Here is the link to YOUR Monday Morning Market Update.
Starting off in Mortgage news, rates are continuing their climb this week raising almost 0.25% from last week, at 4.62%. While this rate feels high, keep in mind that we have been experiencing record lows, and even at 4.62%, historically this is about average for the last 2 decades.
In the condo market, once again we are seeing another pull-back in listings, down 11 from last week with a gain of 4 in the under 1M segment but a loss of 15 in the over 1M segment. We are also seeing a rise in Back on Market listings. We went from 11 last week to 19 this week. Some are speculating that this rise is due to the jump in interest rates that some buyers were not prepared for.
Pending listings also went down significantly, losing 3 in the under 1M segment and 21 in the over 1M segment.
Single Family Homes
In the Single-Family home market, we did dee a few more listings in the under 1M segment at 10 and about the same as last week in the 1-2M segment, with 40. We did see a few price reductions this week, but the market remains strong with an increase in pending listings from last week.
In the luxury Home Market, in the under 3M segment we had about the same number of listings as we had last week, and we also had an uptick in the listings in listings for the over 3M segment. Additionally, the Pending listings were up in both segments as well, up 4 in the under 3M segment to 14 and up 10 in the over 3M segment at 24.
Inventory at the end of March was just over 100 more than at the end of February with just over 900 available units. No significant change in new listings, other than a notable decrease in the under 2M segments and an increase in the over 2M segments.
Looking at the buyer indicators last week, we did see a significant increase in the “Back On Markets”, with 22 across all categories, up from 14 last week. I do anticipate this number to climb as interest rates climb, but mainly in the under 2M segment where buyers are more likely to have made the offer with a loan.