Definition
Closed sales are properties that have completed transaction and been recorded. They're the real proof of what homes actually sold for. Closed sales data is public and used for comparable sales analysis.
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Closed sales represent completed transactions where the buyer has taken possession and ownership is recorded with local authorities. This metric is more reliable than pending sales for market analysis because transactions have actually completed successfully. Closed sales data becomes public information used for comparable sales analysis, appraisals, and market trend analysis. The number and prices of closed sales directly indicate market health and pricing trends.
Pro Tip
Focus on closed sales (actual prices) rather than pending sales or list prices. Only closed sales prove real market value.
Example
During the past 30 days, 120 homes closed in a neighborhood, with an average price of $425,000. This closed sales data is used to evaluate current market conditions and comparable sale prices.