REinventing MLS

Offers of compensation on net: MRED policy update information

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

New residential listings register slight dip

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

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.

See the full weekly market snapshot.

Closed listings at five-month high

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.

See the fully weekly market snapshot.

Median sales prices stay strong

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.

See the full weekly market snapshot.

Contracts narrow year-over-year gap

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.

See the full snapshot.

New listing totals rise again

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.

Click here to see the full weekly snapshot.

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