Weekly Real Estate Market: May 28, 2023

The week ending May 28, 2023, saw a drop in new listings and showing traffic due to the Memorial Day weekend. The Mid-Atlantic region experienced a decline of 14.8% in new listings compared to the previous week and a 26.0% decrease compared to the same week in 2022. This year’s new listings have consistently lagged behind 2022, leading to low inventory levels.

Buyer showing traffic also decreased by 20.0% compared to the previous week. However, new contracts increased by 2.4%, which may seem contradictory but suggests a drop in new contract activity in the upcoming week’s data.

The median time to contract in the Mid-Atlantic was 14 days, which has been consistent since March. This means that half of new contracts are completed in that time or less. While summer and fall buyers typically experience a slower pace than spring, it is uncertain if this trend will continue in 2023.

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