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Introducing Parcl Labs: The Global Standard for Residential Real Estate Data
Executive Summary
- Parcl’s data mission is to create the global standard for residential real estate pricing and analytics; first & foremost through the Parcl Price Feed (PPF) and the Parcl Protocol.
- Existing residential real estate data is imperfect: fragmented, de-centrally centralized, lacks uniformity, and there is little commercial incentive to establish a single source of truth.
- The U.S. residential real estate benchmark is past its prime, if it ever had one: the Case-Shiller Index is a lagged indicator (2+ month lag), represents just a portion of the true ‘market’ (new construction is excluded, houses that are substantially renovated before being sold, as are condominiums, co-ops, and perhaps townhomes), and is methodologically opaque (three-month moving average that multiple reputable third parties have had difficulties replicating even with identical data). Furthermore, the Case-Shiller Index depends heavily on county records, which can take months to record sales (the actual latency differs by county). There are over 3,000 counties in the United States.
- Parcl is making several, substantial improvements: leveraging state of the art data engineering and data science best practices to ensure the best quality of data. Accounting for new construction, renovated houses, units that have only been sold once, & multi-family residences. And, introducing an ensemble approach; the PPF is composed…
