Detached Home Sales
18% increase in Units from 75 to 89
50% Decrease in Marketing Time from 100 Days to 50
1% Increase in Sales Price from $323,767 to $327,344
Attached Home Sales
33% Increase in Units from 33 to 44
17% Decrease in Marketing Time from 92 Days to 76
4% Increase in Sales Price from $194,355 to $203,294
Current Market
171 Active Residential Properties
327 Contingent Residential Properties
1.7 Months Inventory = Seller’s Market
Takeaways
We are not yet comparing Covid to Covid markets. Closings that happened in April reflect the market in February/March.
The drastic decrease in inventory is a combination of a typical spring selling market and extreme lack of inventory. My hope is the market will open up a bit for buyers as we move further into summer.
Buyers, especially first-time and those in the work force housing price range, are up against a nearly impossible market which is understandably frustrating.
Further Thoughts
My thoughts have not changed since my last article – 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 REALTOR® 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. 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 the May market looks and in the meantime hug all those graduates and get ready for summer!
304.241.7500
Melissa Berube, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
