Let’s take a look at the residential real estate market in the month of September as compared to September of 2019.
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 September as compared to September of 2019. And this month you get bonus stats! We’ll also compare the third quarter numbers for 2019 and 2020.
Single Family homes were gangbusters this year over last! All the categories were heads and shoulders over 2019. There were 78 units sold which was almost 28% more than this time last year at 61, and the average sales price was just over 28% higher at $326,063 as compared to $254,003 in 2019. Homes not only sold higher in volume and price, but they also sold over 28% faster at 70 days on market instead of 90 as in 2019! (I think the lucky number here is 28…)
If you think that’s impressive take a gander at how attached homes did. The unit count was up in September over last year by 65% at 33 units sold compared to 20. The average sales price saw a healthy rise of about 13% to $202,259 from $178,560. To say they sold a ‘bit’ faster would be quite the understatement. They sold over twice as fast with an average of 58 days on market last month compared to 129 in 2019. These numbers are unprecedented for our market the last several years and really emphasize what we’ve been seeing as a seller’s market these last few months.
As helpful as it is to see monthly numbers, the larger the window of time the more accurate the pictgure of the a market, so let’s see how the third quarter of 2020 compares to that of 2019, starting with detached homes. Number of units sold from July to September this year was 263, which is an 18% increase over 2019 with 223 units sold. Sales price was also up by nearly 15% at $327,477 in 2020 as opposed to $285,280 in 2019. The only ‘negative’ number, which isn’t all that negative and is not atypical of the category, was days on market being an average of 83 from 71 which is an increase of 17% year over year. That being said, a turnaround time of under three months is nothing to sneeze at.
Let’s move on to the attached category and see how those numbers faired. The number of units was up this quarter as well compared to last year, with 96 units sold in 2020 as compared to 86 in 2019 reflecting a nearly 12% increase. The most subtle change was sales price at almost a 2% increase over 2019 from $192,591 to $195,783. The softest category in detached homes, though, was the strongest in attached units. There was a 16% drop in days on market from 71 in 2019 to 61 in 2020.
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, and we at White Diamond Realty hope this monthly article helps shed some light. If you’ve been considering buying but aren’t sure of your options, we can help. If you already own your home and wish to discuss the potential value and current equity of your home, 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 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 what October has in store for us here in Monongalia county. Until then stay healthy and be safe from all the ghouls and goblins about to take over our town!