One of Compass’ entrepreneurship principles is to “collaborate without ego”. The Wydler Brothers team (sans me who got the “VID” and couldn’t attend) just returned from a Compass Retreat in San Diego, where 3,000 top Compass agents spent the week doing just that! There is immense value in building relationships and sharing best practices to improve our ability to service you!
Wydler Brothers came away from the Compass Retreat week with two major takeaways:
First, we remain laser-focused on our mission to elevate the real estate agent’s role in our clients' lives. Our goal is always to exceed our client's expectations by providing strategic advice and an analytical framework to make more intelligent decisions. We don't want to be "just another agent." Rather, we want to be your trusted real estate advisor for life. Just as you might have a family physician, financial wealth manager, or estate planning attorney, we are here to be your family's real estate advisor.
Second, in a world chock full of distractions, what matters most is our relationship with you. We are always here to support you and your family and just a phone call, text or email away.
A highlight of the week for my brother Steve – he played in the Compass Cares Classic Golf Tournament - a wonderful fundraising event that raised over $90k for three local San Diego charities. As if that wasn’t enough, their underdog foursome won the tournament with a not-too-shabby 54 (yes, that's a legit 54) at the fantastic Fairmont Grand Del Mar golf course. Becky Frey (Dallas), Andy Bovender (Charlotte), John Zimmerman (Fort Worth), and Steve made up the DREAM TEAM. Not only did they have the low score, but had there been a prize for the most fun, they would have won that too!
The Greater DC market's total sales volume is down 20%, and the number of sales is down 23% year-over-year. Average price points are holding steady at a modest 2% increase, and average days on the market (DOM) is up to 23 days from 2022's 18 days (under 30 days is still considered strong). Remember that a 2% increase in average price doesn't necessarily mean that properties have increased in value by 2%. It just means that the basket of homes sold this year has a higher average price than the basket for the same period last year. We are seeing some softness with buyer offers including contingencies and below-asking price bids. Of course, properties that are staged/marketed/priced well still enjoy bidding wars escalating above asking price with little to no contingencies.
We thought we'd segment the data into price bands so you could see how different luxury market segments have fared. Interestingly, the $1.5m to $3m market is down less than the overall market (down 17%) in year-over-year units sold. As we get into higher price bands, $3m to $5m and above $5m, those bands are down more than the Greater DC market (down 28% and 30%, respectively). We've been trying to connect the dots as to why this is the case, but at the end of the day, every market segment is interconnected, and softness (or strength) in one segment will have a domino effect on other segments. With interest rates leveling off (and hopefully declining), sales volume will return to normal levels.