03/12/2024
ANYONE INTERSTED IN SEEING AN UPDATE ON THE REAL ESTATE MARKET?
SEE BELOW......................
Ending, March 10, 2024... Weekly Market Report • New listing activity up six weeks in a row across the Bright MLS service area. There were 5,555 new listings for the week ending March 10, up 4.1% compared to last year. New listings were up 2.5% from a week earlier. The increase in fresh listings is a welcome sign for buyers entering the spring market. • Median list price slightly below record high. Following last week’s record-high median list price of $419,000, the current median list price has dipped by 1.0%, now standing at $415,000. List prices continue to track above last year’s levels, with this week’s median list price exceeding last year’s by 4.0%. • New contracts just still below last year’s level. This week, there were 5,942 new purchase contracts, which is below last year by 2.2%. Higher mortgage rates have kept some buyers on the sidelines. The average rate on a 30-year mortgage recently edged back towards the 7% mark, sitting at 6.88% as of the week of March 10. As rates fall this spring, buyer activity is expected to increase.
