Weekly Real Estate Market Report

Overview: This week in the real estate market, we observed an increase in new listings by 50 percent, indicating that we are rebounding from the expected electoral pause that we have been experiencing in the last few weeks. Price adjustments, or price decreases were steady from last week, however, the amount of that decrease in price rose somewhat indicating that sellers are motivated in the fall market. Average days on market before decrease is also show motivation as the timeline before price decrease/adjustment has decreased from last week. Properties pending sale decreased slightly, and closed transactions stayed stable.

 Here’s a detailed breakdown of the activity.

New Listings:

• Total Listings: 10

• Median Price: $282,400

This indicates an uptick in the market with new listing doubling in number this week.

Price Decreases:

• Total Price Decreases: 6

• Average Price Decrease: $14,100

• Average Days on Market before decrease: 44 days

The price adjustments suggest that sellers are responding to market dynamics, possibly to attract more buyers after an extended period on the market. 

Pending Sales:

• Total Properties Pended: 5

• Median Price: $339,000

The pending sales data reflects a decrease in demand for properties, as we settle into the post election timeframe. The median price increased showing upper to midrange buyers possibly taking the opportunity to reap the benefits of the fall market.

Closed Transactions:

• Total Closed Properties: 8

• Median Price: $125,520

The closed sales reinforce the current market trend, showcasing a solid performance and a range of prices that appeal to various buyers, with potentially investors and first time homebuyers making their move.

Conclusion: This week’s market activity indicates an uptick in new listings rebounding after the election cycle. Balance in price adjustments, pending, and closed transactions working together to create opportunities for buyers. The consistent median prices, as we have seen them fluctuate but stay consistent, across pending and closed sales highlight a resilient market, while price decreases may indicate competitive strategies among sellers. 

For buyers and sellers alike, these trends suggest a dynamic market worth monitoring closely.

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Until next week....

~W