Detached Home Sales
· <0% in Units from 80 to 79
· 47% Decrease in Marketing Time from 107 Days to 73
· 20% Increase in Sales Price from $302,118 to $363,969
Attached Home Sales
· 45% Increase in Units from 20 to 29
· Less than half the Marketing Time from 136 Days to 55
· 14% Increase in Sales Price from $197,507 to $253,338
Current Market
· 474 Active Residential Properties
· 363 Contingent Residential Properties
· 4.3 Months Inventory = Seller’s Market
Takeaways
· The quarter comparison reflects an overall support of what we’ve been the last year, which indicates this is a ‘trend’, not an anomaly. That does not mean the trend will last indefinitely, but it does show this is not a bubble that’s threatening to burst.
· The current market is further evidence of the above statement. Although still on the fringe of being a seller’s market the numbers indicate a move toward being a balanced one. More sellers are coming out of the woodwork which provides inventory and we still have a strong number of properties going under contract to encourage more sellers to do so.
· Even with the increase in inventory, this market is still tight and competitive particularly in the ‘affordable housing’ category.
Further Thoughts
I have stated consistently in my online informational videos that now is not the time to ‘panic buy’ or ‘sell opportunistically’. If you have considered changing your space to suit your current needs and own your home, it’s a great time to sell but a rough time to buy so timing and planning is of the essence. You’ll need to work closely with your REALTORÒ to be sure you time house hunting, marketing, and closing properly. If you have been thinking about buying and want to take advantage of the rates but aren’t in a hurry, you may want to sit back on your heals for a bit. The rates are not going to change drastically over night as the feds are still nursing our economy back to health. You risk jumping in to more than you can/want to chew when there’s so little pick from, so if you can hold off a month or two wait until this cools off a bit.
Never high-pressure sales. Always high-quality service. Ready to elevate your real estate experience? We can be reached by phone at 304-241-7500, email at info@whitediamondrealty.net, or online at whitediamondrealty.net. Feel free to connect with us on Twitter, Instagram, and Facebook, too! Just search and follow White Diamond Realty LLC to get updates on all things real estate and our community as a whole. Tune in next month to see how April fared here in Monongalia county. Until then, get that grass cut and keep the antihistamines handy.
304.241.7500
Melissa Berube, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
