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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. This month we’re taking a look at the residential real estate market in the month of October as compared to 2021.

Detached Home Sales                                                                   

  • 29.7% Decrease in Units from 91 to 64                                   
  • 34.8% Increase in Marketing Time from 23 Days to 31
  • 19.6% Increase in Sales Price from $322,935 to $386,306

Attached Home Sales

  • 23.7% Decrease in Units from 38 to 29
  • 8.3% Decrease in Marketing Time from 36 Days to 33
  • 19.2% Increase in Sales Price from $211,375 to $252,061

Current Market

  • 165 Active Residential Properties
  • 140 Contingent Residential Properties
  • 2.9 Months Inventory = Seller’s Market

Takeaways

  • Volume is down, but the markets we’re comparing are not apples to apples
  • Inventory remains tight and speed of marketing time is still rapid
  • Values continue to increase

Further Thoughts

In the beginning of the pandemic market, when I was doing these updates I always noted that we were not yet comparing pandemic to pandemic market so the numbers could be considered skewed. Well, for the last few months we have been comparing post pandemic to pandemic which could also be considered skewed. The headlines keep talking about drastic drops, which on the surface may seem true but it’s not a fair comparison. So I decided to take a look at the October market in 2019, which is much more fair. Guess what? Unit sales are right on par with our typical fall activity. In October of 2019 there were 60 detached units sold and 22 attached, so we’re actually ahead of that timeframe by 11 units, which is very encouraging news. The rates are adjusting, yes, but our inventory is still very low and the public will get used to the new normal. If you’d like to watch the video I did that speaks to this, feel free to visit our YouTube channel at this link: https://youtu.be/e1RI7PVcNCU

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 info@whitediamondrealty.net, 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 the November market looked! In the meantime sharpen those carving knives and break out the stretch pants. We have so much to be grateful for here at White Diamond Realty, and hope you have the best Thanksgiving ever…

                                                    

White Diamond Realty LLC

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