Hot sheet is one term used to describe a report from the Mulitple Listing Service (System) of new or recent activity in the MLS. It normally would show the new listings, status changes, and price changes since the last hot sheet was viewed. Some just show the previous or current day activity.
When you have listings, it's important to watch market activity that relates to your listed properties. Competitive homes or land listings will come on the market, be sold or withdrawn and there will be price changes. On behalf of your sellers, you must be aware of this and advise them about market changes.
New Listings the Compete with Your Listing
There is a definite relationship of selling price to supply and demand in real estate. If new listings come up that are similar and in the same area as yours, it's important to know and evaluate the possible effect of these additional competing properties.
With an increase in inventory, there is more from which the buyer can choose. It could mean that a price decrease is at least open for discussion if several new properties come on the market in competition.