As the spring market kicks off, MRED saw a surge of new properties coming onto the market, reflecting an 11% weekly increase in listings. The nearly 7,500 new listings was the largest single-week total since late August of 2020.
Since the beginning of 2021, residential listings under contract have outpaced previous-year numbers. This forward-looking indicator shows no signs of slowing down as we enter the traditional Spring market season.
Closed listings in MRED’s marketplace reached their highest point since mid-December. This plateau came thanks to a 55 percent week-over-week increase during the last month of February. Despite the weekly jump, closed listings still fell 7 percent short of 2020’s total during the same period.
The third week of February saw a two percent weekly gain in median sales prices among residential listings in MRED’s marketplace. While the week-over-week gain was modest, median home prices were still up 15 percent on an annual basis to $255,000.
Learn more in the MRED Weekly Market Snapshot.
MRED Chief Technology Officer Chris Haran talked about how the MLS industry is adopting cutting-edge technology to help brokers. The comments came in Mainstreet Organization of REALTORS® “Who’s Who in Real Estate” virtual event. Haran delivered remarks on a range of important industry topics with an eye on the future and how to be a leader.
Computer vision: Artificial intelligence looks to be a key part of the future of technology offerings as organizations try to deliver the best value, service and products to consumers. MRED is using computer vision to help agents save time in connectMLS. This AI technology allows agents to auto-populate image/room titles and features in listing photos. Learn more.
Integration and interoperability: The industry’s wide variety of technology solutions can create difficulties when those programs are forced to interact. That’s why MRED is working to give subscribers a choice in the systems they use without fear of difficulty. MRED’s work with the Real Estate Standards Organization (RESO) goes a long way to freeing your data and increasing ease of use, no matter what platform you’re using.
Getting involved: Everything MRED does is for the benefit of its subscribers and the clients they serve. That’s why MRED wants to hear your feedback and suggestions on our products and services. You can do this through participating in discussions on online forums and being part of a brokerage that signs on as a Preferred Unit Owner.
The weather may be cold, but the market compared to last year is hot. Homes under contract beat last year’s numbers by 19 percent.