Let’s take a look at the residential real estate market for the month of September, as well as the 3rd Quarter, as compared to 2020.
Detached Home Sales September/3rd Qtr
· +4.9% in Units from 81 to 85/+10.8% from 268 to 297
· -36.8% in Marketing Time from 68 Days to 43/-61% from 82 to 32
· +12.7% in Sales Price from $323,765 to $364,836/+13.1% from $326,125 to $368,737
Attached Home Sales September/3rd Qtr
· -6.1% in Units from 33 to 31/+12.4% from 97 to 109
· +22.5% in Marketing Time from 58 Days to 71/-45% from 60 to 33
· -0.1% in Sales Price from $202,259 to $201,996/+11.9% from $195,744 to $217,824
Current Market
· 181 Active Residential Properties
· 232 Contingent Residential Properties
· 3.2 Months Inventory = Seller’s Market
Takeaways
· The month of September is the first this year that we’ve seen a decline in the Attached category.
· For the third month in a row we are at 3 months of inventory indicating a loosening of the market.
· Month over month unit volume supports the theory of the market loosening.
Further Thoughts
Although we are still in a seller’s market, inventory has stayed very steady over the last three months. I dove a little deeper into the statistics this time, looking at month over month unit volume from the beginning of the year. The last time there was a drastic percentage increase in unit volume was June as compared to May. July, August, and September have each shown a percentage decrease in unit volume, which is hopefully an indication that the frenzy we’ve been experiencing this year is balancing out. Typically the 4th quarter is the busiest for settlements as people are trying to get closed before the end of the year, so we’ll see what those numbers tell us in January.
As the residential real estate market shows signs of balance, with a noticeable decrease in unit volume month over month, sellers are now facing a more nuanced environment. With the previous seller’s market beginning to loosen, it’s becoming increasingly important for homeowners to carefully consider the timing and method of their property sales. While the market remains competitive in many areas, the shift towards a more balanced approach could signal a change in strategies for those looking to move quickly.
Homeowners who need to make swift decisions and avoid the uncertainty of fluctuating market conditions may find it advantageous to explore alternative selling options, such as cash buyers, who offer a straightforward path forward. Long Island Real Estate Solutions, for example, provides homeowners with an efficient way to sell, ensuring that the process is both hassle-free and quick. As the market continues to balance out, those who are ready to make a move can take advantage of the certainty and convenience that cash buyers bring to the table. This approach eliminates the wait times associated with traditional listings, and allows sellers to navigate changing market conditions with confidence and clarity, ultimately making informed decisions about their next steps.
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 October market looks and in the meantime double stock up on pumpkin spice and candy bars, the ghouls are on the way!
304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
