This edition is a big one! We’re not only looking at December and fourth quarter of 2020 but also the annual numbers compared to 2019! Refill your coffee and get ready for some serious digits…
Let’s start with December 2020 vs 2019 then work our way up. Detached unit sales increased 14.5% over 2019 from 69 to 79 units sold. Days on market decreased from 82 to 49 and the sales price increased 24.9% from $294,052 in 2019 to $367,539 in 2020. Attached home units had a drastic increase of 83% from 12 to 22 properties sold. Average days on market was pretty similar with 55 in 2019 and 57 last month. Average sales price dropped 14% from $217,500 to $190,326. If you recall from previous articles my theory on this is it’s not a drop in value but an increase of buyers in a lower price point.
Moving on, let’s take a look at fourth quarter (October-December) 2020 vs fourth quarter 2019. Single family detached units sold increased 20% from 193 in 2019 to 232 in 2020. The average days on market went down significantly from 80 to 56 and the average sales price increased almost 18% from $293,460 to $345,781. Attached homes performed well in units sold increasing 56% from 57 to 89. The average days on market dropped here as well from 68 to 43. The average sales price stayed pretty steady, though, with a moderate 2% drop from $193,679 to $189,504.
Okay, here we go for the big picture! (This is my favorite time of year…) Taking a look at the overall market in 2020 as compared to 2019. May I have the envelope, please… Detached homes had almost a 7% increase in 2020 from 851 to 909 properties sold. They sold only slightly slower with 80 days on the market vs 78. The average sold price is the most drastic change with an increase of 9.6% from $297,687 to $326,253. Attached homes sold 9.4% more units in 2020 with 352 as opposed to 302 in 2019. They also sold faster with an average marketing time of 72 days down from 82. The average sales price had a negligible dip from $194,747 to $192,396.
This is a lot of data, to say the least. When I do annual numbers, I am typically looking at value more so than the other information. That being said, I think the more significant statistic for 2020 is units. The unprecedented increase in units sold shows there was an atypical number of consumers purchasing homes, both as first-time buyers and transition buyers. I think this is important to note so we don’t put too much weight on the significant increase in the average sales price of detached homes and slight decrease of attached. From my (many, oh so many…) years of experience these numbers are slightly skewed and I believe will have a natural adjustment in 2021. Note I did not say ‘correction’ as this market is not ‘wrong’ just ‘unique’.
Units aside, if I apply the average sales prices of 2020 to the previous four years, we have an average annual value increase of 3.85% in Monongalia county over the past five years. This demonstrates a healthy market, strong confidence in our economy, and a good base for homeowners to estimate their equity.
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 how 2021 starts out for us here in Monongalia county. Until then, here’s to a new year with endless possibilities. Take care, everyone…