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Contracts see second week of decreases; still outpacing 2019

Future-facing indicators recorded declines in MRED’s marketplace with fall just a couple weeks away. Open houses saw a 31% decrease from the previous week following two months of stability. Listings under contract fell for the second consecutive week despite more than three months of continued year over year increases, including a 72% annual bump for the week ending in Sept. 7.

Even with the cooldown, MRED’s market still saw increases in key areas, including the largest annual increase of 2020 in closed listings, a 71% increase compared to the same period from 2019.

Learn more about the market, including data on open houses and rentals with MRED’s Weekly Market Report. Click here to access the report.

New listings, sold prices increase as closed listings drop

August wrapped up as a month of year-over-year increases in new listings each week, while listings under contract beat their 2019 totals for the 13th week in a row.

Sold prices in 2020 rose 12% compared to the same period in 2019, continuing two straight months of annual increase following the COVID-19 lull. Closed listings dipped year over year for the first time in six weeks and weekly for the first time in three weeks.

Learn more about the market, including data on open houses and rentals with MRED’s Weekly Market Report. Click here to access the report.

Market indicators remain strong as summer nears its end

Nearly every metric in MRED’s market report showed weekly and year-over-year improvement. This encouraging trend included an 18% annual increase in closed listings, marking the fifth week in a row of year over year growth and the third consecutive week of gains in 2020.

New listings in MRED’s system remained steady, continuing its month-and-a-half-long streak of stability. August’s third week saw 16% improvement year over year for new listings, while listings under contract were up 75% compared to 2019.

Learn more about the market, including data on open houses and rentals with MRED’s Weekly Market Report. Click here to access the report.

Prices leap as buyers surge into market, MRED data show

Median home prices across MRED’s markets in the week ending Aug. 17 soared 16 percent over previous-year numbers, showing continued strength despite the pandemic. The strong showings comes in the month straight week of median price gains. 

The numbers indicate a strong willingness by consumers to pay a premium for housing, although the number of properties actively listed in MRED’s system was largely flat. Actively listed properties fluctuated less than 2 percent, within the last five weeks, ending the week of Aug. 17 at 72,357. 

Learn more about the market, including data on open houses and rents with MRED’s Weekly Market Report, updated each Tuesday. 

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.