MoxiWorks Home Sales Predictor Proves Strong Accuracy for First Year
by Jordan Barrish
The technology company shares the accuracy of its first full year of data, looks ahead to next year
Seattle, WA (November 11, 2021) - MoxiWorks, the leading real estate technology platform, announced today the results from the first year of data for its Home Sales Predictor. The Home Sales Predictor, which launched in October of 2020, correlates agent activity inside the MoxiWorks suite of solutions to closed listings nationwide, two months in the future. Unlike traditional home sales reports which use lagging indicators such as past sales data and consumer behavior for their reporting, the Home Sales Predictor uses leading indicator data focused on the productivity of agents to deliver their two-month projections.
The first year of predications resulted in an average accuracy within 6% of closed listings across the US. For example, in September MoxiWorks predicted 564k home sales, while the actual was 572k making for an only 1% difference. Throughout the year every month’s prediction was within 6% or lower, with many months within 1% or less of the actual number of sales. The two exceptions they saw were in January and June, which MoxiWorks attributes to national events that interrupted the normal flow of sales during those months that threw off the predictions.
“It’s been such an insightful first year of our Home Sales Predictor,” said MoxiWorks CEO, York Baur. “We launched this predictor during a pandemic as we noticed the productivity of our agents directly correlated with closed listings across the US. It has helped us and our clients make sense of the wild last 18 months in the real estate industry and we look forward to continuing to become more and more accurate with our predictions. And to work to add additional insights over time.”
With over 95% of the U.S. real estate data in the MoxiCloud, the predictions give a clear, unique picture of the future. The Home Sales Predictor leverages data from agent activity inside the MoxiWorks suite of products. MoxiWorks’ data team analyzes this data and is able to correlate the activity to closed listings two months into the future.
“What's unique about MoxiWorks is our ability to tie customer transaction data to product usage. It’s a Data Scientist’s dream,” said Ali Lundberg, Lead Data Scientist, MoxiWorks. “Lots of software companies gather data on the usage of their products but they can't compare it to the work of their customers. This ability has been the key to making our products more beneficial to agents, giving our customers insights on how to better their business, and now, with the Home Sales Predictor, we are able to give our customers insights to their market. This is just the beginning of what MoxiWorks is hoping to predict.”
The MoxiWorks Home Sales Predictor is published for free to subscribers every month. To learn more about the predictor, or to subscribe, visit moxiworks.com.
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
*Press release originally appeared on PRNewswire.