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Real Estate, Real Stories with Corey Feldman Podcast
Hosted by Corey Feldman · EN
Insightful and personal real estate tales from Corey Feldman, your expert guide in the DC Metro area property market.
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Market Monday
Jul 15, 2024Tap to summarizeWelcome back to another edition of Market Monday, your weekly dose of real estate insights! As we find ourselves in the thick of summer, the market continues to evolve, presenting a complex landscape of challenges and opportunities.Our latest data reflects the continuation of the seasonal patterns we've been tracking, but it's crucial to understand that inventory remains a primary driver of market dynamics. While we're seeing a general cooling trend, the persistent lack of inventory is still creating pockets of intense competition in certain areas and price points.This dichotomy was perfectly illustrated just this past week when I relisted a home on Thursday, only to have it under contract within 24 hours. Such scenarios remind us that while opportunities for buyers are indeed increasing, desirable properties in sought-after locations can still move incredibly fast.For buyers, this means that while you may find more room for negotiation and due diligence in many cases, you'll need to remain prepared to act quickly when the right property comes along. The key is understanding which segment of the market you're dealing with – the more balanced areas or the hotspots of continued competition.Sellers, your experience may vary greatly depending on your property's characteristics and location. While some may need to adjust expectations, others might find themselves at the center of a bidding war. Precise pricing and effective presentation remain crucial in this nuanced market.Let's dive into this week's numbers to get a clearer picture of these complex market dynamics. Whether you're actively looking to make a move or simply staying informed about market trends, I hope today's report provides valuable insights to guide your real estate decisions.Market Pulse: July 3 - July 10This week's Market Pulse data from RLAH @properties continues to reflect the seasonal slowdown I've been discussing, with some metrics showing an acceleration of this trend:New listings received an average of 1.2 offers, down further from 1.7 last week and 2.3 the week before. Only 14% of new contracts attracted multiple offers, a significant drop from 62% last week. This sharp decline aligns with my prediction of a steady slowdown continuing through Labor Day.Looking at the breakdown of offer prices:- 57% of offers were below list price (up from 31% last week)- 29% were above list price (down from 54% last week)- 14% were at list price (similar to 15% last week)This distribution shows an accelerated shift towards below-list offers, reinforcing the trend of buyers gaining more negotiating power.In terms of the inspection process, we're seeing:- 57% of offers included a full inspection contingency (up from 23% last week)- 29% had no inspection contingency (down from 38% last week)- 14% had a pass/fail inspection (similar to 16% last week)The significant increase in full inspection contingencies and decrease in waived inspections further emphasizes buyers' focus on thorough property evaluations.These numbers not only continue the pattern I've been observing but show an intensification of the summer slowdown. We're seeing a more rapidly balancing market, with buyers clearly gaining leverage week over week.For sellers, this underscores the growing importance of realistic pricing and flexibility in negotiations. For buyers, this presents increasing opportunities for due diligence and potentially better terms.As always, while these trends are broadly applicable, real estate remains local. Working with a knowledgeable agent is crucial for understanding how these patterns apply to specific areas and property types.Now, let's break down the market trends for each area!🏡 Bethesda, MD - Single-Family Homes📊 Median List Price: $2,149,500🆕 Median Price of New Listings: $1,098,000🏷️ Price Per Square Foot: $469⏳ Average Days on Market: 78📅 Median Days on Market: 53🔻 Price Decreased: 40%🔺 Price Increased: 2%♻️ Relisted: 13%📦 Inventory: 62🏠 Median Rent: $5,500📈 Market Action Index (MAI): 48 (Strong Seller's Market)This week the median list price for Bethesda, MD is $2,149,500 with the market action index hovering around 48. This is about the same as last month's market action index of 48. Inventory has decreased to 62. 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. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.🏢 Bethesda, MD - Condos/Townhomes📊 Median List Price: $516,500🆕 Median Price of New Listings: $474,000🏷️ Price Per Square Foot: $388⏳ Average Days on Market: 46📅 Median Days on Market: 21🔻 Price Decreased: 21%🔺 Price Increased: 0%♻️ Relisted: 11%📦 Inventory: 28🏠 Median Rent: $2,890📈 Market Action Index (MAI): 64 (Strong Seller's Market)This week the median list price for Bethesda, MD is $516,500 with the market action index hovering around 64. This is an increase over last month's market action index of 63. Inventory has increased to 28. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.🏡 Chevy Chase, MD - Single-Family Homes📊 Median List Price: $2,435,000🆕 Median Price of New Listings: $1,174,500🏷️ Price Per Square Foot: $614⏳ Average Days on Market: 53📅 Median Days on Market: 28🔻 Price Decreased: 19%🔺 Price Increased: 3%♻️ Relisted: 9%📦 Inventory: 32🏠 Median Rent: $5,895📈 Market Action Index (MAI): 48 (Strong Seller's Market)This week the median list price for Chevy Chase, MD is $2,435,000 with the market action index hovering around 48. This is less than last month's market action index of 52. Inventory has increased to 32. The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we're in a Seller's Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.🏢 Chevy Chase, MD - Condos/Townhomes📊 Median List Price: $665,000🆕 Median Price of New Listings: $349,000🏷️ Price Per Square Foot: $529⏳ Average Days on Market: 51📅 Median Days on Market: 49🔻 Price Decreased: 29%🔺 Price Increased: 0%♻️ Relisted: 6%📦 Inventory: 34🏠 Median Rent: $2,885📈 Market Action Index (MAI): 41 (Slight Seller's Advantage)This week the median list price for Chevy Chase, MD is $665,000 with the market action index hovering around 41. This is an increase over last month's market action index of 38. Inventory has decreased to 34. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.🏡 Gaithersburg, MD - Single-Family Homes📊 Median List Price: $917,500🆕 Median Price of New Listings: $900,000🏷️ Price Per Square Foot: $279⏳ Average Days on Market: 62📅 Median Days on Market: 21🔻 Price Decreased: 37%🔺 Price Increased: 2%♻️ Relisted: 7%📦 Inventory: 46🏠 Median Rent: $3,250📈 Market Action Index (MAI): 70 (Strong Seller's Market)This week the median list price for Gaithersburg, MD is $917,500 with the market action index hovering around 70. This is less than last month's market action index of 71. Inventory has increased to 46. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.🏢 Gaithersburg, MD - Condos/Townhomes📊 Median List Price: $460,000🆕 Median Price of New Listings: $457,450🏷️ Price Per Square Foot: $277⏳ Average Days on Market: 26📅 Median Days on Market: 14🔻 Price Decreased: 27%🔺 Price Increased: 0%♻️ Relisted: 3%📦 Inventory: 37🏠 Median Rent: $2,030📈 Market Action Index (MAI): 83 (Strong Seller's Market)This week the median list price for Gaithersburg, MD is $460,000 with the market action index hovering around 83. This is less than last month's market action index of 85. Inventory has increased to 37. 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. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.🏡 Germantown, MD - Single-Family Homes📊 Median List Price: $729,900🆕 Median Price of New Listings: $719,000🏷️ Price Per Square Foot: $259⏳ Average Days on Market: 30📅 Median Days on Market: 21🔻 Price Decreased: 38%🔺 Price Increased: 0%♻️ Relisted: 10%📦 Inventory: 21🏠 Median Rent: $2,475📈 Market Action Index (MAI): 72 (Strong Seller's Market)This week the median list price for Germantown, MD is $729,900 with the market action index hovering around 72. This is less than last month's market action index of 74. Inventory ...
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Market Monday
Jul 8, 2024Tap to summarizeAs we move past the 4th of July holiday and into the heart of summer, Buyers Take Note: Seasonal shifts open opportunities in the Real Estate Market! The latest ATTOM U.S. Home Affordability Report underscores the challenges that have plagued the national housing market, with median-priced homes remaining less affordable compared to historical levels in 99% of counties analyzed. Locally, we're seeing a similar trend, as major home ownership expenses have grown to consume 35.1% of the average national wage - the highest point since 2007.For prospective homebuyers, this seasonal shift may open the door to more negotiating power, the ability to include necessary inspections, and the chance to find properties that better fit your budget and needs. Of course, desirable homes are still moving quickly, so working with a knowledgeable local agent will be crucial to navigating this evolving landscape.Market Pulse: June 26 - July 3Looking at this week's Market Pulse data from RLAH reveals a noticeable shift in the Market, aligning more closely with the seasonal slowdown we've been anticipating:* New listings received an average of 1.7 offers, down significantly from 2.3 last week.* 62% of new contracts attracted multiple offers, a slight increase from 60% last week, but still down from earlier weeks.These numbers indicate a continued cooling in overall competition, though a majority of properties are still seeing multiple offers.Looking at the breakdown of offer prices:* 54% of offers were above list price (down from 67% last week)* 15% were at list price (down from 20% last week)* 31% were below list price (up significantly from 13% last week)This distribution shows a marked shift towards more below-list offers, suggesting buyers are becoming more conservative in their bidding strategies.In terms of the inspection process, we're seeing a more balanced approach:* 38% of offers had no inspection contingency (down from 60% last week)* 16% had a pass/fail inspection (down from 20% last week)* 23% had a pre-inspection (up significantly from 7% last week)* 23% included a full inspection contingency (up from 13% last week)This shift indicates that buyers are prioritizing due diligence, with a significant increase in both pre-inspections and full inspection contingencies.These changes align with our expectations of a summer market cooldown. While competition remains present, we're seeing clear signs of a shift towards more balanced conditions. Buyers appear to be gaining leverage, with more below-list offers and a greater emphasis on inspections. Sellers may need to adjust their expectations, particularly regarding price and the likelihood of waived contingencies.As we dive into the detailed market trends for each area, keep in mind these overall shifts we're observing. The summer slowdown seems to be materializing more concretely, though its impact varies across different segments and locations within Montgomery County.Now, let's break down the market trends in Montgomery County!🏡 Bethesda, MD - Single-Family Homes📊 Median List Price: $2,150,000🆕 Median Price of New Listings: $1,499,000🏷️ Price Per Square Foot: $489⏳ Average Days on Market: 69📅 Median Days on Market: 42🔻 Price Decreased: 42%🔺 Price Increased: 3%♻️ Relisted: 14%📦 Inventory: 71🏠 Median Rent: $5,500📈 Market Action Index (MAI): 48 (Strong Seller's Market)Bethesda's single-family home market remains in strong seller's territory, though the MAI has decreased from last month's 51 to 48. Inventory has increased to 71 homes. The median list price holds steady at $2,150,000, with new listings coming on at a lower median of $1,499,000. Homes are selling in a median of 42 days, though the average is higher at 69 days. Price adjustments are common, with 42% of listings seeing price reductions and only 3% experiencing increases.🏢 Bethesda, MD - Condos/Townhomes📊 Median List Price: $723,500🆕 Median Price of New Listings: $677,450🏷️ Price Per Square Foot: $492⏳ Average Days on Market: 38📅 Median Days on Market: 21🔻 Price Decreased: 14%🔺 Price Increased: 0%♻️ Relisted: 9%📦 Inventory: 22🏠 Median Rent: $2,870📈 Market Action Index (MAI): 65 (Strong Seller's Market)Bethesda's condo and townhome market has strengthened significantly, with the MAI increasing from last month's 55 to 65. Inventory has remained steady at 22 units. The median list price holds at $723,500, with new listings coming on at a slightly lower median of $677,450. Homes are selling quickly, with a median of 21 days on market and an average of 38.🏡 Chevy Chase, MD - Single-Family Homes📊 Median List Price: $2,470,000🆕 Median Price of New Listings: $1,820,000🏷️ Price Per Square Foot: $633⏳ Average Days on Market: 53📅 Median Days on Market: 21🔻 Price Decreased: 26%🔺 Price Increased: 3%♻️ Relisted: 13%📦 Inventory: 31🏠 Median Rent: $5,845📈 Market Action Index (MAI): 50 (Strong Seller's Market)Chevy Chase's single-family home market has cooled slightly, with the MAI decreasing from last month's 56 to 50. Inventory has increased to 31 homes. The median list price has risen to $2,470,000, though new listings are coming on at a lower median of $1,820,000. Homes are selling quickly, with a median of 21 days on market, though the average is higher at 53 days.🏢 Chevy Chase, MD - Condos/Townhomes📊 Median List Price: $665,000🆕 Median Price of New Listings: $664,000🏷️ Price Per Square Foot: $542⏳ Average Days on Market: 48📅 Median Days on Market: 49🔻 Price Decreased: 28%🔺 Price Increased: 0%♻️ Relisted: 8%📦 Inventory: 36🏠 Median Rent: $2,885📈 Market Action Index (MAI): 40 (Slight Seller's Advantage)The condo and townhome market in Chevy Chase has improved slightly, with the MAI increasing from last month's 37 to 40, though still indicating only a slight seller's advantage. Inventory has remained steady at 36 units. The median list price has decreased to $665,000, with new listings coming on at a similar median of $664,000. Homes are taking longer to sell, with a median of 49 days on market.🏡 Gaithersburg, MD - Single-Family Homes📊 Median List Price: $899,000🆕 Median Price of New Listings: $887,450🏷️ Price Per Square Foot: $272⏳ Average Days on Market: 57📅 Median Days on Market: 14🔻 Price Decreased: 33%🔺 Price Increased: 2%♻️ Relisted: 6%📦 Inventory: 49🏠 Median Rent: $3,075📈 Market Action Index (MAI): 71 (Strong Seller's Market)Gaithersburg's single-family home market has strengthened, with the MAI increasing from last month's 69 to 71. Inventory has increased to 49 homes. The median list price is $899,000, with new listings arriving at a slightly lower median of $887,450. Homes are selling quickly, with a median of 14 days on market, though the average is significantly higher at 57 days.🏢 Gaithersburg, MD - Condos/Townhomes📊 Median List Price: $432,450🆕 Median Price of New Listings: $449,000🏷️ Price Per Square Foot: $277⏳ Average Days on Market: 25📅 Median Days on Market: 14🔻 Price Decreased: 19%🔺 Price Increased: 3%♻️ Relisted: 3%📦 Inventory: 36🏠 Median Rent: $2,035📈 Market Action Index (MAI): 85 (Strong Seller's Market)Gaithersburg's condo and townhome market remains very competitive, though the MAI has decreased slightly from last month's 86 to 85. Inventory has decreased to 36 units. The median list price has increased to $432,450, with new listings arriving at a slightly higher median of $449,000. Homes are selling quickly, with a median of 14 days on market and an average of 25.🏡 Germantown, MD - Single-Family Homes📊 Median List Price: $750,000🆕 Median Price of New Listings: $725,000🏷️ Price Per Square Foot: $284⏳ Average Days on Market: 31📅 Median Days on Market: 14🔻 Price Decreased: 26%🔺 Price Increased: 6%♻️ Relisted: 6%📦 Inventory: 31🏠 Median Rent: $2,600📈 Market Action Index (MAI): 72 (Strong Seller's Market)Germantown's single-family home market remains firmly in seller's territory, though the MAI has decreased from last month's 81 to 72. Inventory has remained steady at 31 homes. The median list price is $750,000, with new listings coming on at a slightly lower median of $725,000. Homes are selling quickly, with a median of 14 days on market and an average of 31 days.🏢 Germantown, MD - Condos/Townhomes📊 Median List Price: $350,000🆕 Median Price of New Listings: $364,000🏷️ Price Per Square Foot: $261⏳ Average Days on Market: 23📅 Median Days on Market: 14🔻 Price Decreased: 13%🔺 Price Increased: 6%♻️ Relisted: 3%📦 Inventory: 31🏠 Median Rent: $2,022📈 Market Action Index (MAI): 85 (Strong Seller's Market)Germantown's condo and townhome market remains strongly in seller's territory, though the MAI has decreased from last month's 89 to 85. Inventory has decreased slightly to 31 units. The median list price is $350,000, with new listings coming on at a higher median of $364,000. Homes are selling quickly, with a median of 14 days on market and an average of 23.🏡 Kensington, MD - Single-Family Homes📊 Median List ...
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Market Monday
Jul 1, 2024Tap to summarizeWelcome back to another edition of Market Monday, your weekly dose of Montgomery County real estate insights! As we approach the 4th of July, I'd like to wish everyone a happy and safe Independence Day celebration.While I have a few deals in progress on both the buyer and seller sides, I'll refrain from sharing specific details due to the current stages of negotiations. However, I can say that I experienced a busier week than anticipated, which aligns with the slight uptick we're seeing in the data.Market Pulse: June 19 - June 26This week's Market Pulse from RLAH Real Estate data reveals some interesting shifts in the real estate market:* New listings received an average of 2.3 offers, up from 2.1 last week but still down from 2.8 two weeks ago.* 60% of new contracts attracted multiple offers, a further decrease from 68% last week.These numbers point to a market that's becoming more segmented, with intense competition for some properties while others may be seeing less interest.Looking at the breakdown of offer prices:* 67% of offers were above list price (up significantly from 58% last week)* 20% were at list price (down from 31% last week)* 13% were below list price (up slightly from 11% last week)This distribution shows a marked increase in above-list offers, suggesting that while fewer properties are receiving multiple offers, those that do are seeing more aggressive bidding.In terms of the inspection process, we're seeing a reversal of last week's trend:* 60% of offers had no inspection contingency (up sharply from 36% last week)* 20% had a pass/fail inspection (up from 11% last week)* 7% had a pre-inspection (down from 21% last week)* 13% included a full inspection contingency (down from 32% last week)This shift back towards waived inspections suggests that buyers are feeling pressure to make competitive offers on desirable properties, potentially at the expense of due diligence.These changes indicate a market that's becoming more nuanced as we progress through the summer season. While overall we're seeing fewer properties receive multiple offers, those that do are facing intense competition with higher bids and waived contingencies. This aligns with my experience of a busier-than-expected week, likely driven by highly competitive situations on desirable listings.As we dive into the detailed market trends for each area, keep in mind this evolving dynamic. The summer market is creating a more segmented landscape, where pricing, condition, and location are increasingly critical factors in determining a property's competitiveness.Now, let's break down the market trends for each area!🏡 Bethesda, MD - Single-Family Homes📊 Median List Price: $2,150,000🆕 Median Price of New Listings: $1,674,700🏷️ Price Per Square Foot: $485⏳ Average Days on Market: 66📅 Median Days on Market: 42🔻 Price Decreased: 42%🔺 Price Increased: 3%♻️ Relisted: 14%📦 Inventory: 69🏠 Median Rent: $5,500📈 Market Action Index (MAI): 48 (Strong Seller's Market)Bethesda's single-family home market remains in strong seller's territory, though the MAI has decreased from last month's 49 to 48. Inventory has increased to 69 homes. The median list price has dropped to $2,150,000, with new listings coming on at a lower median of $1,674,700. Homes are selling in a median of 42 days, though the average is higher at 66 days. Price adjustments are common, with 42% of listings seeing price reductions and only 3% experiencing increases.🏢 Bethesda, MD - Condos/Townhomes📊 Median List Price: $723,500🆕 Median Price of New Listings: $499,000🏷️ Price Per Square Foot: $462⏳ Average Days on Market: 34📅 Median Days on Market: 14🔻 Price Decreased: 14%🔺 Price Increased: 0%♻️ Relisted: 9%📦 Inventory: 22🏠 Median Rent: $2,870📈 Market Action Index (MAI): 63 (Strong Seller's Market)Bethesda's condo and townhome market has strengthened significantly, with the MAI increasing from last month's 54 to 63. Inventory has decreased to 22 units. The median list price has jumped to $723,500, though new listings are coming on at a lower median of $499,000. Homes are selling quickly, with a median of 14 days on market and an average of 34.🏡 Chevy Chase, MD - Single-Family Homes📊 Median List Price: $2,695,000🆕 Median Price of New Listings: $1,650,000🏷️ Price Per Square Foot: $607⏳ Average Days on Market: 55📅 Median Days on Market: 21🔻 Price Decreased: 27%🔺 Price Increased: 4%♻️ Relisted: 15%📦 Inventory: 26🏠 Median Rent: $5,900📈 Market Action Index (MAI): 52 (Strong Seller's Market)Chevy Chase's single-family home market remains strong, though the MAI has decreased from last month's 56 to 52. Inventory has decreased slightly to 26 homes. The median list price has increased to $2,695,000, though new listings are coming on at a lower median of $1,650,000. Homes are selling quickly, with a median of 21 days on market, though the average is higher at 55 days.🏢 Chevy Chase, MD - Condos/Townhomes📊 Median List Price: $725,000🆕 Median Price of New Listings: $550,000🏷️ Price Per Square Foot: $542⏳ Average Days on Market: 44📅 Median Days on Market: 49🔻 Price Decreased: 27%🔺 Price Increased: 0%♻️ Relisted: 8%📦 Inventory: 37🏠 Median Rent: $2,885📈 Market Action Index (MAI): 38 (Slight Seller's Advantage)The condo and townhome market in Chevy Chase has slightly improved, with the MAI increasing from last month's 37 to 38, though still indicating only a slight seller's advantage. Inventory has increased to 37 units. The median list price is $725,000, with new listings coming on at a lower median of $550,000. Homes are taking longer to sell, with a median of 49 days on market.🏡 Gaithersburg, MD - Single-Family Homes📊 Median List Price: $899,000🆕 Median Price of New Listings: $899,000🏷️ Price Per Square Foot: $289⏳ Average Days on Market: 71📅 Median Days on Market: 21🔻 Price Decreased: 29%🔺 Price Increased: 5%♻️ Relisted: 7%📦 Inventory: 42🏠 Median Rent: $3,150📈 Market Action Index (MAI): 71 (Strong Seller's Market)Gaithersburg's single-family home market has strengthened, with the MAI increasing from last month's 69 to 71. Inventory has decreased to 42 homes. The median list price is $899,000, matching the median price of new listings. Homes are selling in a median of 21 days, though the average is significantly higher at 71 days.🏢 Gaithersburg, MD - Condos/Townhomes📊 Median List Price: $375,000🆕 Median Price of New Listings: $396,250🏷️ Price Per Square Foot: $264⏳ Average Days on Market: 19📅 Median Days on Market: 7🔻 Price Decreased: 17%🔺 Price Increased: 2%♻️ Relisted: 2%📦 Inventory: 41🏠 Median Rent: $2,063📈 Market Action Index (MAI): 85 (Strong Seller's Market)Gaithersburg's condo and townhome market remains very competitive, with the MAI increasing from last month's 81 to 85. Inventory has decreased to 41 units. The median list price is $375,000, with new listings arriving at a slightly higher median of $396,250. Homes are selling exceptionally quickly, with a median of just 7 days on market and an average of 19.🏡 Germantown, MD - Single-Family Homes📊 Median List Price: $750,000🆕 Median Price of New Listings: $725,000🏷️ Price Per Square Foot: $284⏳ Average Days on Market: 31📅 Median Days on Market: 14🔻 Price Decreased: 26%🔺 Price Increased: 6%♻️ Relisted: 6%📦 Inventory: 31🏠 Median Rent: $2,625📈 Market Action Index (MAI): 72 (Strong Seller's Market)Germantown's single-family home market remains firmly in seller's territory, though the MAI has decreased from last month's 81 to 72. Inventory has increased to 31 homes. The median list price has risen to $750,000, with new listings coming on at a slightly lower median of $725,000. Homes are selling quickly, with a median of 14 days on market and an average of 31 days.🏢 Germantown, MD - Condos/Townhomes📊 Median List Price: $350,000🆕 Median Price of New Listings: $419,900🏷️ Price Per Square Foot: $264⏳ Average Days on Market: 22📅 Median Days on Market: 7🔻 Price Decreased: 9%🔺 Price Increased: 3%♻️ Relisted: 9%📦 Inventory: 33🏠 Median Rent: $2,003📈 Market Action Index (MAI): 86 (Strong Seller's Market)Germantown's condo and townhome market remains strongly in seller's territory, with the MAI holding steady at 86. Inventory has remained at 33 units. The median list price is $350,000, with new listings coming on at a significantly higher median of $419,900. Homes are selling quickly, with a median of 7 days on market and an average of 22.🏡 Kensington, MD - Single-Family Homes📊 Median List Price: $1,142,500🆕 Median Price of New Listings: $850,000🏷️ Price Per Square Foot: $398⏳ Average Days on Market: 39📅 Median Days on Market: 7🔻 Price Decreased: 20%🔺 Price Increased: 5%♻️ Relisted: 0%📦 Inventory: 20🏠 Median Rent: $4,200📈 Market Action Index (MAI): 69 (Strong Seller's Market)Kensington's single-family home market remains firmly in seller's territory, with the MAI increasing from last month's 68 to 69. Inventory has increased slightly to 20 homes. The median list price has risen significantly to $1,142,500, though new listings ...
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Market Monday
Jun 24, 2024Tap to summarizeWelcome back to another edition of Market Monday, your weekly dose of Montgomery County real estate insights! I hope everyone had a wonderful week and you are surviving this heatwave.Previously I predicted that we would start to see a slowdown as both public and private schools concluded their academic year. This week's data seems to confirm that prediction, showing some notable changes in market dynamics.Market Pulse: June 12 - June 18This week's Market Pulse data reveals some interesting shifts in the Montgomery County real estate market, aligning with our expectations of a seasonal slowdown:* New listings received an average of 2.1 offers, down from 2.8 last week.* 68% of new contracts attracted multiple offers, a decrease from 71% last week.These numbers indicate a slight cooling in competition, though the market remains active.Looking at the breakdown of offer prices:* 58% of offers were above list price (up slightly from 57% last week)* 31% were at list price (up from 25% last week)* 11% were below list price (down from 18% last week)This distribution suggests a shift towards more at-list offers and fewer below-list offers, potentially indicating more realistic pricing by sellers and a bit less aggressive bidding by buyers.In terms of the inspection process, that’s where we are seeing significant changes:* 36% of offers had no inspection contingency (down sharply from 57% last week)* 11% had a pass/fail inspection (down from 21% last week)* 21% had a pre-inspection (up from 14% last week)* 32% included a full inspection contingency (up dramatically from 8% last week)This data points to a market where buyers are becoming more cautious, with a significant increase in full inspection contingencies and a decrease in waived inspections. This aligns with our expectation of a seasonal slowdown, as buyers may feel less pressure to make risky offers without proper inspections.These changes support our prediction of a market cooldown as we enter the summer season. While the market remains competitive, we're seeing clear signs of a shift towards more balanced conditions. Buyers seem to be gaining a bit more leverage, while sellers may need to adjust their expectations.As we dive into the detailed market trends for each area, keep in mind these overall shifts we're observing. The summer slowdown appears to be materializing, but its impact varies across different segments of the Montgomery County market.Now, let's break down the market trends for each area!Bethesda, MD - Single-Family Homes📊 Median List Price: $2,199,000🆕 Median Price of New Listings: $1,699,000🏷️ Price Per Square Foot: $477⏳ Average Days on Market: 70📅 Median Days on Market: 42🔻 Price Decreased: 47%🔺 Price Increased: 3%♻️ Relisted: 11%📦 Inventory: 64🏠 Median Rent: $5,500📈 Market Action Index (MAI): 49 (Strong Seller's Market)Bethesda's single-family home market remains in strong seller's territory, though the MAI has decreased slightly from last month's 50 to 49. Inventory has decreased to 64 homes. The median list price is $2,199,000, with new listings coming on at a lower median of $1,699,000. Homes are selling in a median of 42 days, though the average is higher at 70 days. Price adjustments are common, with 47% of listings seeing price reductions and only 3% experiencing increases.Bethesda, MD - Condos/Townhomes📊 Median List Price: $539,900🆕 Median Price of New Listings: $489,900🏷️ Price Per Square Foot: $374⏳ Average Days on Market: 36📅 Median Days on Market: 21🔻 Price Decreased: 22%🔺 Price Increased: 0%♻️ Relisted: 9%📦 Inventory: 23🏠 Median Rent: $2,883📈 Market Action Index (MAI): 60 (Strong Seller's Market)Bethesda's condo and townhome market has strengthened, with the MAI increasing from last month's 55 to 60. Inventory has decreased to 23 units. The median list price remains at $539,900, with new listings coming on at a lower median of $489,900. Homes are selling faster, with a median of 21 days on market and an average of 36.Chevy Chase, MD - Single-Family Homes📊 Median List Price: $2,400,000🆕 Median Price of New Listings: $3,349,000🏷️ Price Per Square Foot: $580⏳ Average Days on Market: 51📅 Median Days on Market: 21🔻 Price Decreased: 22%🔺 Price Increased: 4%♻️ Relisted: 11%📦 Inventory: 27🏠 Median Rent: $6,000📈 Market Action Index (MAI): 53 (Strong Seller's Market)Chevy Chase's single-family home market has cooled slightly, with the MAI decreasing from last month's 56 to 53. Inventory has decreased slightly to 27 homes. The median list price has increased to $2,400,000, with new listings coming on at a significantly higher median of $3,349,000. Homes are selling quickly, with a median of 21 days on market, though the average is higher at 51 days.Chevy Chase, MD - Condos/Townhomes📊 Median List Price: $737,500🆕 Median Price of New Listings: $312,450🏷️ Price Per Square Foot: $525⏳ Average Days on Market: 40📅 Median Days on Market: 42🔻 Price Decreased: 28%🔺 Price Increased: 0%♻️ Relisted: 8%📦 Inventory: 36🏠 Median Rent: $2,885📈 Market Action Index (MAI): 38 (Slight Seller's Advantage)The condo and townhome market in Chevy Chase has slightly improved, with the MAI increasing from last month's 36 to 38, though still indicating only a slight seller's advantage. Inventory has increased to 36 units. The median list price has decreased to $737,500, significantly higher than the median price of $312,450 for new listings. Homes are taking longer to sell, with a median of 42 days on market.Gaithersburg, MD - Single-Family Homes📊 Median List Price: $889,900🆕 Median Price of New Listings: $748,800🏷️ Price Per Square Foot: $283⏳ Average Days on Market: 75📅 Median Days on Market: 49🔻 Price Decreased: 31%🔺 Price Increased: 7%♻️ Relisted: 9%📦 Inventory: 45🏠 Median Rent: $3,375📈 Market Action Index (MAI): 68 (Strong Seller's Market)Gaithersburg's single-family home market remains strong, with the MAI holding steady at 68. Inventory has remained steady at 45 homes. The median list price is $889,900, with new listings arriving at a lower median of $748,800. Homes are selling in a median of 49 days, though the average is higher at 75 days. Price cuts are occurring on 31% of listings, while 7% have increased.Gaithersburg, MD - Condos/Townhomes📊 Median List Price: $375,000🆕 Median Price of New Listings: $395,000🏷️ Price Per Square Foot: $257⏳ Average Days on Market: 19📅 Median Days on Market: 7🔻 Price Decreased: 16%🔺 Price Increased: 2%♻️ Relisted: 2%📦 Inventory: 45🏠 Median Rent: $2,018📈 Market Action Index (MAI): 85 (Strong Seller's Market)Gaithersburg's condo and townhome market remains very competitive, with the MAI increasing from last month's 81 to 85. Inventory has increased to 45 units. The median list price is $375,000, with new listings arriving at a slightly higher median of $395,000. Homes are selling exceptionally quickly, with a median of just 7 days on market and an average of 19.Germantown, MD - Single-Family Homes📊 Median List Price: $699,900🆕 Median Price of New Listings: $774,900🏷️ Price Per Square Foot: $242⏳ Average Days on Market: 26📅 Median Days on Market: 21🔻 Price Decreased: 32%🔺 Price Increased: 0%♻️ Relisted: 0%📦 Inventory: 19🏠 Median Rent: $2,500📈 Market Action Index (MAI): 77 (Strong Seller's Market)Germantown's single-family home market remains firmly in seller's territory, though the MAI has decreased from last month's 84 to 77. Inventory has held steady at 19 homes. The median list price is $699,900, with new listings coming on at a higher median of $774,900. Homes are selling quickly, with a median of 21 days on market and an average of 26.Germantown, MD - Condos/Townhomes📊 Median List Price: $350,000🆕 Median Price of New Listings: $419,900🏷️ Price Per Square Foot: $264⏳ Average Days on Market: 22📅 Median Days on Market: 7🔻 Price Decreased: 9%🔺 Price Increased: 3%♻️ Relisted: 9%📦 Inventory: 33🏠 Median Rent: $2,003📈 Market Action Index (MAI): 86 (Strong Seller's Market)Germantown's condo and townhome market remains strongly in seller's territory, with the MAI holding steady at 86. Inventory has increased slightly to 33 units. The median list price has increased to $350,000, with new listings coming on at a significantly higher median of $419,900. Homes are selling quickly, with a median of 7 days on market and an average of 22.Kensington, MD - Single-Family Homes📊 Median List Price: $735,000🆕 Median Price of New Listings: $961,500🏷️ Price Per Square Foot: $367⏳ Average Days on Market: 39📅 Median Days on Market: 7🔻 Price Decreased: 32%🔺 Price Increased: 5%♻️ Relisted: 0%📦 Inventory: 19🏠 Median Rent: $3,700📈 Market Action Index (MAI): 66 (Strong Seller's Market)Kensington's single-family home market remains firmly in seller's territory, though the MAI has decreased from last month's 69 to 66. Inventory has held steady at 19 homes. The median list price is $735,000, lower than the median price of $961,500 for new listings. Homes are selling very quickly, with a median of just 7 days on market and an average o...
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Market Monday
Jun 17, 2024Tap to summarizeWelcome back to another edition of Market Monday, your weekly dose of Montgomery County real estate insights! I hope everyone had a wonderful Father's Day weekend and found a moment to celebrate the special dads in their lives. Market Pulse: June 5 - June 12This week's Market Pulse data reveals that the Montgomery County real estate market maintained its competitive edge. New listings received an average of 2.8 offers, with an impressive 71% of new contracts attracting multiple offers. This high level of competition indicates that buyer demand remained strong leading up to the end of the spring market.Looking at the breakdown of offer prices, we see that 57% of offers were above list price, 25% were at list price, and 18% were below list price. This distribution suggests that while the majority of buyers were willing to pay a premium to secure their desired properties, there was still some room for negotiation.In terms of the inspection process, 57% of offers had no inspection contingency, 21% had a pass/fail inspection, 14% had a pre-inspection, and only 8% included a full inspection contingency. This data points to a market where buyers were often waiving inspections or opting for limited inspections to make their offers more competitive.Last week, I predicted that we would start to see a slowdown this week as both public and private schools conclude their academic year. While the data for this week won't be available until next week's report, I can provide some anecdotal evidence based on my own experiences.Despite the anticipated slowdown, this week remained fairly busy for me personally. The well-attended open house I mentioned last week successfully went under contract this week, and I also worked with several buyers to navigate the market. However, I did take Sunday off to enjoy Father's Day, although I did field several calls from both buyers and sellers.In next week's report, we'll be able to evaluate the accuracy of my prediction and assess the market's response to the beginning of the summer season!Now, let's break down the market trends for each area!🏡 Bethesda, MD - Single-Family Homes* 📊 Median List Price: $2,296,500* 🆕 Median Price of New Listings: $1,797,000* 🏷️ Price Per Square Foot: $487* ⏳ Average Days on Market: 68* 📅 Median Days on Market: 46* 🔻 Price Decreased: 41%* 🔺 Price Increased: 3%* ♻️ Relisted: 9%* 📦 Inventory: 66* 🏠 Median Rent: $5,500* 📈 Market Action Index (MAI): 51Bethesda's market for single-family homes reflects a strong seller's environment with a median list price maintaining a high level amid moderate inventory reductions.🏢 Bethesda, MD - Condos/Townhomes* 📊 Median List Price: $539,900* 🆕 Median Price of New Listings: $757,000* 🏷️ Price Per Square Foot: $384* ⏳ Average Days on Market: 37* 📅 Median Days on Market: 35* 🔻 Price Decreased: 19%* 🔺 Price Increased: 3%* ♻️ Relisted: 13%* 📦 Inventory: 31* 🏠 Median Rent: $2,853* 📈 Market Action Index (MAI): 55Condominiums and townhomes in Bethesda exhibit rapid sales, a strong median list price, and decreasing inventory, indicating robust demand in a seller's market.🏡 Chevy Chase, MD - Single-Family Homes* 📊 Median List Price: $2,099,000* 🆕 Median Price of New Listings: $1,785,000* 🏷️ Price Per Square Foot: $546* ⏳ Average Days on Market: 45* 📅 Median Days on Market: 21* 🔻 Price Decreased: 21%* 🔺 Price Increased: 3%* ♻️ Relisted: 10%* 📦 Inventory: 29* 🏠 Median Rent: $6,000* 📈 Market Action Index (MAI): 56Chevy Chase's market remains tight with premium pricing and swift sales, underpinned by its desirability and limited inventory, maintaining a robust seller's market.🏢 Chevy Chase, MD - Condos/Townhomes* 📊 Median List Price: $780,000* 🆕 Median Price of New Listings: $365,000* 🏷️ Price Per Square Foot: $539* ⏳ Average Days on Market: 34* 📅 Median Days on Market: 35* 🔻 Price Decreased: 35%* 🔺 Price Increased: 0%* ♻️ Relisted: 3%* 📦 Inventory: 34* 🏠 Median Rent: $2,885* 📈 Market Action Index (MAI): 37The condo market in Chevy Chase reflects a cooling phase with significant price decreases, indicating potential buyer advantage in negotiations.🏡 Gaithersburg, MD - Single-Family Homes* 📊 Median List Price: $889,900* 🆕 Median Price of New Listings: $748,800* 🏷️ Price Per Square Foot: $283* ⏳ Average Days on Market: 75* 📅 Median Days on Market: 49* 🔻 Price Decreased: 31%* 🔺 Price Increased: 7%* ♻️ Relisted: 9%* 📦 Inventory: 45* 🏠 Median Rent: $3,275* 📈 Market Action Index (MAI): 68Gaithersburg shows robust activity with significant price adjustments and a strong seller's market indicated by a high MAI, suggesting continued seller advantage.🏢 Gaithersburg, MD - Condos/Townhomes* 📊 Median List Price: $367,500* 🆕 Median Price of New Listings: $375,000* 🏷️ Price Per Square Foot: $238* ⏳ Average Days on Market: 20* 📅 Median Days on Market: 14* 🔻 Price Decreased: 30%* 🔺 Price Increased: 0%* ♻️ Relisted: 0%* 📦 Inventory: 30* 🏠 Median Rent: $2,065* 📈 Market Action Index (MAI): 86Gaithersburg condos and townhomes show a very strong seller's market with rapid sales, limited inventory, and a very high MAI, indicating substantial buyer competition.🏡 Germantown, MD - Single-Family Homes* 📊 Median List Price: $699,900* 🆕 Median Price of New Listings: $774,900* 🏷️ Price Per Square Foot: $242* ⏳ Average Days on Market: 26* 📅 Median Days on Market: 21* 🔻 Price Decreased: 32%* 🔺 Price Increased: 0%* ♻️ Relisted: 0%* 📦 Inventory: 19* 🏠 Median Rent: $2,500* 📈 Market Action Index (MAI): 77Germantown's single-family homes market is characterized by a quick sales pace and rising new listing prices, reflecting an active market with strong demand.🏢 Germantown, MD - Condos/Townhomes* 📊 Median List Price: $334,500* 🆕 Median Price of New Listings: $337,500* 🏷️ Price Per Square Foot: $259* ⏳ Average Days on Market: 26* 📅 Median Days on Market: 14* 🔻 Price Decreased: 4%* 🔺 Price Increased: 7%* ♻️ Relisted: 11%* 📦 Inventory: 28* 🏠 Median Rent: $2,010* 📈 Market Action Index (MAI): 89Condos and townhomes in Germantown exhibit a highly competitive market with low days on market and an increasing rate of price increases, pointing to a strong seller's advantage.🏡 Kensington, MD - Single-Family Homes* 📊 Median List Price: $735,000* 🆕 Median Price of New Listings: $961,500* 🏷️ Price Per Square Foot: $367* ⏳ Average Days on Market: 39* 📅 Median Days on Market: 7* 🔻 Price Decreased: 32%* 🔺 Price Increased: 5%* ♻️ Relisted: 0%* 📦 Inventory: 19* 🏠 Median Rent: $3,700* 📈 Market Action Index (MAI): 66Kensington’s market for single-family homes shows a significant seller’s advantage, characterized by quick sales and a fairly stable price trend, despite a significant proportion of listings experiencing price decreases.🏡 Potomac, MD - Single-Family Homes* 📊 Median List Price: $2,937,500* 🆕 Median Price of New Listings: $2,195,000* 🏷️ Price Per Square Foot: $367* ⏳ Average Days on Market: 116* 📅 Median Days on Market: 56* 🔻 Price Decreased: 29%* 🔺 Price Increased: 6%* ♻️ Relisted: 12%* 📦 Inventory:<...
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Market Monday
Jun 10, 2024Tap to summarizeWelcome back to another edition of Market Monday, your weekly dose of Montgomery County real estate insights! As predicted last week, competition has roared back following the brief Memorial Day slowdown. Let's dive into the latest data from RLAH @properties to see how the market is shaping up. 🏘️ Market Pulse: Competition Heats UpThis week, new listings received an average of 2.6 offers, a significant jump from last week's 1.63 average during the holiday lull. Moreover, 57% of listings attracted multiple bidders.The breakdown of offer prices reveals that 52% of offers were above list price, 24% were at list, and 24% were below. This suggests that while competition is fierce, there is still some variability in offer prices.My own experiences align with these trends. The open house I hosted on a new listing was very well attended. We ratified two deals: one on the listing side, where we rejected an offer last week only to accept a significantly higher offer this weekend, and another on the buyer side. Looking ahead, I anticipate a general slowdown in the market through Labor Day as summer travel picks up. This slowdown could create opportunities for buyers to find better deals with less competition. However, sellers will need to double down on marketing efforts to attract attention to their listings during this slower period.Now, let's break down the market trends for each area!🏡 Bethesda, MD - Single-Family Homes📊 Median List Price: $2,296,500🆕 Median Price of New Listings: $1,797,000🏷️ Price Per Square Foot: $487⏳ Average Days on Market: 68📅 Median Days on Market: 46🔻 Price Decreased: 41%🔺 Price Increased: 3%♻️ Relisted: 9%📦 Inventory: 66🏠 Median Rent: $5,500📈 Market Action Index (MAI): 51 (Strong Seller's Market)Bethesda's single-family home market remains in strong seller's territory, with the MAI increasing slightly from last month's 50 to 51. Inventory has decreased to 66 homes. The median list price stands at $2,296,500, with new listings coming on the market at a median price of $1,797,000. Homes are selling in a median of 46 days, indicating continued buyer interest despite a rise in average days on market to 68. Price adjustments are common, with 41% of listings seeing price reductions and only 3% experiencing increases.The market has achieved a relative stasis point in terms of sales to inventory, but low inventory levels are keeping it firmly in seller's market territory. If the market heats up, expect prices to resume an upward climb. Keep an eye on the MAI for indications of future price movements.🏢 Bethesda, MD - Condos/Townhomes📊 Median List Price: $539,900🆕 Median Price of New Listings: $757,000🏷️ Price Per Square Foot: $384⏳ Average Days on Market: 37📅 Median Days on Market: 35🔻 Price Decreased: 19%🔺 Price Increased: 3%♻️ Relisted: 13%📦 Inventory: 31🏠 Median Rent: $2,906📈 Market Action Index (MAI): 55 (Strong Seller's Market)Bethesda's condo and townhome market remains strong, with the MAI hovering around last month's level of 55, indicating a strong seller's market. Inventory has decreased to 31 units. The median list price is $539,900, with new listings arriving at a significantly higher median price of $757,000. Homes are selling in a median of 35 days. Price decreases are outpacing increases, with 19% of listings seeing reductions and only 3% experiencing hikes.Home sales continue to outpace supply, putting upward pressure on prices. If this trend persists, expect prices to climb in the near future. However, the premium of new listing prices over the overall median list price suggests some potential for price appreciation at the higher end of the market.🏡 Chevy Chase, MD - Single-Family Homes📊 Median List Price: $2,099,000🆕 Median Price of New Listings: $1,785,000🏷️ Price Per Square Foot: $546⏳ Average Days on Market: 45📅 Median Days on Market: 21🔻 Price Decreased: 21%🔺 Price Increased: 3%♻️ Relisted: 10%📦 Inventory: 29🏠 Median Rent: $6,000📈 Market Action Index (MAI): 56 (Strong Seller's Market)Chevy Chase's single-family home market is in strong seller's territory, with the MAI increasing from last month's 55 to 56. Inventory has risen slightly to 29 homes. The median list price is $2,099,000, with new listings coming on at a median of $1,785,000. Homes are selling quickly, with a median of just 21 days on market, although the average stands higher at 45 days. Price decreases outpace increases 21% to 3%.With low inventory and fast sales, the market favors sellers. However, watch for changes in the MAI, as persistent declines could signal a shift. For now, if the current sales trend continues, prices could resume climbing.🏢 Chevy Chase, MD - Condos/Townhomes📊 Median List Price: $780,000🆕 Median Price of New Listings: $365,000🏷️ Price Per Square Foot: $539⏳ Average Days on Market: 34📅 Median Days on Market: 35🔻 Price Decreased: 35%🔺 Price Increased: 0%♻️ Relisted: 3%📦 Inventory: 34🏠 Median Rent: $2,903📈 Market Action Index (MAI): 37 (Slight Seller's Advantage)The condo and townhome market in Chevy Chase has cooled slightly, with the MAI decreasing from last month's 40 to 37, indicating a shift from a seller's market to one with only a slight seller's advantage. Inventory has dipped to 34 units. The median list price is $780,000, significantly higher than the median price of $365,000 for new listings. Homes are selling in a median of 35 days. Price reductions are common, with 35% of listings seeing decreases and none experiencing increases.The market has been consistently cooling in recent weeks. Though still in seller's territory, prices have not yet begun to drop. If demand remains slack, prices could start to decline, especially if the MAI falls to the buyer's zone. Monitor the MAI closely for indications of persistent downward trends that could pressure prices.🏡 Gaithersburg, MD - Single-Family Homes📊 Median List Price: $950,000🆕 Median Price of New Listings: $849,999🏷️ Price Per Square Foot: $286⏳ Average Days on Market: 71📅 Median Days on Market: 42🔻 Price Decreased: 35%🔺 Price Increased: 5%♻️ Relisted: 5%📦 Inventory: 43🏠 Median Rent: $3,350📈 Market Action Index (MAI): 69 (Strong Seller's Market)Gaithersburg's single-family home market remains strong, with the MAI increasing slightly from last month's 68 to 69, indicating a robust seller's market. Inventory has decreased to 43 homes. The median list price is $950,000, with new listings arriving at a median of $849,999. Homes are selling in a median of 42 days, though the average is higher at 71 days. Price cuts are common, with 35% of listings seeing reductions, while only 5% have increased.The market has achieved relative stasis in terms of sales to inventory, but low supply is keeping it firmly in seller's territory. If the market heats up further, prices are likely to resume an upward climb. Watch the MAI for signs of this shift.🏢 Gaithersburg, MD - Condos/Townhomes📊 Median List Price: $415,000🆕 Median Price of New Listings: $415,000🏷️ Price Per Square Foot: $233⏳ Average Days on Market: 15📅 Median Days on Market: 7🔻 Price Decreased: 30%🔺 Price Increased: 3%♻️ Relisted: 0%📦 Inventory: 33🏠 Median Rent: $2,100📈 Market Action Index (MAI): 81 (Strong Seller's Market)Gaithersburg's condo and townhome market remains very competitive, though the MAI has decreased slightly from last month's 82 to 81. Inventory has grown to 33 units. The median list price and median price of new listings are identical at $415,000. Homes are selling exceptionally quickly, with a median of just 7 days on market and an average of 15. The market has been cooling, with prices plateauing recently. However, it remains firmly in seller's market territory. If the MAI starts climbing again, expect prices to follow suit. Alternatively, consistent MAI drops, especially into the buyer's zone, could put downward pressure on prices.🏡 Germantown, MD - Single-Family Homes📊 Median List Price: $724,950🆕 Median Price of New Listings: $765,000🏷️ Price Per Square Foot: $242⏳ Averag...
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Market Monday
May 27, 2024Tap to summarizeHi Everyone!I’m Corey Feldman from the Feldman Group at RLAH, I hope you are having a meaningful and enjoyable Memorial Day weekend! As we pay tribute to the courageous soldiers who sacrificed their lives for our freedom, let’s fully embrace and celebrate the liberties they secured for us.With their bravery, we can savor the sunshine, breathe in the fresh air of spring, and enjoy gatherings with friends and family in peace. So, let’s fire up the grill, pop open some chilled drinks, and let the kids revel in the freedom that was hard-earned. It’s time to make joyful memories in the peace they fought to preserve.Now let’s get into the data!🏘️ Market Pulse: Competition Remains IntenseHere are the latest metrics from my Brokerage: new listings received an average of 2.4 offers, with 77% involving multiple bidders. It’s a bit of a drop from last week (thanks, holiday weekend!), but the competition is still fierce. Most offers are above the list price, with 73% over, 12% at list, and 15% below.Buyers are also waiving contingencies left and right. This week, 54% of transactions skipped inspections, 23% went for pre-inspections, and 8% included pass/fail inspections. Only 15% of buyers wanted full inspections.These numbers show that it’s still a seller’s market, with buyers driving up prices and skipping contingencies to get the home they want.Now, let’s check out what’s happening in each neighborhood!🌐 Neighborhood Spotlight: Nuanced Trends🏡 Bethesda, MD - Single-Family HomesMedian List Price: $2,225,000Median Price of New Listings: $1,925,000Price Per Square Foot: $463Average Days on Market: 48Median Days on Market: 28Price Decreased: 29%Price Increased: 1%Relisted: 10%Inventory: 79Median Rent: $5,765Market Action Index (MAI): 50 (Strong Seller's Market)Bethesda's single-family market is standing its ground in seller's territory with an MAI of 50, just slightly down from 52 last week. Even with a small dip in median list price and an uptick in inventory to 79 homes, well-priced properties are still flying off the shelves, as shown by the 28-day median DOM.🏢 Bethesda, MD - Condos/TownhomesMedian List Price: $369,000Median Price of New Listings: $430,000Price Per Square Foot: $352Average Days on Market: 29Median Days on Market: 21Price Decreased: 31%Price Increased: 3%Relisted: 9%Inventory: 35Median Rent: $2,950Market Action Index (MAI): 55 (Strong Seller's Market)Bethesda's condo/townhome segment is experiencing quite the shift, with the median list price taking a nosedive to $369,000 from $1,400,000 last week. But fear not, the MAI remains in strong seller's territory at 55, up from 53 last month. The 21-day median DOM suggests well-priced homes are still being snatched up quickly, although the high percentage of price reductions at 31% hints at some softening at the top end.🏡 Chevy Chase, MD - Single-Family HomesMedian List Price: $2,597,000Median Price of New Listings: $1,787,366Price Per Square Foot: $556Average Days on Market: 55Median Days on Market: 21Price Decreased: 23%Price Increased: 5%Relisted: 9%Inventory: 22Median Rent: $6,950Market Action Index (MAI): 55 (Strong Seller's Market)Chevy Chase single-family homes are holding steady, with the MAI at 55, unchanged from last week. The median list price has taken a slight dip to $2,597,000, but the 21-day median DOM underscores that demand is still going strong. Nearly a quarter of listings saw price reductions, suggesting some pushback at the high end.🏢 Chevy Chase, MD - Condos/TownhomesMedian List Price: $780,000Median Price of New Listings: $320,000Price Per Square Foot: $508Average Days on Market: 34Median Days on Market: 21Price Decreased: 29%Price Increased: 0%Relisted: 5%Inventory: 38Median Rent: $2,950Market Action Index (MAI): 41 (Slight Seller's Advantage)The Chevy Chase condo/townhome market is hanging out in slight seller's advantage territory with an MAI of 41, down from 43 last month. While prices are still relatively high, the hefty percentage of price reductions at 29% suggests the market may be hitting a plateau.🏡 Gaithersburg, MD - Single-Family HomesMedian List Price: $985,000Median Price of New Listings: $853,950Price Per Square Foot: $288Average Days on Market: 58Median Days on Market: 21Price Decreased: 35%Price Increased: 2%Relisted: 4%Inventory: 52Median Rent: $3,200Market Action Index (MAI): 68 (Strong Seller's Market)Gaithersburg's single-family market is holding steady in seller's territory with an MAI of 68, down from 72 last month. The median DOM increased to 21 from 14 last week and the high percentage of price reductions at 35% suggest the market may be cooling off just a tad.🏢 Gaithersburg, MD - Condos/TownhomesMedian List Price: $442,500Median Price of New Listings: $498,000Price Per Square Foot: $259Average Days on Market: 9Median Days on Market: 7Price Decreased: 11%Price Increased: 0%Relisted: 0%Inventory: 28Median Rent: $2,110Market Action Index (MAI): 85 (Strong Seller's Market)Gaithersburg's condo/townhome market is still a seller's paradise, with the MAI at 85, unchanged from last month. The lightning-fast 7-day median DOM confirms that strong demand is still going strong, even as inventory creeps up to 28 units.🏡 Germantown, MD - Single-Family HomesMedian List Price: $699,999Median Price of New Listings: $699,999Price Per Square Foot: $253Average Days on Market: 41Median Days on Market: 14Price Decreased: 41%Price Increased: 6%Relisted: 6%Inventory: 17Median Rent: $2,498Market Action Index (MAI): 81 (Strong Seller's Market)Germantown's single-family market is still firmly in seller's hands, with the MAI at 81, just a smidge down from 84 last month. The high percentage of price decreases at 41% suggests some notable resistance at the top end, but the speedy 14-day median DOM indicates that well-priced homes are still being gobbled up quickly.🏢 Germantown, MD - Condos/TownhomesMedian List Price: $385,000 Median Price of New Listings: $435,000Price Per Square Foot: $262Average Days on Market: 13Median Days on Market: 7Price Decreased: 15%Price Increased: 3%Relisted: 6%Inventory: 33 Median Rent: $2,018Market Action Index (MAI): 86 (Strong Seller's Market)Germantown's condo/townhome market is still sizzling, with the MAI at 86, down just a touch from 90 last month as inventory jumps to 33 units. The zippy 7-day median DOM suggests strong underlying demand. Price reductions have moderated to 15% and there are even a few price increases, hinting at potential renewed upward pressure.🏡 Kensington, MD - Single-Family HomesMedian List Price: $1,212,500 Median Price of New Listings: $1,075,000Price Per Square Foot: $377Average Days on Market: 46Median Days on Market: 25Price Decreased: 38%Price Increased: 0%Relisted: 0%Inventory: 8Median Rent: $3,850Market Action Index (MAI): 69 (Strong Seller's Market)Kensington's single-family market is holding steady, with the MAI at 69, up from 59 last month, even as inventory tightens to just 8 homes. The 25-day median DOM points to quick sales. Over a third of listings saw price cuts, but the rising MAI suggests demand is absorbing the available supply.🏡 Potomac, MD - Single-Family HomesMedian List Price: $2,690,000Median Price of New Listings: $1,697,500Price Per Square Foot: $352Average Days on Market: 108Median Days on Market: 49 Price Decreased: 24%Price Increased: 4%Relisted: 11%Inventory: 55Median Rent: $6,000Market Action Index (MAI): 48 (Strong Seller's Market)Potomac's single-family market inched up to an MAI of 48 from 47 last month, even as inventory expands to 55 homes. The median list price dropped to $2,690,000 from $2,998,000 last week, suggesting ongoing price sensitivity at the high end. Despite the dip, price per square foot remained stable at $352, implying a portion of the market is still priced at a premium.The median DOM increased to 49 from 42, reflecting a more tempered pace than lower price points. Nearly a quarter of listings saw price reductions, confirming ongoing buyer pushback, especially at the luxury tier. However, 4% did see price increases, hinting at pockets of strength. While the Potomac market is experiencing some price adjustments, the steady MAI and potential for prices to stabilize suggest that the market remains relatively resilient.🏡 Rockville, MD - Single-Family HomesMedian List Price: $750,000Median Price of New Listings: $750,000 Price Per Square Foot: $364Average Days on Market: 31Median Days on Market: 14Price Decreased: 31%Price Increased: 3%Relisted: 10%Inventory: 39Median Rent: $3,250Market Action Index (MAI): 78 (Strong Seller's Market)Rockville's single-family market remains firmly in seller's favor, with the MAI at 78, down from 82 last month, as inventory swells to 39 homes. The median list price dropped to $750,000 from $899,000 last week. Nearly a third of listings saw price cuts, although a few saw increases. The rapid 14-day median DOM confirms strong demand persis...
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