Here are the highlights for the week ending February 12, 2023:
New contract activity held steady. During the week ending February 12, there were 4,339 new purchase contracts across the Bright MLS footprint. The steadiness of mortgage rates over the past few weeks could be leading to this constant flow of buyers in the market.
Buyers are indicating growing interest. While showing activity is still down considerably from last year, the number of showings increased week-over-week. For two weeks in a row, showing activity surpassed 2019 levels in the Bright MLS region. Maryland and DC had the biggest increase, with showings up 20%+ over 2019 levels.
The current market is more competitive than many expected. As the market cooled at the end of the year, the median days on market increased. But at the beginning of the year, transaction times are declining. During the week ending February 12, the median days to contract was 15. This is the fifth week in a row that the median days to contract has declined.
Inventory is increasing, close to 2019 levels. The inventory of available homes has been steadily increasing. During the week ending February 12, there was an average of 52,469 active listings. This is up 65.4% compared to a year ago and is nearly the same level as during 2019.