As temperatures cool off, so is the residential housing inventory. Active listings in MRED’s market have declined for the third straight week. On October 18, 56,770 active listings in connectMLS were the lowest total listings since April 12.
The first full week of October saw 2,578 closed residential listings, down 30% from the previous week. That total is also a 15% annual decrease and the second-lowest single-week mark since early July.
Residential listings under contract registered a weekly 15% increase following the week of Labor Day. The 3,899 contracts also beat out the previous year’s total from the same period for the first time in three weeks.
The median residential sales price in MRED’s marketplace registered a 4 percent week-over-week decrease during the first full week of September. That decline brought the key metric to $270,000, the lowest total since the final week of February.
Closed listings in MRED’s marketplace notched a top five weekly finish for the year so far. Despite the strong showing, the 3,845 closings for Aug. 30-September 6 was off from the same week last year by 8 percent.
MRED’s marketplace saw the third consecutive week of declines in residential sales prices to round out August. The $279,500 median sales price is a 1% weekly dip and a 5% decrease from the start of the month, though it still tops the $257,500 mark from the same period last year.