Weekend Pulse Check

🏠 Welcome to my Weekend Pulse Check, using RLAH @properties data for August 28 - September 4 🏠

🚨 IMPORTANT: This week's data covers Labor Day weekend, traditionally one of the slowest periods in real estate. The numbers reflect this expected seasonal lull.

1. 🔢 Average Number of Offers: 0.7 per listing (down from 1.0 last week). Only 17% of new contracts had multiple offers.

2. 💰 Offer Prices:

   • Above List: 33% (up from 20%)

   • At List: 50% (up from 40%)

   • Below List: 17% (down from 40%)

3. 🔍 Inspection Trends:

   • Full Inspection: 50% (up from 30%)

   • No Inspection: 16% (down from 60%)

   • Pre-Inspection: 17% (up from 0%)

   • Pass/Fail: 17% (up from 10%)

🌡️ As expected for Labor Day weekend, we saw a significant slowdown in market activity. The average number of offers dropped to 0.7, with only 17% of contracts seeing multiple offers.

🏖️ Despite the holiday lull, offer prices showed resilience. Above-list offers increased to 33%, and at-list offers rose to 50%, suggesting that serious buyers remained active during the holiday weekend.

🍂 Inspection trends shifted dramatically, with full inspections becoming the norm at 50%. This could indicate a move towards more cautious buying as we enter the fall market.

📈 While these numbers reflect a slowdown, it's crucial to remember that this is a typical and temporary lull due to the Labor Day holiday. In fact, I've already seen a significant boost in showings on my listings immediately following the holiday weekend. This quick uptick suggests that buyers are indeed refocusing on their real estate goals now that summer vacations are wrapping up. We anticipate this resurgence in activity to continue as more people return to their regular routines and the fall market gets into full swing.

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 help you navigate the market as we transition into the fall season.

📅 Stay tuned for my detailed Market Report on Monday, where we'll explore what to expect in the post-Labor Day market.