Field Guide to Quick Real Estate Statistics
(Updated September 2008)
Looking for quick statistics for your sales meeting or a customer brochure? Need a quick fact to make your point? Information Central has compiled some of the most requested statistics for quick and easy access. Find the information that you need, as well as its source, at a glance. (K. Janisch, Information Specialist)
Contents:
REALTOR® Statistics | NAR Membership Statistics | Home Buyer & Seller Statistics | FSBO Statistics | Technology Statistics
Real Estate and the Economy
Despite the current economic slowdown, the housing sector still contributed nearly $2.1 trillion to the national economy in 2007, accounting for 15 percent of overall economic activity. The construction of new homes, value-added contributions of REALTORS®, and mortgage banking activity all directly add to economic output, job creation, and income generation. In addition, commercial real estate, which expanded solidly in 2007, contributed an additional $483 billion to the nation’s economy.
Source: Real Estate and the Economy, Jan. 2008.
REALTOR® Statistics
Hours worked by all REALTORS® (nationwide): 40 per week
Gross personal income by hours worked: $63,000 (median for 40-59 hrs.)
Percent of business generated by REALTOR® personal web site (all REALTORS®): Zero - 28%; over 25%- 12%
Real estate experience of all REALTORS® (median): 7 years
REALTORS® by gender: Male 41%; Female 59%
Formal education of REALTORS®: Some college: 34%; associate degree: 12%; Bachelor's degree: 26%; High school graduate: 8%; Graduate degree and above: 10%; Some graduate school: 8%
Affiliate membership of REALTORS ®: CCIM: 1%; CRE: 1%; CRB: 3%; CRS: 10%; IREM: 1%; REBAC: 10%; RLI: 1%; SIOR: less than 1%; WCR: 4%
Sides per agent: For all REALTORS® in 2006, the typical brokerage specialist completed 10 transaction sides
Number of years with present firm (median): Agents - 3 years; Brokers - 7 years
REALTOR® affiliation with firms: Independent contractor 83%; Employee 6%; Other 11%
Source: 2007 National Association of REALTORS® Member Profile
NAR Membership Statistics
Members to date: 1,257,686 as of Aug. 31, 2008
Number of local associations: 1,443
Source: Monthly Membership Report and NAR Membership Statistics, 1908-present
Home Buyer & Seller Statistics
Active home search (median):
Number of Weeks Searched - 8
Number of Homes seen - 9
Method of Home Purchase, By Use of Internet:
Agent/Broker - 81%
Direct from Builder - 10%
Direct from previous owner whom buyer didn't know - 5%
Definitely would use same agent again: 68%
Actions taken as result of using Internet site:
Drove by/viewed a home - 73%
Walked through a home viewed online- 57%
Found agent used to search/buy home - 23%
Prior Living Arrangement:
Owned previous residence- 47%
Rented an apartment or house - 41%
Lived with parents, relatives or friends- 9%
Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers
What Repeat Buyers Want Most From Real Estate Professionals
Help you find the right house to purchase - 53%
Help with price negotiations - 13%
Tell you what comparable homes are selling for - 11%
Help determining how much buyer can afford - 11%
Help with paperwork - 8%
Help find and arrange financing - 2%
Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers
Information Sources Used in Home Search
Real estate agent - 84%
Internet -84%
Yard sign - 59%
Open house - 48%
Home book/magazine - 31%
Builders - 24%
Television - 9%
Billboard - 7%
Relocation company - 5%
Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers
Minorities now account for 29 percent of all households, up from 17 percent in 1980 and 25 percent in 2000. The minority share is likely to reach about 35 percent by 2020.
Persons living alone are expected to account for 36 percent of household growth between 2010 and
2020. Three-quarters of the more than 5.3 million projected increase in single-person households in 2010-
2020 will be among individuals aged 65 and older—a group that has shown a marked preference for
remaining in their homes as they age.
Source: State of the Nation's Housing 2008 (Joint Center for Housing Studies)
For Sale By Owner (FSBO) Statistics
Did you know?
. . . the typical FSBO home sold for $187,200 compared to $247,000 for agent-assisted home sales.
FSBO Methods Used to Market Home:
Yard Sign . . . 50%
Friends/neighbors . . . 29%
Newspaper ad . . . 31%
Open House . . . 25%
Listing on the Internet . . . 21%
Most Difficult Tasks for FSBO Sellers:
Getting the right price . . . 15%
Understanding paperwork . . . 18%
Preparing/fixing up home for sale . . . 15%
Attracting potential buyers . . . 9%
Having enough time to devote to all aspects of the sale . . . 7%
Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers
Technology Statistics
REALTORS®' use of email for business - 50% of REALTORS® communicate with their clients by e-mail more than 50% of the time
Real Estate Web Pages -
Does your company have a website?
yes - 89%
no - 8%
Source: 2007 National Association of REALTORS® Member Profile
Technology Products used by REALTORS®:
The typical REALTOR® spent between $501 - $2,000 on technology for real estate purposes in 2007.
Digital cameras were the most popular technology product among REALTORS® in 2007 (87%), followed by desktop computers (64%) and cell phones and notebook computers (55% each).
The most frequently used operating system is Windows XP (73%).
The top places where REALTORS® place their listings are REALTOR.com, their broker's website, their own site, and their local MLS site.
Source: 2008 REALTOR® Technology Survey
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