Let’s take a look at the residential real estate market in the month of October as compared to 2020.
Detached Home Sales
· 10.3% Increase in Units from 78 to 86
· 53.8% Decrease in Marketing Time from 52 Days to 24
· 0.5% Decrease in Sales Price from $329,699 to $328,193
Attached Home Sales
· 12.5% Decrease in Units from 40 to 35
· 44.4% Increase in Marketing Time from 27 Days to 39
· 11.6% Increase in Sales Price from $184,489 to $205,922
Current Market
· 179 Active Residential Properties
· 202 Contingent Residential Properties
· 3.09 Months Inventory = Seller’s Market
Takeaways
· The volume for and speed for Detached homes continues to impress
· The opposite is true for Attached homes
· This is the third month we’ve had three months of inventory indicating the balancing of the market is staying steady
Further Thoughts
If you recall, last month I mentioned that the fourth quarter is typically the busiest with settlements. The unit volume and marketing time in the Detached category definitely reflects this. As for the Attached category, as a general rule this is not atypical for this time of year, but is certainly atypical for the year we’ve had. Also last month, I dove into month over month comparison in addition to year over year. The same trend of less drastic volume increases I noticed then holds true this month. There were only four more units sold in the month of October as opposed to September, so I’m hoping we are continuing to balance into a more manageable market for 2022.
In this environment, home buyers are becoming more selective, and many are turning to a home buying company to help navigate the complexities of today’s market. These companies offer a streamlined process that can provide certainty for sellers looking to downsize or move quickly. For buyers, the appeal is in the ability to find a property without the extended wait times or bidding wars that have been so common in recent years.
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 November market looked! In the meantime sharpen those carving knives and break out the stretch pants. We have so much to be grateful for here at White Diamond Realty hope you have the best Thanksgiving ever…
304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
