MRED Blog

REinventing MLS

Closings, contracts on the rise in first week of August, data show

MRED’s Weekly Market Snapshot showed market strength in a time when the real estate selling season usually begins winding down. The data from across MRED’s markets showed:

  • Sales in the first week of August were up 26 percent on an annual basis.
  • Contracts, often seen as a forward-looking indicator of how the market might perform, soared 66 percent over last year’s numbers.
  • Median home prices rose 7.2 percent from the same week last year. Median prices have increased year over year for eight weeks in a row.

Learn more about the real estate industry with the Weekly Market Snapshot, released each Tuesday. Click here to view the report.

We heard your feedback on Remine… here’s what’s next

Thanks to everyone who participated in our recent Remine survey. Congratulations to Tony Oner of Keller Williams Success Realty for being the randomly selected participant to receive an iPad!

Here’s some of what subscribers said they like about Remine:

Here’s what we’re going to keep improving based on feedback:

  • Simplifying display of owner’s name
  • Linking directly to county pages
  • More intuitive location of information

We’re always evaluating our service providers to ensure we’re equipping you with the best tools possible. Survey feedback like this helps us serve you well.

Contracts skyrocket in July as buyers flood market

The real estate market saw a surge of new contracts in July, far outpacing previous-year numbers. Sales for the month posted modest gains, according to MRED’s Weekly Market Snapshot.

MRED’s review of data from across its member associations shows the number of contracts rose 58 percent when compared to July 2019. Although every contract will not ultimately result in a sale, the 23,918 contracts signal that the real estate market is poised to thrive at least into early fall.

Sales data show a modest increase in home sales in July, with a 3.5 percent increase over previous-year numbers.

Learn more about the real estate industry with the Weekly Market Snapshot, released each Tuesday. Click here to view the report.

Residential contracts strengthen; data point to strong summer market

MRED’s Weekly Market Snapshot shows that homes under contract increased for the third week in a row, surging 17 percent from the first week of July. The data from across MRED’s markets also show a 66.5 percent increase in contracts for the week ending July 27 versus the same week last year. 

Median prices continue to show strength as well, with a 6.7 percent increase over the same week last year. This was the sixth straight week of year over year weekly median price gains, the data show.

Learn more about the real estate industry with the Weekly Market Snapshot, released each Tuesday. Click here to view the report.

Monthly, annual gains seen in number of homes under contract

MRED’s Weekly Market Snapshot shows continued strengthening of the residential market as gauged by the number of homes under contract. The report, which looks at all of MRED’s markets, shows a three percent weekly gain in contracts, and a whopping 59 percent gain when the week ending July 20 is compared on an annual basis. Other findings:

  • Closed sales increased 22.6 percent over the previous week, posting strong numbers coming out of the initial stages of the COVID-19 crisis. Closed sales are just five percent off of 2019 numbers. 
  • The median price leaped 6.5 percent for the week, showing consumer interest driven in part by attractive financing rates. 

Find out what the market is doing with this weekly update provided by MRED each Tuesday.

Contracts post 12 percent weekly gain, MRED data shows

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Homes under contract for the week ending July 13 increased 12 percent over the previous week and posted a 67 percent annual increase, according to MRED’s Weekly Market Snapshot. Other findings include:

  • New listings rose 25 percent on a week-to-week basis, just slightly off of 2019 levels for the same week.
  • Median prices were essentially flat on an annual basis, rising just one percent for the same week last year.

MRED tracks key real estate metrics from across its 16-association service area in the Weekly Market Snapshot. Find the report here.