🏠 Weekly Market Pulse: October 9 - October 16
Welcome to this week’s Market Pulse! For those in a hurry, check out the TL/DR video summary. For everyone else, let’s dive into the latest data from RLAH @properties and explore the evolving market dynamics.
📊 Market Pulse: October 9 - October 16
• Average Number of Offers: 2.4
(Up from last week's 1.3, with 58% of new contracts receiving multiple offers. This is a significant increase from last week's 45%, indicating stronger competition in the market.)
Offer Prices:
Above List: 58% (up from 37%)
At List: 21% (down from 45%)
Below List: 21% (up from 18%)
Inspection Trends:
No Inspection: 15% (down from 18%)
Full Inspection: 32% (down from 64%)
Pass/Fail: 16% (down from 18%)
Pre-Inspection: 37% (up from 0%)
🌡️ Market Analysis:
This week’s data reveals a noticeable increase in competition compared to the previous week. The percentage of new contracts receiving multiple offers jumped from 45% to 58%, and the average number of offers per listing increased from 1.3 to 2.4.
• Buyer Activity: The increase in offers and multiple offers reflects stronger demand from buyers, especially in response to low inventory. Certain neighborhoods and price points are outperforming others, leading to increased competition in those areas. The segmentation we're seeing shows that buyers are moving fast where inventory is limited, driving up the competition.
• Inspection Trends: The rise in pre-inspections (up to 37%) signals a sense of urgency among buyers to move quickly while still exercising diligence. Buyers are striving to make their offers more competitive in a tight market without sacrificing careful decision-making.
📈 Market Implications:
• For Buyers: The market is heating up, with increased competition and more aggressive offers. Pre-inspections could help strengthen your position if you're competing with other buyers, but be prepared to act quickly in the neighborhoods and price points where demand is highest.
• For Sellers: The increase in multiple offers and above-list sales indicates that pricing your home competitively can attract strong interest. However, with some buyers still offering below list price, setting the right asking price remains crucial.
📅 Looking Ahead:
With buyer activity on the rise and urgency evident in the shift toward pre-inspections, the market remains competitive, especially in specific neighborhoods and price points. For a more detailed breakdown of neighborhood trends, check out the full Market Monday report. For further insights or personalized advice, reach out at 301-564-3058 or email me at Corey@FeldmanGroupRe.com!
Weekend Market Pulse: October 18, 2024