On/Off MLS Study: Homes marketed through the MLS sell for 16.98% more

New research shows dramatically better results for Bright subscribers and their sellers when listed on the MLS, compared to “off-MLS” options.

A study of 442,829 comparable home sales spanning the Bright region, over 2 years, reveals median sale prices for homes marketed through the MLS were 16.98% higher overall.

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The power of Bright is the power of our subscribers.

Cooperation amongst the brokers and agents who are Bright subscribers is one of the pillars of our organization, and the findings in this report conclusively demonstrate the power of this cooperation and the benefits of an efficient and accessible market.

Real estate professionals who market properties using the full power of the MLS create the opportunity to deliver better results more often to home sellers than any other marketing option.

The case for marketing listings in the MLS is strong.

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The gains of on-MLS outweigh the “Savings” of FSBO.

A 16.98% median higher sales price can translate to thousands of dollars. Consumers who choose to market their properties through the MLS with the help of a real estate professional enjoy a financial gain* greater than any potential savings offered by other options, including going it alone.

*The On/Off MLS Study provides research from historical sales, which can be used to show the power of utilizing the MLS for marketing a listing to the broadest possible audience. It should not be used as a guarantee of future financial gains.

 

 

Questions & Answers:

Why did you do this study?

As an organization, we have always known the power of the MLS network and past studies have shown that homes shared cooperatively on the MLS sold for more. As Bright’s footprint covers three major Metropolitan Statistical Areas (MSAs), we knew we had the data to support a comprehensive study to examine home sales results.

How was this research conducted?

Bright’s data science team with the expertise of Bright MLS Economist Advisor, Dr. Elliot Eisenberg, compared MLS sales to Public Records sales in order to match sales that occurred on the MLS and view the sales that occurred off the MLS. Exclusions were put in place for Public Records and Listing data in order to help ensure as equal a comparison as possible.

What areas were included?

The entire Bright footprint area was included. In addition to the full market area, some pieces of the study were broken down into local regions, which include:

• Philadelphia MSA: Bucks, Chester, Delaware, Montgomery, Philadelphia (PA), Burlington, Camden, Gloucester, Salem (NJ), New Castle (DE), Cecil (MD)
• Baltimore MSA: Anne Arundel, Baltimore City, Baltimore, Carroll, Harford, Howard, Queen Anne’s (MD)
• Washington, D.C. MSA: (District of Columbia), Montgomery, Prince George’s, Calvert, Charles, Frederick (MD), Alexandria City, Arlington, Fairfax City, Fairfax, Falls Church City, Clarke, Culpeper, Fauquier, Loudoun, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, Warren, Fredericksburg, Manassas City, Manassas Park City (VA), Jefferson (WV)

How can Bright MLS track off-MLS listings when they are not in the MLS?

All sales were tracked through Public Records. Bright compared sold listing information to Public Records in order to determine the off-MLS sales.

What are the key findings of the Bright research?

Homes placed on the MLS sold for substantially more than comparable homes, netting a median sale price of 16.98% higher overall.