Hope everyone's having a great start to June! This week's numbers tell an interesting story about where we are in the market cycle. Competition continues at a steady pace, but we're seeing activity levels that honestly feel more like fall than the peak of the market.
Competition Solid But Not Sizzling 43% of new contracts received multiple offers this week, averaging 1.4 offers per property. Now, that sounds pretty competitive. But for early June? It's actually on the modest side. Typically by now we'd expect to see multiple offer rates pushing 60% or higher.
Buyers Have Some Leverage Here's what's really telling, look at price:
43% sold above list price
22% sold at list price
35% sold below list price
In a typical early June market, you'd see way more above-list sales. The fact that over a third of properties are still selling below asking tells you buyers haven't lost their negotiating power.
People Are Actually Getting Inspections 39% of buyers opted for full inspections this week. In peak season, that number usually gets crushed as buyers waive inspections left and right just to compete. The fact that people can still get thorough inspections done says a lot about the current competitive landscape.
What This Means Look, the market's definitely not slow, but it's not hitting those crazy peak season levels either. Sellers still need to price right and present well to capture that buyer pool. Buyers are finding they have more room to negotiate and do their due diligence than they'd typically expect this time of year.
Ready to Make a Move?
Sellers: Make sure your property stands out in this competitive-but-not-crazy market: https://bit.ly/dcmetrocma
Buyers: Take advantage of better conditions than June usually offers: https://zenlist.com/a/corey.feldman
For immediate guidance on how these trends affect your specific situation, reach out any time at 301-564-3058.
I'll break down how this plays out differently across each Montgomery County community in Monday's report.
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