Fee Analytics Reference Data Dictionary
Mercury's Fee Analytics subscription contains granular data for observed appraisal fees that includes median and average appraisal fees for every county in the U.S., as well as fees at the state and MSA level. A short description of the data fields included are below.
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Methodology: The underlying methodology used to determine published median and published average. Methodology will be either Asking (based on appraiser’s published fees), Observed (based on actual fees for assignments in the area), or Near (based on actual fees within a radius of the ‘center’ of the area.
Included Transactions: The number of transactions in a specific area that were used to support the Observed methodology.
Appraiser Count: The number of appraisers that cover the specified area with a published fee for the 1004 product (with no complexity)
Published Median: The actual median fee for the area based on the chosen methodology.
Published Average: The actual average fee for the area based on the chosen methodology.
Published Std Dev: This is the measured standard deviation of the provided published average fee to help determine a margin for error.
Published Rel Std Dev: This is the measured relative standard deviation of the provided published average fee.
Published Expected Low and Expected High: range calculated using the standard deviation and used to identify prices that 66% of the transactions should fall into.
Floor: the lowest ‘valid’ fee. This is a calculated value that takes the higher value between the lowest asking price and the lowest price from an observed transaction. Only transactions equal to or higher than the Floor are considered.
Ceiling: the highest ‘valid’ fee. This is a calculated value that takes the lower value between the highest asking price and the highest price from an observed transaction. That value is then compared to the mode where the highest value between those is taken. Only transactions equal to or lower than the Ceiling are considered.
Low Ask: This is the low asking price (the appraiser’s published fee for the 1004 product).
Low Price: This is the lowest price attached to an observed transaction.
Price-Highest Mode: The calculated mode using all transactions. If there is more than one mode, take the highest.
High Ask: the high asking price (the appraiser’s published fee for the 1004 product).
High Price: the highest price attached to an observed transaction
Asking Median: The median asking price.
Asking Avg: The average asking price.
Asking Std Dev: The standard deviation based on the asking price.
Observed Median: The median fee for observed transactions (actual appraisal orders).
Observed Avg: The average for observed transactions (actual appraisal orders).
Observed Std Dev: The standard deviation for observed transactions.
Observed Rel Std Dev: The relative standard deviation for observed transactions.
Near Median: The median fee for transactions that are within a radius of the center of the area.
Near Average: The average fee for transactions that are within a radius of the center of the area.
Near Std Dev: The standard deviation for transactions that are within a radius of the center of the area.
Near Rel Std Dev: The relative standard deviation for transactions that are within a radius of the center of the area.
Near Floor: The lowest ‘valid’ fee when using the Near methodology (see Floor definition).
Near Ceiling: The highest ‘valid’ fee when using the Near methodology (see Ceiling definition).
Near High Price: This is the highest price appraisal of all the near included transactions.
High Ask2: Disregard
Near Low Price: This is the lowest priced appraisal of all the near included transactions.
Low Ask2: Disregard
High Ask 2: Disregard
Near Mode: The mode of the fees when using the Near methodology
Near Min Mileage: The minimum distance travelled to find one observed transaction when performing the Near methodology.
Near Max Mileage: The maximum distance travelled to find all the observed transactions when performing the Near methodology.