first; use the micro level for relative rankings within it.