Let’s take a look at the residential real estate market in the month of November as compared to November of 2019.
Up to now, I have been calling this an atypical market, but that verbiage may need to change. Seeing similar trends month after month is perhaps showing us a new state of affairs, at least for the foreseeable future.
Single Family homes had another strong month! All the categories were above and beyond 2019. There were 75 units sold which was a bit over 17% more than this time last year at 64, and the average sales price was just over 15% higher at $339,777 as compared to $294,577 in 2019. Also similar to last month, they sold 34% faster with 67 days on market as opposed to 90 last November.
Attached numbers this month are very similar to detached, with the exception being time on market. The unit count was up over last year, as we’ve seen consistently the last several months, but not quite as drastically. This year there were 27 units sold which is a 17.4% increase over last at 23. Selling time is similar to what we’ve seen, but not quite as overwhelming with a 65% decrease from this time last year at 54 days on market compared to 89. As to sales price, if you recall last month there was a decrease in the month over month average. We have seen a bit of a correction to this with the average being $196,262 last month, reflecting a 14% increase over last year at $171,852.
I spoke last month as to my thoughts on this being another ‘bubble’ and I think these numbers support my theories. They are stronger, yes, but not wildly so and staying fairly consistent across the board. Will we slow for the winter, as per usual? Yes and no. I think we’ll see a bit of a slowdown as compared to what we’ve seen so far in 2020, but the comparison to last year will still be impressive. I recently published a vlog about good reasons to buy in the winter and these numbers reflect those sentiments. I continue to be encouraged by our strong, healthy numbers and feel this momentum will carry into the new year providing stability to our local market and consumer confidence. Speaking of next year, I am very much looking forward to seeing the annual comparison of 2020 to 2019.
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, 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 November has in store for us here in Monongalia county. Until then, cheers to a healthy and happy New Year. Take care everyone…