Updating your 2015 real estate business plan based on YTD sales

We should always be reviewing our business plans and see if we are on track for our goals and objectives.   In real estate, it is easy to do since you can look at closed business volume; but you should adjust it for the average sales per actual month, not just taking the year's production divided by 12.

For example, in 2014 in Ada County (Boise Idaho) in 2014 there were 7,779 single family homes sold according to Intermountain MLS statistics.  It would be easy to divide by 12 to assume we just sold an average of 648.25 homes per month.  But when you look at the actual monthly sales, you find some pretty interesting variances.

So as you do your business plan updates, look at your year to date sales to see if you are on track.  Then look at your pending sales to see what you expect to close in the next two months.  Look at your top client prospects so see if you are on track for incoming business or if you need to do some more prospecting.

By the end of the first quarter of 2014, we had sold 1,441 single family residential homes in Ada County.  For the same period in 2015, we have closed 1,617 so we are up over 12% over last year!

No wonder we are seeing multiple offers and bidding wars on properties again! In Ada County, we only have 1,577 active listings (excluding To Be Built new homes and homes with contingent or pending offers on them).  Based on March sales, that means we only have 2.29 months of inventory going into the spring market.

It is really important in this type of market to have your Realtor track the market if you are selling a home.  If you are planning on buying a home, it is critical to be on an automated system to notifies you of brand new listings so you have first shot at them before the bidding war starts!

Feel free to contact Jim Paulson, Broker/Owner of Progressive Realty Corporation, for all your Boise Idaho real estate needs!