Contracts Show Positive Signs: Good news for sellers! New contracts for the week ending April 14th surpassed the same period last year by 10.4%. This momentum continued from the previous week, with a healthy 15.4% jump in new pending contracts.
Canceled Listings on the Rise: While contracts are up, there’s also been a noticeable increase in canceled listings. Compared to last year, the Bright MLS service area saw a 19.9% surge in canceled listings (agreements terminated before expiration). This trend, particularly prominent in the Washington D.C. metro area, could indicate sellers are waiting for a more favorable market later in spring or summer.
Price Adjustments Reflect Market Shift: With rising mortgage rates potentially impacting buyer demand, sellers are adapting their strategies. The number of active listings with price reductions rose to 7.9% this week, a 0.9 percentage point increase compared to the same week in 2023. This suggests sellers are becoming more flexible to attract buyers in the current market climate.
