WEEKLY MARKET BRIEF

Holiday weeks in real estate? They’re notoriously slow, and last week was no exception. Families aren’t exactly rushing to close deals or move while juggling Thanksgiving, travel, and hosting duties.  Here’s how last week shaped up: Not exactly a barnburner. But here’s the thing: even though new listings will screech to a halt in the…

In a post-election relief of “finally, it’s over”, buyers got back to business.  While half the country may have been disappointed with the election outcomes, and interest rates are the highest they’ve been since the end of July, the pre-election “lul” of showings turned into a one week spike of buyer activity.  We’ll see if that is sustained. …

Mortgage interest rates hit their highest point in 3 months but the impact on real estate activity is so far unremarkable.  Showings remain strong, contracts remain slightly elevated above the last two years and prices are beginning to slide, but only slightly.   But with rates rising, inventory 50% higher than the last two years and…

Last week we hit the highest average sales price since the end of June and the second highest median sales price of the year.  Those are spring conditions, how is this possible this time of year?   For the same reason median days on market have come down, concessions declined for 3 weeks and the percentage…

If we really needed proof of the relationship between interest rates, contracts, concessions, sold prices and lead versus lag data, ohh man do we have it.   Since April 25th of this year, interest rates have been on a significant downward trend, dropping by more than a full percentage point over the 4 months of May…