This summer the Fraser Valley Real Estate Board introduced to our ‘Multiple Listing Service’ (MLS®) new sales statuses—”Active Under Contract,” “Pending,” and “Closed” – which from their perspective increases transparency in the property transaction process. These statuses apparently help clarify a listing’s stage in the sales process:
- “Active Under Contract” / “U”: Optional status indicating a listing has an accepted offer with conditions.
- “Pending” / “P”: Replaces “Sold” for listings where subjects have been removed or an unconditional offer is accepted. The sale price is displayed publicly.
- “Closed” / “F’: Indicates the transaction is complete, with money and title exchanged.
In Market Monitor, “Pending” and “Closed” listings are grouped under the Sold category, though they can be sorted and viewed separately.
Pros and Cons of New Statuses:
- Pros: Improved transparency, streamlined communication, better statistical insights, and search flexibility.
- Cons: Optional status usage may lead to incomplete market visibility, and clients might find the new terms confusing.
What We’re Doing
At both the David Smith Homes Group level, and Royal LePage Wolstencroft level (the brokerage that we are licensed under and also own), we will not be using the optional ‘Active Under Contract’ status. That’s because we want to continue capturing the details of interested parties in our listings right up until the contract firms up and proof of deposit is provided. Why would we actively hinder activity on our clients listings?
We’re also ensuring our buyer clients are aware of these changes, particularly when they’re viewing the property research spreadsheets we provide as these statuses will be appearing.
I’m not convinced these changes were necessary, and feel they add an additional layer of complexity, but the change has been made and that’s just part of being a member of a larger body.
If you have any questions at all, please let us know!