Weekly Real Estate Market Report
Overview: This week in the real estate market, we observed a drop in new listings, likely reflecting the historical pause in real estate markets in election years. With the impending election next week, this makes sense. We also saw fewer price adjustments, properties pending sale, and closed transactions stayed stable.
Here’s a detailed breakdown of the activity.
New Listings:
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Total Listings: 4
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Median Price: $155,400
This indicates a slowing, or nearly a pause of new properties entering the market, which we expect this close to a presidential election.
Price Decreases:
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Total Price Decreases: 6
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Average Price Decrease: $14,200
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Average Days on Market: 43 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:
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Total Properties Pended: 9
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Median Price: $174,900
The pending sales data reflects a robust demand for properties, with the median price indicating a healthy range for buyers.
Closed Transactions:
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Total Closed Properties: 14
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Median Price: $341,450
The closed sales reinforce the current market trend, showcasing a solid performance and a range of prices that appeal to various buyers.
Conclusion: This week’s market activity indicates a pause with new listings due to 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
