Let’s take a look at the residential real estate market in the month of July as compared to July of 2019.
Single Family homes had a strong appreciation rate this year over last in the month of July as well as a jump in number of units. There were 114 units sold, which was 41% more than this time last year at 87, and the average sales price was over 13% higher at $347,709 as compared to $307,188 in 2019. Homes took a little longer to sell with an average of 92 days on the market as opposed to 54 last year, but remember this is still reflecting the drastic slow-down in our typically busy month of March.
Townhouses and condos also performed well. The unit count was up in July over last year by 5%, at 41 units sold compared to 39. The average price saw a hearty 9% increase to $200,244 from $183,800. As with Single Family homes, they also sold a bit slower with an average of 66 days on the market this year and 47 in 2019.
As we mentioned last month, our “typical” June and July market sales activity is considerably slower as compared to other times of the year. These numbers support that our market is certainly not typical this year, but then again, what is? The interest rates are still at historic lows, and sellers are still a bit hesitant to list, which is putting us in a seller’s market. How do we know that? By looking at the “absorption rate,’” which reflects how many months of inventory we have. In the previous three months of April through July there have been 498 residences sold, and we currently have 346 active on the market. That means we currently have just over two months of inventory and, therefore, are in a seller’s market.
The real estate market is not only the pulse of our economy, it’s also the strongest asset in most of our portfolios. Being in the know for both the big picture and the individual one is always a good idea. If you’d like to discuss values on either level feel free to give White Diamond Realty a call. Our local expert agents are in the trenches every day and here to advise you on how best to navigate the real estate market. Whether you’re trading up, paring down, or getting started, having a professional by your side to help every step of the way is imperative to making what is most likely the largest transaction of your lifetime a well-informed and expertly executed one. Never high pressure sales. Always high-quality service. We can be reached by phone at 304-241-7500 or email at email@example.com. 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 what August has in store for us here in Monongalia County. Until then, stay healthy and keep cool.