🏠 Welcome to this week’s Market Pulse! If you’re short on time, check out the video for a quick summary. For everyone else, let’s dig into the latest data from September 25th to October 2nd from RLAH@properties and see how the market is evolving.
📊 Market Pulse: September 25 - October 2
• Average Number of Offers: 1.9
(A significant increase from 1.6 last week, reflecting stronger competition in the market. 57% of new contracts received multiple offers, a slight drop from 60%.)
Offer Prices:
• Above List: 64% (up from 55% last week)
• At List: 21% (up from 15%)
• Below List: 15% (same as last week)
Inspection Trends:
• No Inspection: 29% (down slightly from 30%)
• Full Inspection: 29% (same as last week)
• Pre-Inspection: 0% (down from 25% last week)
• Pass/Fail: 42% (up significantly from 15%)
🌡️ Market Analysis:
This week’s data shows a market that continues to heat up as we move deeper into fall:
Increased Buyer Aggressiveness: The percentage of offers above list price rose to 64%, reflecting a continued seller’s market with strong competition. More buyers are willing to pay a premium to secure their desired homes, with fewer offers coming in below list.
Shifting Inspection Strategies: The most notable shift is in pass/fail inspections, which saw a sharp increase from 15% to 42%. This suggests that buyers are still doing their due diligence but are opting for a pass/fail approach to make their offers more competitive. Instead of skipping inspections or conducting a pre-inspection, they are signaling to sellers that they won’t nitpick over minor issues while still protecting themselves from major problems. The drop in pre-inspections to 0% shows that buyers are feeling confident they don’t need to front-load their inspections, but they aren’t skipping this due diligence.
More Offers Per Listing: The jump from 1.6 to 1.9 offers per listing is notable, indicating increased competition. The slight 3% drop in the percentage of contracts with multiple offers (57%, down from 60%) may reflect natural fluctuations rather than a significant market shift. However, it could also hint at more segmentation in the market, where certain properties attract intense competition while others do not. Given the small difference, it’s more of a trend to keep an eye on rather than a definitive shift for now.
📈 Market Implications:
For Buyers: The competition is still intense, and many homes are selling above the list price. Consider how to structure your offer, especially when deciding between waiving inspections or opting for a pass/fail inspection. Stay prepared for rapid decisions in this fast-moving market.
For Sellers: Pricing strategy remains critical. With 64% of offers coming in above list price, there’s clear potential to attract higher offers. However, setting the right price is still essential to maximize interest and draw in multiple bids. Be prepared for more offers per listing, but don’t count on every property being a multiple-offer situation.
📅 Looking Ahead:
As we head deeper into October, we’ll continue to monitor how seasonal factors and economic conditions shape the market. Interest rates and buyer sentiment will likely play a key role in driving activity. Stay tuned for Monday’s deeper analysis of these trends and specific strategies for buyers, sellers, and investors!
Have weekend real estate plans? Curious how this evolving market impacts your buying or selling strategy? Give me a call at 301-564-3058 or email me at Corey@FeldmanGroupRe.com to discuss how to navigate the competition and make the most of current opportunities. Whether you’re looking to buy, sell, or just need advice, I’m here to help!
Weekend Market Pulse: October 4, 2024