The 2,267 closed residential listings in MRED’s marketplace last week was the lowest single-week total since early September. The 14% week-over-week decrease also resulted in a 19% annual dip, the 19th week in a row in which 2020’s closed listings outpaced the current year.
The median sales price of residential listings in MRED’s marketplace last week reached $278,000, the highest point since early September. The two percent week-over-week increase in median sales price also accompanied a 10 percent annual bump.
The median residential sales price in MRED’s marketplace fell 1% on a week-over-week basis during the final week of October. Despite the weekly decrease, prices are still are up 5% on an annual basis for the same week last year in MRED’s markets.
MRED’s marketplace saw 5,574 new residential listings entered during the week of Oct. 18. This was a 5% week-over-week bump and the first time since early September that this key market indicator increased.
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.