Welcome back to our weekly market update, where we take a closer look at the latest happenings in the real estate world. Let's dive right in and see what's been shaking up the scene this week.
Contracts on the Rise
It's official - contracts are on the rise, and they're exceeding numbers from last year. For the week ending April 14, new contracts surpassed those from the same week in 2023 by a solid 10.4%. And that's not all - there was a whopping 15.4% jump in new pending contracts compared to just last week.
Canceled Listings on the Radar
Here's the scoop: canceled listings are spiking, surpassing last year's numbers. With 332 canceled listings in the Bright MLS service area this week, that's a hefty 19.9% surge from the same week last year. Sellers might be hitting pause, waiting for the right moment to make their move. Interestingly, the Washington, D.C. metro area leads with the highest spike in canceled contracts.
Price Drops in Action
In a bid to attract more buyers amidst elevated mortgage rates, sellers are making moves. During the week ending April 14, 7.9% of active listings saw a price decrease. That's a 0.9 percentage point increase from the same week last year. Sellers are getting strategic, dropping prices to catch the eye of potential buyers in the competitive market landscape.
Feeling intrigued by these market dynamics? Have questions or need some guidance? Don't hesitate to reach out! Comment below or DM me and let's team up.
Comments(2)