Welcome to the tutorial on the one thousand and four MC report in Flexmls. We will begin the process of running the form by starting with a search. As you’re entering your search criteria, it’s very important that you do not select any statuses or date ranges in your search.
When we run the one thousand and four MC, the system will automatically default to one year back from the effective date, and it will need all of the statuses included for accuracy. So we will start the search by unchecking the Status field.
Now enter your search criteria using the fields on the template. You can also use the map to narrow your search down to specific locations.
Once you’ve set your search criteria, click on the CMA button in the top right corner of the screen. Select Use All Results. In the CMA module, you’ll find three options. Choose the statistical CMA and click Next Step. Select the checkbox for the Fannie Mae one thousand and four MC at the bottom of the menu.
You’ll notice that the system automatically defaults to the report’s effective date as today’s date. The form will run back exactly one year from the effective date. You can change this date, but please note, it must be less than or equal to the current date. To view the one thousand and four MC report, click View or select Download to download it as a PDF.
When you click View, the form will open in a new tab. Now, let’s take a closer look at the report. For all statistics in this report, only listings that were selected when you began the CMA are included. If you included all search results, then all listings in the search results will be included. Let’s take a look at the prior seven to twelve months.
The prior seven to twelve months has a begin date of twelve months prior to the current date. The ending date would be the current date minus six months minus one day. For example, if the current date is March tenth, twenty twenty one, the date range is March tenth, twenty twenty to September ninth, twenty twenty.
The prior four to six months begins six months prior to the current date and ends at the current date minus three months minus one day. In this situation, if the current date is March tenth, twenty twenty one, then the prior four to six months begins on September tenth, twenty twenty, and ends on December ninth, twenty twenty.
For the current of three months, it will begin three months prior to the current date and end at the current date. So if today’s date is March tenth, twenty twenty one, the date range will be December tenth, twenty twenty to March tenth, twenty twenty one. Now let’s take a look at the inventory analysis. First is the total number of comparable sales.
If the sold date on a listing falls into the date range, the listing is included in the total number of comparable sales for that date range. Next is the absorption rate. Absorption rate is calculated by the total number of comparable sales in the given date range divided by the number of months in the date range.
If there are forty five listings in the total number of comparable sales for the prior seven to twelve months category, the absorption rate is seven point five. This is calculated by taking forty five divided by the six months in the date range. The prior four to six months and current to three month date ranges both span three months. If there are twenty one comparable sales in the current to three month date range, the absorption rate is seven.
Twenty one divided by three. Next is the total number of active listings. The total number of active listings in a time period reflects only those listings active on the most recent date in that date range. In the prior seven to twelve months category, there were thirty seven active listings.
This means that thirty seven listings were active on the most recent day of that time period, September ninth, twenty twenty. Now let’s take a look at the months of housing supply. For each date range, the months of housing supply is calculated by the total number of active listings divided by the absorption rate.
If the total number of active listings for the prior seven to twelve months range is thirty seven, and the absorption rate for the same date range is seven point five, the months of housing supply is four point nine three. The median comparable sale price is the median price for all sold listings in the specified date range. The median comparable sales days on market is the median days on market for sold listings in that date range.
The median comparable list price is the median list price for the column’s total number of active listings. The median comparable listings days on market is the median days on market for the column’s total number of active listings. Finally, the median sale price as percent of the list price is for all sold listings in each date range.
This figure is found by calculating the sale to list price ratio for each individual listing and then finding the median of those figures. This concludes the tutorial on the one thousand and four MC report. Thank you.
