Welcome to this week's Market Pulse! If you're short on time, catch our TL/DR video summary. Otherwise, let's explore the latest market data from RLAH @properties.
📊 Market Pulse: October 30 - November 6
Average Number of Offers: 0.8 (Down significantly from last week's 1.6, with 43% of new contracts receiving multiple offers, down from 50%)
Offer Prices:
Above List: 43% (down from 63%)
At List: 57% (up from 37%) (Note: Second consecutive week with no below-list offers)
Inspection Trends:
Full Inspection: 43% (down from 49%)
Pre-Inspection: 0% (down from 25%)
Pass/Fail: 14% (up slightly from 13%)
No Inspection: 43% (up significantly from 13%)
🌡️ Market Analysis: This week's data shows significant market softening, though the patterns remain nuanced:
Buyer Activity: The dramatic drop in average offers to 0.8 from 1.6, and further decline in multiple-offer situations (43% from 50%) clearly signals slowing buyer activity. This isn't surprising given both election uncertainty and typical seasonal patterns.
Pricing and Offers: While there's been a notable shift from above-list (down to 43% from 63%) to at-list offers, it's interesting that for the second week running, we're seeing no below-list offers at our brokerage. This suggests that while buyers are more cautious, they're still willing to meet seller expectations on well-priced properties.
Inspection Trends: The market shift is evident in inspection strategies, with a sharp rise in no-inspection offers (to 43%) and elimination of pre-inspections, suggesting a more polarized approach to securing properties.
Market Segmentation: These trends continue to reflect our segmented market, now further complicated by seasonal factors and election timing. For detailed neighborhood breakdowns and price point analysis, check out the full Market Monday report or reach out to me directly.
📈 Market Implications:
For Buyers: With the Fed's latest rate cut and seasonal slowdown in effect, opportunities are emerging. However, the lack of below-list offers suggests the importance of realistic offers on well-priced properties.
For Sellers: While the market is clearly softening, proper pricing remains crucial.
📅 Looking Ahead: I do expect a pop in business next week and likely again the first full week after Thanksgiving, if we follow typical patterns before the winter slow down. For neighborhood-specific analysis and to understand how these trends affect your situation, check out the full Market Monday report or reach out directly: 301-564-3058 or Corey@FeldmanGroupRe.com
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