Weekend Market Pulse: September 20th, 2024

🏠 Welcome to this week's Market Pulse! For those short on time, check out the video for a quick TLDR. For everyone else, let's dive into the data and see what's happening in our local real estate market.

📊 Market Pulse: September 11 - September 18

🔢 Average Number of Offers: 1.6 per new listing (up from 1.3 last week). 37% of new contracts had multiple offers (down from 67%).

💰 Offer Prices:

• Above List: 37% (down from 58%)

• At List: 47% (up from 25%)

• Below List: 16% (down slightly from 17%)

🔍 Inspection Trends:

• No Inspection: 26% (up from 17%)

• Full Inspection: 42% (up from 33%)

• Pre-Inspection: 21% (down from 33%)

• Pass/Fail: 11% (down from 17%)

🌡️ Market Analysis: This week's data reveals interesting shifts:

1. Increased Interest in New Listings: The average number of offers per new listing rose to 1.6 from 1.3, indicating heightened buyer focus on fresh inventory.

2. Shift in Multiple Offer Situations: While fewer new contracts had multiple offers (37% down from 67%), the higher average offer count suggests concentrated interest on select properties and neighborhoods.

3. More Measured Pricing Approach: We've seen a significant move from above-list offers (37% from 58%) to at-list offers (47% from 25%), indicating active but cautious buyers.

4. Rise in Due Diligence: Full inspections increased to 42% from 33%, showing buyers are being more thorough in their evaluations.

5. Varied Inspection Strategies: The rise in both full inspections and no-inspection offers (26% from 17%) suggests diverse buyer tactics in a competitive market, and the importance of local data.

📈 Market Implications: These trends indicate an active market with evolving dynamics. New listings are attracting significant attention, but buyers are approaching transactions more strategically.

🏠 What This Means for You:

Buyers: Be prepared for competition, especially on new listings. Stay alert for fresh inventory and be ready to act decisively while maintaining thorough due diligence.

Sellers: New listings are attracting more offers, but pricing strategy remains crucial. The shift towards at-list offers suggests that realistic pricing is key to attracting serious buyers.

📅 Looking Ahead: If you saw my post on the Fed's recent decision, expect to see its impact reflected in next week's numbers. We'll likely see a bump in activity.

Stay tuned for Monday's detailed Market Report for a deeper dive into these trends and specific strategies for buyers, sellers, and investors.