Create a 1004MC Report
The Market Conditions Addendum (Form 1004MC) is designed to enhance transparency in market trends, conditions, and conclusions. To create Form 1004MC, use the following instructions.
Tip
The following Guided Help tours are available for this function in Flexmls. When you click on a link, an instance of Flexmls will open in a new browser tab and instruction bubbles will guide you through the process.
Conduct a search for comparable listings. Starting with a search allows you to custom-build the 1004MC Report to your specifications.
Important
We recommend that you do not restrict the search by status or date. If you include these restrictions, the report will show only properties that meet the status and date criteria at the time of the search, regardless of their status during the time periods on the report.
(Optional.) On the search results page, mark the check boxes next to the listings that you want to include.
If you select listings, the statistics in the report will include only the listings that you selected, even if other applicable listings were returned in the search results.
Click the CMA button in the upper right corner of the page. In the pop-up window, click Use All Results. (If you are using only selected listings from the search results, click Use Selected.)
Select the Statistical CMA option and click Next Step.
On the Create Statistical CMA page, clear the Total Statistics check box. These statistics are not used in the 1004MC report.
Select Fannie Mae 1004MC and select an effective date. The effective date is the last date in the one-year period that is used for the report. By default, the effective date is set to the current date, which is also the last day of the current period.
Click the View button. The report will be displayed in a new browser tab. If you are using a pop-up blocker, make sure that it allows pop-ups from Flexmls.
The following calculations are used in the 1004MC Report.
Date Ranges
Range | Date | Definition | Example (Current Date 3/25/2020) |
|---|---|---|---|
Prior 7-12 Months | Start Date | Current Date minus 12 months | 3/25/2019 |
End Date | Current Date minus 6 months minus 1 day | 9/24/2019 | |
Prior 4-6 Months | Start Date | Current Date minus 6 months | 9/25/2019 |
End Date | Current Date minus 3 months minus 1 day | 12/24/2019 | |
Current – 3 Months | Start Date | Current Date minus 3 months | 12/25/2019 |
End Date | Current Date | 3/25/2020 |
Statistics
Statistic | Definition |
|---|---|
Total # of Comparable Sales (Settled) | If the sold date of a listing is within the selected date range, the listing is counted in this number. Using the example date ranges above, if a listing had a sold date of 9/1/2019, it would be included in the Prior 7-12 Months category. |
Absorption Rate (Total Sales/Months) | The number of comparable sales in the date range divided by the number of months in the date range. For example, if 24 listings are in the Total # of Comparable Sales (Prior 7-12 Months) category, the absorption rate is 4 (24 listings divided by 6 months in the date range). The Prior 4-6 Months date range spans 3 months. If 18 comparable sales are in this date range, the absorption rate is 6 (18 divided by 3). |
Total # of Active Listings | Listings included in this number were Active on the last day of the four-month time period. Listings that were Active at other points during the time period, but not on the last day, are not included. |
Months of Housing Supply | Total # of Active Listings divided by Absorption Rate for each date range. For example, if the total number of comparable sales for the Prior 7-12 Months date range is 50 and the absorption rate for the same date range is 5, Months of Housing Supply equals 10. |
Median Comparable Sale Price | The median price of the sold listing comps. |
Median Comparable Sales DOM | The median DOM of the sold listing comps. |
Median Comparable List Price | The median price of the active listing comps. |
Median Comparable Listings DOM | The median DOM of the active listing comps. |
Median Sale Price as % of List Price | The median sale price/list price ratio for the sold listing comps. |