Real Estate Market Update! Here are the highlights

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Real Estate

Real Estate Market Update! Here are the highlights for the week ending September 4, 2022:

🏘️Sellers price expectations are beginning to set in. List prices had been lowered for nearly 53% of homes active on the market during the week ending September 4. While the share of active listings with a price drop increased slightly from the week prior, the uptick is less than it has been in prior weeks. Sellers may be beginning to better reflect the changing market conditions in their original asking price.

🏘️New purchase contract activity is at 2019 levels. The number of weekly new purchase contracts across the Bright MLS footprint remains significantly lower than either 2020 or 2021. However, new contract activity was about the same as the same week in 2019, after several weeks of trailing 2019 levels.

🏘️New listings up this week. During the week ending September 4, there were 5,689 total new listings coming onto the market across the Bright footprint. New listings are still far below 2020 and 2021 levels, but the number of new listings increased 3.6% compared to the week prior, the biggest weekly jump since mid-July.

🏘️Showings are at 2019 levels. There were more than 75,000 showings during the week ending September 4, a level that is 19.1% lower than a year ago and 36.5% lower than the same week during 2020. Weekly showing activity has been similar to 2019 levels for most of the summer.

Do you have any questions about the market in your neighborhood? Please connect with Mary via phone call or text at 571-259-3009.  

Update provided by Bright MLS.

Bright MLS Market Update Full Article