MLS vs Public Records for Comps
When you pull comps to calculate ARV, the data comes from one of two places: the MLS (Multiple Listing Service) or public records (county deed records, tax assessor data, and property databases). Each source has strengths and weaknesses, and understanding the differences will make your comp analysis more accurate.
What the MLS provides
The MLS is a database maintained by real estate agents and brokerages. When a property is listed for sale through an agent, it goes into the MLS. When it sells, the agent updates the record with the sale price, close date, and transaction details.
MLS data includes:
- Listing photos (interior and exterior, often 20-40 photos)
- Detailed property descriptions written by the listing agent
- Days on market (how long from listing to contract)
- List price history (original price, price reductions, final sale price)
- Agent remarks (private notes visible to other agents about condition, motivation, repairs)
- Property features (flooring type, kitchen upgrades, roof age, HVAC type)
- Concessions (seller-paid closing costs, buyer credits, repair allowances)
- Sale conditions (conventional sale, short sale, REO, auction)
The quality of MLS data is high because agents have professional and legal obligations to report accurately. Inaccurate MLS data can result in complaints, fines, and license issues.
What public records provide
Public records come from county government offices: the recorder of deeds, the tax assessor, and the building department. Every property transfer is recorded as a deed, and every property is assessed for tax purposes.
Public records data includes:
- Sale price (from deed stamps or transfer tax in most states)
- Sale date (deed recording date)
- Buyer and seller names (from the deed)
- Property characteristics (square footage, lot size, year built, bedrooms, bathrooms)
- Tax assessment (land and improvement values per the assessor)
- Mortgage information (loan amount, lender, type)
- Building permits (renovations, additions, new construction)
- Ownership history (chain of title)
Public records capture every transaction, not just those listed on the MLS. This includes off-market sales, investor-to-investor transactions, estate transfers, and foreclosure sales.
Key differences that affect your analysis
Coverage
This is the single biggest difference. The MLS only captures transactions where at least one agent was involved. Nationally, approximately 85-90% of home sales involve an agent, which means 10-15% of transactions are MLS-invisible. In investor-heavy markets, the off-MLS percentage can be much higher, sometimes 20-30%, because investors frequently buy and sell to each other without agent representation.
Public records capture every transaction that involves a deed transfer. Nothing is missing. If a property changed hands, it's in the public records.
Timeliness
MLS data is nearly real-time. When a sale closes, the agent updates the MLS within days (often the same day). You can see what sold yesterday.
Public records lag. Deed recording can take 2-6 weeks after closing, and some county databases take additional time to digitize and index new records. In slow-moving counties, it can be 60-90 days before a sale appears in searchable public records.
Detail level
MLS data is rich with qualitative information: photos, descriptions, condition notes, upgrade details. This is invaluable for making comp adjustments because you can see the condition and features of the comp without visiting it.
Public records are quantitative but thin on qualitative details. You get square footage and bedroom count, but you don't know if the kitchen has laminate countertops or granite. You know the sale price but not whether the seller paid $10K in concessions.
Price accuracy
MLS sale prices are highly accurate because agents report the contract price.
Public records sale prices can be misleading in certain situations. Non-disclosure states (like Texas, Utah, Idaho, Montana, and others) don't require the sale price to be recorded on the deed. In these states, public records may show the transfer tax amount (from which price can be estimated) or nothing at all. Additionally, some transactions have artificially low recorded prices due to seller financing, assumed mortgages, or partial interests being transferred.
Non-arms-length transactions
MLS data almost exclusively contains arms-length transactions (willing buyer, willing seller, no relationship). This is what you want for comp purposes.
Public records include everything: family transfers ($1 deeds between relatives), quitclaim deeds, corporate restructuring transfers, and divorce settlements. These non-arms-length transactions can severely distort your analysis if you include them without filtering.
When to use MLS data
Use MLS as your primary comp source when:
- You're in a market with good MLS coverage and agent participation
- You need to assess condition and quality of comps (photos and descriptions)
- You need current data (sales within the last 1-3 months)
- You're calculating ARV for a flip (MLS sales represent the retail buyer market)
- You need to know about concessions, days on market, or price reductions
When to use public records
Use public records as your primary or supplementary source when:
- MLS data is sparse (rural areas, low-volume markets)
- You need to capture investor-to-investor sales
- You want to identify cash purchases (no mortgage recorded = likely cash buyer)
- You need ownership and mortgage details for your analysis
- You want to see the full transaction history of a property
- You're looking for active investors in the area based on recent purchases
The best approach: combine both
Professional investors and appraisers don't choose one or the other. They layer both data sources to get the most complete picture.
Start with MLS data for your core comps. The photos, descriptions, and reliable pricing make MLS the better source for direct comparison. Then supplement with public records to catch any off-market sales you missed and to verify MLS data against recorded deed prices.
Deal Run's comp analysis pulls from both MLS and public records automatically, so you get comprehensive coverage without having to manually cross-reference multiple databases.
Filtering public records for accuracy
When using public records comps, filter out transactions that will distort your analysis:
- Remove $0 and $1 transfers: These are almost always family or entity transfers
- Remove sales significantly below market: Sales at 50% or less of expected value are likely distressed, partial-interest, or non-arms-length
- Check for corporate buyers/sellers: LLC-to-LLC transfers within the same ownership group aren't market transactions
- Verify deed type: Warranty deeds are standard sales. Quitclaim deeds are often non-market transfers
- Watch for seller financing: The recorded price may reflect only the down payment if seller financing is involved
Non-disclosure states: special considerations
If you're working in a non-disclosure state (Texas, Utah, Idaho, Montana, Wyoming, New Mexico, Mississippi, Indiana, Kansas, Maine, North Dakota), public records won't show sale prices directly. In these states, you have several options:
- Rely more heavily on MLS data
- Use property detail services that estimate sale prices from other indicators
- Calculate from transfer tax stamps where available
- Contact the title company or closing attorney for transaction details
In non-disclosure states, MLS becomes your essential data source for pricing, while public records remain useful for ownership, transaction dates, and mortgage information.
Data lag workaround
The 2-6 week public records lag means you might miss the most recent sales. To bridge this gap:
- Start with MLS for the most current 0-3 month data
- Supplement with public records for the 3-12 month window where MLS data might have been removed or archived
- Use pending MLS listings to get a forward-looking view of pricing (see our guide on pending vs sold comps)
Summary comparison
| Factor | MLS | Public Records |
|---|---|---|
| Coverage | 85-90% of sales | 100% of sales |
| Timeliness | Same day | 2-6 weeks lag |
| Photos | Yes | No |
| Condition details | Yes | No |
| Price accuracy | High | Varies (non-disclosure states) |
| Off-market sales | No | Yes |
| Ownership info | Limited | Comprehensive |
| Mortgage data | No | Yes |
| Cost | Agent access or subscription | Free or low-cost |
The takeaway: MLS is better for quality, public records are better for quantity. The best analysis uses both.
Related articles
- How to Run Comps Like a Pro
- Comp Adjustments: A Practical Guide
- What to Do When Comps Don't Exist
- How to Calculate ARV Step by Step