Inventory up over last year but showings continue to fall
The Weekly Market Report offers the latest information on listings and showings, helping you stay updated on real-time market activity. Here are the highlights for the week ending August 11th, 2024:
New Contracts on the Rise:
Across the Bright MLS service area, there were 6,049 new purchase contracts, reflecting a 3.7% increase from this time last year. The recent dip in mortgage rates to their lowest level in over a year seems to be drawing buyers back into the market. This uptick in contracts indicates renewed buyer confidence.
Inventory Growth Continues:
The market is expanding, with 35,710 active listings this week—a significant 27.6% increase year-over-year. This rise in inventory is creating more opportunities for Mid-Atlantic buyers. However, it's important to note that Southern Maryland is experiencing only marginal inventory growth.
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Showing Activity Slows:
Despite the increase in listings, showing activity in the Mid-Atlantic region has decreased. There were 74,018 showings for the week ending August 11, down 8.4% from the previous week and 13.4% from the same week last year. This slowdown may reflect cautious buyer behavior, likely influenced by current economic uncertainties. In Fredericksburg, Spotsylvania, and Stafford, showings have followed this pattern, with some potential buyers waiting for further price adjustments or more favorable financing conditions.
Spotlight on Fredericksburg, Spotsylvania, and Stafford:
In the Fredericksburg, Spotsylvania, and Stafford areas, the inventory surge mirrors the broader Mid-Atlantic trend, with a notable increase in available properties. These areas have seen sustained buyer interest, partly due to their strategic location near Washington, D.C., and their more affordable housing options compared to closer-in markets. While inventory is growing, affordability remains a concern, with many buyers seeking value-driven opportunities. The slight reduction in mortgage rates could be a pivotal factor in bringing more buyers off the sidelines, especially in these highly desirable Virginia markets.
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