RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Sellers Still Own the Market in Mid-Atlantic, Bright MLS Survey Says

Home Agents
By RISMedia Staff
May 18, 2023
Reading Time: 3 mins read
Sellers Still Own the Market in Mid-Atlantic, Bright MLS Survey Says

Across the Mid-Atlantic markets sellers are holding their driver seat positions in home sales,according to a new report from Bright MLS.

Bright MLS’s monthly market report for May found that Sellers who closed on their home in April received an average of 3.5 offers, and 53.5% ended up closing at a price above their original asking price. Sellers receiving over list price accepted an offer that was, on average, 5.5% higher than the price they had originally listed.

The report also found that while inventory remains low, family changes prompt sellers to list. Nearly one out of five sellers said that they had listed their home for sale as a result of family reasons, including marriage, divorce, having a child, or to be closer to family. Estate sales or sales of a home with an owner who passed away accounted for another 11.1% of transactions in April.

In addition, the report found that real estate agents are less optimistic about the summer housing market than they were a month ago. The outlook on the market three months from now was less upbeat from survey respondents.

Key highlights:

  • The most competition was among three- and four-bedroom homes in the $300,000 to $499,999 price range. Inventory remains limited in this price range, and demand for these types of homes from both first-time buyers and move-up buyers is high.
  • Homes that sold above list price were under contract much more quickly than those that came in below original asking price, at five days vs. 15 days, respectively.
  • According to agents working with buyers who closed in April, 46.1% of Mid-Atlantic buyers were first-time homebuyers. This is about the same share as a month ago and remains significantly higher than the national share reported by the National Association of REALTORS®.
  • Nearly 60% of first-time buyers purchased a home with three bedrooms, and four out of 10 bought a home for less than $300,000. First-time homebuyers are also more likely than repeat buyers to buy with FHA, VA, or USDA loans and are much less likely to make all-cash offers.
  • As a result of limited inventory in their price range and competition with all-cash or conventional loan offers, first-time buyers are facing more competition in the market: 53.3% of first-time buyers paid over asking price, compared to 49.3% of repeat buyers.
  • Some listing activity does appear to be more discretionary, including sellers who said they sold their home primarily because they were looking to move to a bigger home (11.8%), or because they wanted to downsize (12.1%).
  • Individuals selling a rental or investment property also remain a big part of the market, though the share of these types of sellers has decreased from 16.2% last month to 14.9%.
  • Agents still feel very confident that buyer activity will be much stronger than seller activity. 47.2% of survey respondents indicated that buyer activity would be “high to very high” in the next three months. That share was above 50% in April.
  • Only 6.9% of respondents said that seller activity would be “high to very high” in the next three months, while 54.3% said that seller activity would be “low to very low.” This is higher compared to April, when 50.7% of respondents were forecasting “low to very low” seller activity.

Major takeaway:

“The spring market is well under way, but it is far from typical. Sales activity remains below pre-pandemic levels, although buyers are still finding a lot of competition, as home shoppers compete for a still-limited number of homes for sale,” said the author of the report. “Inventory is shrinking in some markets, and new listings are still way below historic trends.”

Bright MLS Chief Economist Lisa Sturtevant added that “The survey results highlight how low inventory is making the market feel very competitive to buyers. Making offers on multiple homes and offering above list price are both common as prospective homebuyers vie for a limited number of homes on the market.”

For the full report, click here.

Tags: Bright MLSBuying ActivityDemandHousing MarketMay Market ReportMid-AtlanticMLSNewsFeedMonthly Market ReportReal Estate DataSales ActivitySales Data
ShareTweetShare

RISMedia Staff

Related Posts

AI-Powered Real Estate Marketing Is Here to Stay. Are You Ready?
Agents

AI-Powered Real Estate Marketing Is Here to Stay. Are You Ready?

June 8, 2023
Growing Deficit of Middle-Income Homes Unbalances Market
Agents

Growing Deficit of Middle-Income Homes Unbalances Market

June 8, 2023
Mortgage Rates Decline After a Three-Week Ascent
Agents

Mortgage Rates Decline After a Three-Week Ascent

June 8, 2023
First-Time Homebuyers Still View Homeownership as Important
Agents

First-Time Homebuyers Still View Homeownership as Important

June 8, 2023
Broker Public Portal Appoints New Chairman
Agents

Broker Public Portal Appoints New Chairman

June 8, 2023
Independent Research Shows United Real Estate Pays More Than Any Other National Brokerage
Agents

Independent Research Shows United Real Estate Pays More Than Any Other National Brokerage

June 8, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

How to Help Clients Find Open Houses in the Area

Open houses allow potential buyers to visit and look around different properties. These often take place on weekends, and anyone can use the opportunity to tour the home even if they aren’t interested in buying. Here, we look at the best methods to find open houses nearby. Read more.

Business Tip of the Day provided by

Recent Posts

  • AI-Powered Real Estate Marketing Is Here to Stay. Are You Ready?
  • Growing Deficit of Middle-Income Homes Unbalances Market
  • Mortgage Rates Decline After a Three-Week Ascent

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

Join Premier for as low as $30!

Join Premier
logo-rismedia-white
x
X