MRED Blog
REinventing MLS
Median sales price up on weekly, annual basis
MRED’s residential marketplace saw week-over-week and year-over-year median sales price increases. The third week of May registered a median sales price of $310,000, a 3% weekly bump and a 7% annual spike.
- Median sales price last week: $300,000
- Median sales price this week: $310,000
- Median sales price during same period last year : $288,500
Open house totals reach seven-month high
The total number of open houses in MRED’s marketplace during the last week jumped 57% compared to the previous week. That spike led to the most open houses in a single week since September:
- Open houses last week: 1,896
- Open houses this week: 2,975
- Open houses during same period last year : 2,944
New listings reach highest point this year, but just barely
This week, the number of new residential listings in MRED’s marketplace eked out a new high for 2022:
- New listings this week: 6,555
- New listings last week: 6,554
- Year-over-year change: -16%
Downshift in residential closed listings extends into May
Despite a 29% week-over-week increase in closed listings among MRED’s marketplace, this week’s residential closed listings continue to be significantly lower than last year:
- Total annual closed listings as of this week: 3,246
- Total annual closed listings as of last week: 2,515
- Total annual closed listings as of this week last year: 4,506
- Week-over-week change: +29%
- Year-over-year change: -28%
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 policychange@mredllc.com.
Aggressive ramp up in number of open houses: Up 8% from last year
Spring has sprung and so have eager home sellers. The number of open houses among MRED marketplace’s residential listings more than doubled last week, reaching their highest number since October 2021.
- Open houses this week: 2,703
- Open houses this week last year: 2,504
- Year-over-year increase: 8%
Click here to see all the stats in our Weekly Market Snapshot.
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