This Weekly Market Report for the mid-Atlantic area provides up-to-date listing and showing information to track market activity in real time.
Here are the highlights for the week ending November 27, 2022:
- Buyer activity stalled during the Thanksgiving week. Homebuying activity always slows during the holiday week, but the number of weekly new purchase contracts across the Bright footprint during the week ending November 27 was at the lowest level since the end of 2019. The market freeze over Thanksgiving could be a predictor of the pace of housing market activity through the rest of the winter holidays.
- New listings fell sharply last week. Sellers were largely sitting out last week, as the number of new listings coming onto the market fell 40.9% compared to a week ago. The ratio of new pendings to new listings rose to 1.42 during the week ending November 27, which is the highest level for the year. With significantly fewer new listings, the average daily inventory in the region fell 2.6% compared to a week ago.
- Sellers have begun to internalize new market environment. More than 40% of active listings on the market across the Bright footprint had a price drop. But the share of listings with a price drop has declined in some markets, which indicates that sellers are starting to do a better job at setting their original asking price.
If you are curious how this information relates to you as a buyer or seller in the Mid-Atlantic area please give us a call at 240-401-5577 or email us at Lise@lisehowe.com. We would love to talk with you.