Welcome to the Mon County Market Snapshot brought to you by White Diamond Realty. Let’s take a look at the residential real estate market in the month of April as compared to 2022.
Detached Home Sales
- 16.7% Decrease in Units from 66 to 55
- 58.3% Increase in Marketing Time from 36 Days to 57
- 17.9% Increase in Sales Price from $364,856 to $430,010
Attached Home Sales
- 22.2% Decrease in Units from 36 to 28
- 152.6% Increase in Marketing Time from 19 Days to 48
- 10.9% Increase in Sales Price from $217,667 to $241,381
Current Market
- 158 Active Residential Properties
- 201 Contingent Residential Properties
- 3.6 Months Inventory = Leaning toward Seller’s market
Takeaways
- Inventory remains tight
- Don’t let the increased marketing time alarm you
- Nice to see ‘plus’ signs on Sale Price
Further Thoughts
The last couple editions I’ve talked about mid-range homes still selling extremely quickly while high-range properties are sitting a bit longer. I was curious when doing the numbers if that would be reflected in the Days on Market. Spoiler alert – it is. The median price point in April was $349,000, so I compared the average marketing time up to $350,000 to those above. The former average is 35 days while the latter is 91, which illustrates the correlation. Of note, 91 is still fairly quick for higher priced homes. It is not unusual for those to sit longer as they have a smaller audience pool, so this is not a red flag. The red flag is still having too low inventory in the more moderate price ranges to provide choices to first time and move-up home buyers, which is disrupting the typical cycle of the market. Homeowners who would like to up or downsize but don’t need to have very low rates on their current mortgages so are sitting tight, causing a stop gap. If you fall under that category, I empathize but would encourage you to take a look at the equity you have currently. It’s human nature to only look at the rate as a deciding factor, but accounting for the new and improved down payment you’ll have with your current equity is also very important. This will often counter balance the increase in per thousand loan costs enough to justify the move. If you would like to learn more, I would encourage you to attend our seminar at White Diamond’s upcoming Home Fair for Sellers and Buyers entitled ‘When Buying and Selling at the Same Time’. I will do a deep dive into all aspects of a transitional move and address specifics such as this. For more information and registration please visit https://www.whitediamondrealty.net/home-fair/ .
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 https://www.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 looked! In the meantime, crank up those weed whackers and don those sunhats. Summer is official knocking at your door …
304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
