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DC Metro Area Mid-Week Market Report | April 2024 Week 3

By
Real Estate Agent with Samson Properties VA0225077251

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.

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 
John Pusa
Glendale, CA

Hello Ritu Desai 703-625-4949 very valuable helpful mid week market report for for DC Metro area.

Apr 19, 2024 08:21 PM
Ritu Desai 703-625-4949

Thank you, John! I hope you have a great day.

Apr 30, 2024 07:10 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

Apr 23, 2024 09:07 AM
Ritu Desai 703-625-4949

Thank you, Debe! Stay tuned tomorrow for the next market report in the DMV area!

Apr 30, 2024 07:10 AM