Good morning! I hope everyone had a happy and safe 4th of July weekend.

Our Weekend Market Pulse (covering June 25 - July 2, ending two days before the holiday) showed competitive conditions with buyer opportunities:

* An average of 1.2 offers with 50% of new contract reaching multiple offers.

* 25% of buyers waiving inspections (12% skipping entirely, 13% doing pre-inspections)

* 50% of contracts at or above list price

My take on the holiday impact: Since our brokerage market pulse data ended two days before the 4th of July, any holiday impact isn't reflected in these numbers. I think next week's numbers will show a decline for this past holiday weekend - anecdotally, my personal business was slow enough that I got a lot of family time in this weekend. We did ratify an off-market deal but that had been two weeks in the making. I also expect next weeks’ activity to rebound to close to what we had for the June 25 - July 2 period, though that rebound won't be reflected in the data until the following week.

As usual competitive intensity and pricing pressure vary significantly by location and price segment.

Community Data

🏡 Bethesda, MD – Single-Family Homes

Median List Price: $2,093,500Median Price of New Listings: $2,147,000Price Per Square Foot: $441Average Days on Market: 76Median Days on Market: 42Price Decreased: 37%Price Increased: 2%Relisted: 17%Inventory: 156Median Rent: $5,300MAI: 40 (Slight Seller's Advantage)

Market Narrative: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We're already seeing prices move lower as a result, though the market is still in the Seller's zone.

My Take: The luxury segment (Q1: $3.575M median) is showing the most resistance with 91 DOM, while the entry tier (Q4: $1.195M) moves quickly at 21 DOM. The 37% price reduction rate signals sellers are adjusting expectations, yet absorption remains exceeds inventory in lower two quartiles. The bottom quartile at a medium price of $1,195,000 show strength; 21 days on market, 6 new units and 7 absorbed.

🏢 Bethesda, MD – Condos/Townhomes

Median List Price: $415,000Median Price of New Listings: $399,000Price Per Square Foot: $345Average Days on Market: 46Median Days on Market: 35Price Decreased: 41%Price Increased: 0%Relisted: 6%Inventory: 51Median Rent: $3,050MAI: 40 (Slight Seller's Advantage)

Market Narrative: In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone.

My Take: inventory generally outpacing absorption, good chance as well move deeper into the summer this dips into the buyer advantage zone.

🏡 Chevy Chase, MD – Single-Family Homes

Median List Price: $2,195,000Median Price of New Listings: $1,149,000Price Per Square Foot: $529Average Days on Market: 103Median Days on Market: 42Price Decreased: 37%Price Increased: 0%Relisted: 12%Inventory: 49Median Rent: $4,950MAI: 39 (Slight Seller's Advantage)

Market Narrative: In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit despite technically being a Seller's market.

My Take: The ultra-high-end (Q1: $4.25M) is completely stalled with 154 DOM and zero absorption, while the bottom quartile ($1.272M) maintains momentum with 1 new unit and 1 absorbed, with 21 days on market. While no new properties hit the second lowest quartile with a medium price of $1,996,000, two unit were absorbed. Basically the bottom half is moving and the top half is stalled.

🏢 Chevy Chase, MD – Condos/Townhomes

Median List Price: $462,000Median Price of New Listings: $374,000Price Per Square Foot: $413Average Days on Market: 84Median Days on Market: 56Price Decreased: 39%Price Increased: 0%Relisted: 12%Inventory: 74Median Rent: $2,640MAI: 31 (Slight Seller's Advantage)

Market Narrative: The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks.

My Take: At MAI 31, this is the softest market in our coverage area, yet I am seeing signs of strength. The luxury segment (Q1: $1.295M) is surprising. healthy, but mid-range units struggle. The 84-day average DOM suggests patience is required, particularly for anything over $500K.

🏡 Gaithersburg, MD – Single-Family Homes

Median List Price: $853,850Median Price of New Listings: $785,000Price Per Square Foot: $274Average Days on Market: 63Median Days on Market: 42Price Decreased: 36%Price Increased: 2%Relisted: 14%Inventory: 108Median Rent: $3,200MAI: 44 (Slight Seller's Advantage)

Market Narrative: In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory.

My Take: Gaithersburg has been a fairly hot market but we might be seeing some early signs of weakness. Across all quartiles we had 18 new units but only 7 absorbed.

🏢 Gaithersburg, MD – Condos/Townhomes

Median List Price: $479,900Median Price of New Listings: $534,700Price Per Square Foot: $294Average Days on Market: 42Median Days on Market: 21Price Decreased: 35%Price Increased: 2%Relisted: 8%Inventory: 89Median Rent: $2,263MAI: 55 (Strong Seller's Market)

Market Narrative: The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller's Market zone and prices have been moving upward.

My Take: This is our strongest condo/townhome market with MAI 55. All quartiles showing excellent velocity 21-28 Days on Market. The upward price trajectory and 21-day median DOM signal genuine strength. This is a hot market with 14 new unit and 20 absorbed.

🏡 Germantown, MD – Single-Family Homes

Median List Price: $799,990Median Price of New Listings: $676,950Price Per Square Foot: $272Average Days on Market: 48Median Days on Market: 28Price Decreased: 32%Price Increased: 0%Relisted: 20%Inventory: 41Median Rent: $2,573MAI: 44 (Slight Seller's Advantage)

Market Narrative: The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in MAI, we're in a Seller's Market.

My Take: Limited inventory creates opportunity. The luxury segment (Q1: $1.8M) commands premium pricing but moves slowly, while the entry tier (Q4: $582K) shows excellent velocity at 7 DOM. The 20% relist rate and 32% price decreases suggests some pricing discipline is needed.

🏢 Germantown, MD – Condos/Townhomes

Median List Price: $365,000Median Price of New Listings: $475,000Price Per Square Foot: $263Average Days on Market: 42Median Days on Market: 21Price Decreased: 36%Price Increased: 3%Relisted: 5%Inventory: 91Median Rent: $2,023MAI: 51 (Strong Seller's Market)

Market Narrative: The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone.

My Take: The Second highest quartile at a medium price of $435,000 is showing strength and absorption, but overall I’m concerned to see 15 units hit the market but only 9 being absorbed. We might be seeing early sign of weakness at about the 500K mark.

🏡 Kensington, MD – Single-Family Homes

Median List Price: $1,150,000Median Price of New Listings: $1,164,500Price Per Square Foot: $356Average Days on Market: 60Median Days on Market: 39Price Decreased: 28%Price Increased: 0%Relisted: 8%Inventory: 40Median Rent: $4,200MAI: 47 (Strong Seller's Market)

My Take: Tight inventory creates strong dynamics. The top and bottom quartiles are showing strength and met or exceed inventory. Absorption on the two middle quartiles did not keep up with inventory.

🏡 Poolesville, MD – Single-Family Homes

Median List Price: $925,000Median Price of New Listings: $725,000Price Per Square Foot: $291Average Days on Market: 109Median Days on Market: 42Price Decreased: 31%Price Increased: 0%Relisted: 0%Inventory: 13Median Rent: $3,250MAI: 35 (Slight Seller's Advantage)

Market Narrative: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We're already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer's zone.

My Take: The most constrained inventory in our coverage area at just 13 homes, yet showing the softest MAI at 35. Ultra-luxury segment (Q1: $1.337M) completely stalled at 182 DOM with minimal absorption, while even entry-level properties struggle. This micro-market requires aggressive pricing strategies for sellers and presents unique opportunities for patient buyers.

🏡 Potomac, MD – Single-Family Homes

Median List Price: $1,795,000Median Price of New Listings: $1,382,500Price Per Square Foot: $361Average Days on Market: 87Median Days on Market: 49Price Decreased: 32%Price Increased: 0%Relisted: 12%Inventory: 69Median Rent: $5,000MAI: 44 (Slight Seller's Advantage)

Market Narrative: The market has been at a stasis point in terms of sales to inventory. However, ...