This script is designed for loan officers and real estate agents to analyze and visualize changes in the real estate market over a specific time frame. It focuses on comparing the median sold prices of properties across different cities within a year.
Functionality:
- Data Loading and Processing:
- The script loads real estate data for the year 2023 from a CSV file.
- It focuses on selected cities, ensuring comprehensive coverage of key areas relevant to loan officers and real estate agents.
- Date Filtering and Analysis:
- The data is filtered to compare the median sold prices in January 2023 and December 2023.
- This time-frame selection allows for observing market trends and price fluctuations over a year.
- Calculations and Insights:
- It calculates the median sold prices for each city for both January and December.
- The script also computes the dollar value change and percentage change in median sold prices between these two months.
- Visualization:
- A bar chart is generated to visually compare the median sold prices between January and December for each city.
- The chart enhances understanding by displaying prices clearly, making it easier to identify trends and anomalies.
- Output:
- The results, including calculated changes in median prices, are saved in an Excel file for further analysis or reporting.
Importance of the Data:
- Market Trends: Understanding how median sold prices change over the year helps in assessing market health and trends.
- Pricing Strategies: For real estate agents, this information is crucial in advising clients about buying or selling times and pricing strategies.
- Loan Assessment: Loan officers can use this data to better understand the changing value of properties, which is essential for accurate loan and risk assessment.
- Investment Decisions: Both loan officers and real estate agents can guide their clients in making informed investment decisions based on market dynamics.
In conclusion, this script serves as a powerful tool for professionals in the real estate and finance sectors, providing them with critical insights into market trends and helping them make data-driven decisions.