Bright MLS Releases On-MLS Home Sales Study
Bright MLS, a leading multiple listing service which supports over 95,000 real estate professionals from Pennsylvania to Virginia, today announced the results of a two-year study finding that homes sold on the multiple listing service and promoted to the entire Bright MLS network of 95,000 real estate professionals sold for more than similar homes sold off the multiple listing service. The median sales price for homes sold on-MLS was 16.98% higher than homes sold off-MLS.
“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,” said Bright MLS President and CEO Brian Donnellan. “We’re proud to be able to confirm with our extensive data that promoting homes through our MLS delivers significant value over other methods.”
The study also analyzed the relatively few properties designated in 2020 as “office exclusive” listings, which are marketed only within one brokerage as “exclusive” listings. The study found the majority of those listings were ultimately marketed through the MLS before they obtained a contract for sale. Homes promoted through Bright MLS from the start went under contract faster than properties that started as an office exclusive and then were listed and marketed on the MLS. Comparable homes marketed through the MLS sold for more than those marketed off-MLS solely through office exclusive arrangements.
“There is a perception that selling outside the multiple listing service, either with an agent or as a For Sale By Owner (FSBO), can save time and money for the consumer. The valuable findings in this report conclusively demonstrate the power of cooperation amongst the brokers and agents who are Bright subscribers,” said Dr. Elliot Eisenberg, Ph.D., a real estate economist and former Senior Economist for the National Association of Home Builders, who assisted Bright MLS in conducting the study.
The study analyzed 442,829 records for home sales transactions completed between January 2019 and December 2020 in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia and Washington, D.C.
The study is available for download at http://www.brightmls.com/OnMLSstudy
About Bright MLS
Bright MLS’s real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com.