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Offers of compensation on net: MRED policy update information
April 29, 2022Posted by on
MRED is implementing changes to its offers of compensation on net policy. Beginning May 10, the below rule will go into effect:
“Net”: As a percentage of the net sale price in the initial contract, reduced thereafter only by an agreed reduction in the amount to be paid by the buyer due to a subsequent appraisal. The net sale price is defined as the gross sale price minus amounts to be credited or paid to the buyer, as reflected in the initial sales contract.
The change was made in response to subscriber feedback seeking clarity in situations where an appraisal comes in at a lower price than that which is stated in the initial sales contract.
Click here for more details on this policy change.
Have comments on the policy? Email us at email@example.com.
New residential listings register slight dip
March 21, 2023Posted by on
Following a major increase to start the month, new residential listings in MRED’s marketplace dipped for the second straight week. Last week’s 4,465 new listings marked a 2% week-over-week decrease and a 23% year-over-year decline.
See the full weekly market snapshot.
Residential contracts continue upward creep
March 14, 2023Posted by on
Contacts in MRED’s residential marketplace notched a week-over-week increase for the second straight week. The 3,053 listings that went under contract last week marked only the second time since early September that metric eclipsed 3,000.
Closed listings at five-month high
March 7, 2023Posted by on
MRED’s residential marketplace saw a 108% week-over-week spike in closed residential listings during the first week of March. Start-of-month increases are typical, but this jump led to the largest single-week closed listing total since early October.
Median sales prices stay strong
February 28, 2023Posted by on
The residential median sales price in February’s final week saw increases of nearly 1% year-over-year and slightly more than 1% week-over-week. This marked the fourth time in the last six weeks that the current year median sales price outpaced the previous year’s total.
Contracts narrow year-over-year gap
February 21, 2023Posted by on
Last week’s 20% rise in residential listings under contract in MRED’s marketplace ushered in the largest single-week contract total since late August. That increase also narrowed the year-over-year gap to a 3% annual decrease, the smallest margin in three months.
New listing totals rise again
February 14, 2023Posted by on
MRED’s residential marketplace saw 3,936 new listings during the first full week of February. That total bested the previous week by 6%, marking the second straight week of increases in that metric. The bump wasn’t enough to match last year’s total during the same span, however, as 2022’s mark was 13% more than in 2023.