🏠 Welcome to my Weekend Pulse Check, using RLAH @properties data for September 4 - September 11 🏠
📊 Market Pulse: September 4 - September 11
🔢 Average Number of Offers: 1.3 per listing (up from 0.7 last week). 67% of new contracts had multiple offers (up from 17%).
💰 Offer Prices:
Above List: 58% (up from 33%)
At List: 25% (down from 50%)
Below List: 17% (unchanged)
🔍 Inspection Trends:
No Inspection: 17% (up slightly from 16%)
Full Inspection: 33% (down from 50%)
Pre-Inspection: 33% (up from 17%)
Pass/Fail: 17% (unchanged)
🌡️ Market Analysis:
The real estate market is showing a robust rebound following the typical Labor Day slowdown. The average number of offers per listing increased to 1.3, nearly doubling from last week's 0.7. Notably, 67% of new contracts received multiple offers, a significant jump from 17% the previous week. This surge indicates that buyers are re-engaging with the market in full force as we move into the fall season.
💰 Offer Prices are trending upward, with 58% of offers coming in above the list price, up from 33%. This shift suggests intensified competition among buyers, leading to more aggressive bidding. At-list offers decreased to 25%from 50%, while below-list offers remained steady at 17%, reflecting a market that favors sellers.
🔍 Inspection Trends have also evolved. Pre-inspections doubled to 33%, indicating that buyers are taking proactive steps to strengthen their offers. Full inspections decreased to 33% from 50%, possibly due to the increased use of pre-inspections. No-inspection offers remained relatively stable at 17%, showing that while some buyers are waiving inspections to be more competitive, many are still cautious.
📈 What's Ahead:
The data suggests that the market is heating up as we enter the fall season. Increased buyer activity and a higher percentage of above-list offers point to a strong seller's market. If you're considering selling, now might be an excellent time to list your property. For buyers, being prepared to act swiftly and consider strategies like pre-inspections could make your offer more competitive.
If you have any questions about how these trends might impact your real estate plans, don't hesitate to reach out. I'm here to guide you through this dynamic market.
📅 Stay tuned for my detailed Market Report on Monday, where we'll dive deeper into these trends and explore strategies for success in the current market conditions.
Weekend Market Pulse: September, 13, 2024