Welcome to the weekend market pulse! Here's the real story behind the data. Short on Time, watch the TL;DR video.
Last week (May 14-21) revealed significant pent-up buyer demand in the DC Metro market, with competition heating up across multiple metrics. This surge appears to follow a typical seasonal pattern where activity increases before Memorial Day weekend. Historical trends show Memorial Day weekend itself consistently sees slower activity, creating good opportunities for buyers, followed by even stronger competition the week after the holiday.
Based on our brokerage-level statistics from RLAH @properties and four years of Memorial Day weekend data, this week's increased competition reflects the natural ebb and flow of seasonal demand cycles rather than a fundamental market shift.
Market Overview & Predictions
This week's key takeaway: Memorial Day weekend patterns suggest buyers should find less competition this coming weekend, while sellers should prepare for increased activity the week following the holiday.
The data story: Above-list sales jumped from 19% to 39%, average offers increased to 1.9 per property, and inspection waivers rose to 55%, likely indicating strong pent-up demand that's following seasonal rather than a fundamental market shift.
By the Numbers
* Above list sales: 39% (up from 19% last week)
* Average offers per property: 1.9 (up from 1.4 last week)
* Multiple offers: 44% of contracts received more than one offer (up from 33% last week)
* Other pricing outcomes:
* 28% sold at list price (down from 48% last week)
* 33% sold below list price (unchanged from last week)
Inspection Trends
Inspection contingencies shifted as buyers became more competitive:
* 28% of buyers opted for full inspections (down from 45% last week)
* 55% waived inspections completely (up from 33% last week)
* 17% used pass/fail inspections (up from 15% last week)
* Pre-inspections dropped to zero (down from 7% last week)
What This Means
This week's data confirms the pent-up buyer demand we discussed on Market Monday, which predictably emerges during these seasonal cycles barring major geopolitical disruptions. The increase in above-list sales (from 19% to 39%) and the rise in average offers per property (from 1.4 to 1.9) demonstrate that buyers are competing more aggressively as expected during the pre-holiday surge.
The inspection data reflects this increased competition, with more buyers willing to waive inspections entirely (55% vs 33% last week) and fewer requesting full inspections (28% vs 45% last week).
Notably, the percentage of below-list sales remained steady at 33%, indicating that while premium properties are commanding strong interest, there's still a segment of the market where buyers maintain negotiating power. This reinforces the market segmentation we've been discussing, where different price points and property types are experiencing distinctly different competitive dynamics.
Looking Ahead
This week's shift toward more competitive conditions likely reflects seasonal buyer demand patterns rather than a fundamental market change. Historical Memorial Day weekend trends data shows a consistent pattern: activity typically slows during the holiday weekend itself, then rebounds strongly the following week.
Based on four years of Memorial Day weekend data, we would expect this coming Memorial Day weekend to be quieter than this past week, potentially giving buyers more breathing room in negotiations and better opportunities. However, the week following Memorial Day traditionally sees a significant pickup in activity, often exceeding even pre-holiday levels, which could mean even more competition than we experienced this past week.
The increase in inspection waivers (from 33% to 55%) and the rise in above-list sales confirm there's substantial pent-up buyer demand in the market. This seasonal ebb and flow suggests savvy buyers might find their best opportunities during the holiday weekend itself, while sellers should prepare for renewed intensity in the post-Memorial Day period.
We'll look at this data in more detail on Market Monday, particularly examining what's driving these seasonal patterns and their implications across different communities and price points in the DC Metro area.
For personalized guidance on timing your next move in these market conditions, reach out anytime at 301-564-3058. Understanding these patterns can be crucial for both buyers and sellers.
Buyers: Gain an edge with early listing alerts and COMING SOON insights on Zenlist: https://zenlist.com/a/corey.feldman
Sellers: Maximize your home's value with a data-driven approach. Request a custom market valuation: https://bit.ly/dcmetrocma
Have a spectacular weekend and remember, I'm here to help you love where you live!
