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Welcome to the Mon County Market Snapshot brought to you by White Diamond Realty

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 May as compared to 2021.

Detached Home Sales
• 4.0% Increase in Units from 100 to 104
• 57.4% Decrease in Marketing Time from 54 days to 23
• 8.3% Increase in Sales Price from $345,118 to $373,785
Attached Home Sales
• 6.4% Decrease in Units from 47 to 44
• 6.8% Increase in Marketing Time from 44 days to 47
• 16.9% Increase in Sales Price from $224,358 to $262,367

Current Market
• 140 Active Residential Properties
• 236 Contingent Residential Properties
• 3.25 Months Inventory = Seller’s Market

Takeaways
• Very similar unit sales compared to last year, but detached units continue to sell at record pace
• Impressive value increase in both categories
• Is the market tightening up again?

Further Thoughts
May is typically the last sales-heavy month of the spring season, and I am noticing a slowing of activity these first couple weeks of June. From my perspective this is a good thing, the mad pace at which the market has been these last couple years is not sustainable so it’s refreshing to see a bit of ‘normal’ again. That being said, the marketing time is not reflecting that.

The unit sales are on par with last year, but still not in line with historical data for the spring season because of the tight inventory. If you recall the last couple months our absorption rate has been in the 4-month range which is nearing a ‘balanced’ market as opposed to a seller’s market and a very positive sign. This month that has changed, we’ve dipped by almost a full month of inventory. Not listed above, but of note from my research, is the ratio of active to under contract properties does seem to be evening out a bit in the detached category, but we’re still at about 2/3 under contract for attached units. Next month I will be looking at the second quarter comparison as well as June, so we’ll see what the broader view tells us.

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 [email protected], or online at whitediamondrealty.net. Feel free to connect with us on LinkedIn, 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 summer is kicking off! In the meantime, re-apply that sunscreen and don’t forget your sun hat. It’s gonna be a scorcher…

                                                             

304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505