The week of Feb. 14 brought the largest total of new residential listings in MRED’s marketplace since early November. A 14% week-over-week increase in this key metric accompanied a 5% annual bump.
The total number of active residential listings in connectMLS increased to 38,832 during the second week of February. That was a 1.6% week-over-week increase and marked the largest total of the year.
Closed residential listings in MRED’s marketplace increased by 10% during the last week. That bump resulted in the first time in six weeks that the current year closed listing total was more than the previous year.
Is now the right time to buy? The median residential sales price in MRED’s marketplace was $256,000 last week. It’s been nearly a full year since the key metric has dipped that low.
The median residential sales price in MRED’s marketplace fell 5% week-over-week during the third week of January. The $265,000 median price still bested 2021’s total by 9%.
MRED has updated its rule on the display of offers of compensation, effective immediately. Here are answers to commonly asked questions about the policy.
What is MRED’s rule on display of offers of compensation on IDX sites?
As approved by MRED’s Board of managers, the rule is:
SECTION 32.19: Display of Fields
Listings displayed pursuant to IDX shall contain only those fields of data designated by MRED. Display of confidential fields intended only for other Member Participants (e.g., showing instructions, property security information, etc.) is prohibited. The Cooperative Compensation fields may be publicly advertised.
Why is this change being made?
MRED’s Board of Managers sees this change as a way to provide additional transparency for consumers who receive information on websites which use MRED IDX feeds. The National Association of REALTORS® has changed its rules to expressly permit REALTORS® to display offers of compensation on their IDX sites, and to require that NAR-affiliated MLSs to include the offer of compensation fields in IDX feeds.
While MRED is not an NAR-affiliated MLS, MRED’s Board of Managers agreed that the offer of compensation could be displayed on IDX sites. MRED expects that this policy will be in place for the vast majority of the nation’s MLSs.
How does this differ from MRED’s previous rule on display of compensation?
MRED’s previous rule allowed a brokerage to display its own offer of compensation if it desired, but not to display other firms’ offers of compensation. The new rule allows firms to display their own and others’ offers of compensation if they choose to do so.
Does every brokerage have to display the offers of compensation on websites?
While the IDX feeds will provide the offers of compensation fields to all brokerages, the brokerages retain control over whether they will display the information on their public-facing websites.
When is this policy in effect?
The change is effective immediately.
Do offers of compensation extend to other MLSs?
No. Offers of compensation submitted in MRED’s system are for MRED subscribers only. A broker in another MLS would need to negotiate compensation details with the MRED broker if the property was within MRED’s connectMLS. MRED’s Localized Rules Teams are reviewing whether to set standardized disclaimer language about this information in IDX sites; NAR’s policy statement requires IDX sites to state that “The offer is made only to participants of the MLS where the listing is filed.”