Detached Home Sales
· 9.5% Decrease in Units from 116 to 105
· 56% Decrease in Marketing Time from 91 Days to 40
· 7.8% Increase in Sales Price from $344,947 to $371,791
Attached Home Sales
· 4.9% Increase in Units from 41 to 43
· 72.7% Decrease in Marketing Time from 66 Days to 18
· 11.1% Increase in Sales Price from $200,244 to $222,419
Current Market
· 206 Active Residential Properties
· 249 Contingent Residential Properties
· 2.85 Months Inventory = Seller’s Market
Takeaways
We are now comparing Covid to Covid markets, which I theorize will start balancing out the extreme percentage changes we have been seeing up until now.
The market seems to be opening up a bit with a longer supply of inventory, but we are still very solidly in a seller’s market.
First-time buyers and those looking in a price range under $250,000 are still in a highly competitive, very frustrating market but this could potentially be reflecting a light at the end of the tunnel.
Further Thoughts
I am really hoping we are finally coming to the balance in the market I’ve been talking about. Listening to the national numbers it seems that is proving to be where we are, but real estate is a very local industry so keeping national statistics in mind is good practice but the most weight needs to stay local. In real life, we are still seeing multiple offer situations and lines of people to get into new listings, but we are potentially at the beginning of the end of this. I say potentially because mid-summer is normally a slow time in the real estate industry with people on vacations and such, so that could be the driver behind the market catching its breath.
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 August market looks and in the meantime remember to watch for school buses and kids in the crosswalks!
304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
