Welcome to our "Friday Pulse Check: Your Weekend Market Vitals". Here's the latest market data from RLAH @properties to give you crucial insights ahead of the weekend:
Market Pulse: August 7 - August 14
* Average Number of Offers: 1.4 per listing (up from 1.3 last week). 46% of new contracts had multiple offers (up from 44%).
* Offer Prices:
* Above List: 54% (up from 50%)
* At List: 31% (up from 19%)
* Below List: 15% (down from 31%)
* Inspection Trends:
* No Inspection: 38% (up from 12%)
* Full Inspection: 31% (down from 44%)
* Pre-Inspection: 23% (down from 44%)
* Pass/Fail: 8% (up from 0%)
This week's data shows a slight warming in market activity compared to last week, possibly driven by a drop in interest rates. We're seeing a small increase in the average number of offers and a higher percentage of contracts with multiple offers. There's also a notable shift in offer prices, with increases in both above-list and at-list offers, and a significant decrease in below-list offers. This change in buyer behavior could be a direct response to more favorable borrowing conditions, encouraging more competitive bidding.
Overall, the market appears to be regaining some momentum compared to last week, though it's still showing mixed signals. As always, local conditions can vary significantly. If you have questions about how these trends might impact your weekend real estate plans, don't hesitate to reach out.
Stay tuned for a more detailed analysis in Monday's full Market Report.
