Weekly Market Report Mid-Atlantic Area Ending November 27, 2022

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

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. 

Comments (7)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Lise... more inventory, more price reductions, less buyer activity... sounds like a lot of markets all around the country.

Dec 01, 2022 05:58 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

This is an excellent post with great information. Thanks for sharing it. 

Have a super fantastic week! Bill Salvatore with AEP

Dec 01, 2022 05:58 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The Holidays are always a bit of a lull period and the uncertainty of interest rates can have some impact especially for the buyers of smaller homes.  January will bring a lot of questions and hope going forward

Dec 01, 2022 05:59 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lise, our Thanksgiving week activity was very slow, and had few go pending.

Dec 01, 2022 06:26 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great post!  Thanks for sharing and have a wonderful day!

Dec 01, 2022 07:17 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Thank you for one fine real estate market run down. You are the local expert Lise Howe !

Dec 01, 2022 07:36 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Dec 03, 2022 04:19 AM