Quick reminder - Daylight Savings Time begins this Sunday! Don't forget to spring forward and set your clocks ahead one hour. Enjoy that extra evening daylight!
The first week of March shows a significant shift in our market dynamics compared to February. The data reveals an increasingly competitive environment with some dramatic changes.
Multiple offer activity remains steady at 57% of contracts (down from 64% last week), with properties still averaging 2.3 offers each. But the real story is in the pricing outcomes:
* 86% of homes sold above list (up dramatically from 57% last week)
* 14% at list price (unchanged from last week)
* 0% below list (down from 29% last week)
The inspection approaches show buyers maintaining due diligence while adapting to the competitive market:
* 36% waiving inspections (down from 43% last week)
* 21% using pass/fail (up from 7% last week)
* 14% choosing pre-inspections (down from 21%)
* 29% opting for full inspections (unchanged)
What's happening? Early March is showing a remarkable surge in above-list sales, with not a single property going below list price this week. What's interesting is that despite this intensely competitive environment, the majority of buyers (64%) are still conducting some form of inspection. Buyers are finding a blended approach - maintaining due diligence while remaining competitive through various inspection strategies rather than simply waiving.
Quick Take for Buyers: The market has intensified significantly, with virtually all properties selling at or above list. Consider which inspection approach might work best for your situation, as there are multiple strategies being successfully employed.
For Sellers: This is an exceptionally strong moment. With 86% of properties selling above list and none below, you're entering a very favorable spring market. Be prepared for buyers who still want inspections, as most are incorporating some form of due diligence.
It will be fascinating to watch if this strong pricing trend continues through March. I expect we'll see more normal spring volume returning in the coming weeks, which may bring some balance back to the market. I'll be tracking these dynamics closely as inventory levels shift.
Want More Detail? For neighborhood-specific insights or personalized analysis:
* Call: 301-564-3058
* Email: Corey@FeldmanGroupRe.com
