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 February as compared to 2022.
Detached Home Sales
- 43.9% Decrease in Units from 66 to 37
- 24.2% Decrease in Marketing Time from 62 Days to 47
- 15.7% Decrease in Sales Price from $344,338 to $290,137
Attached Home Sales
- 6.3% Increase in Units from 16 to 17
- 21.4% Increase in Marketing Time from 42 Days to 51
- 8.8% Increase in Sales Price from $239,889 to $261,111
Current Market
- 126 Active Residential Properties
- 160 Contingent Residential Properties
- 4.4 Months Inventory = BALANCED MARKET!
Takeaways
- The market is FINALLY balancing
- I think the decrease in value is deceiving
- The higher range market is slowing more than the mid-lower range
Further Thoughts
I was tickled pink to see that we finally have inventory more typical for our market this month! That being said, in general there is far more demand for homes under $350,000 or so than supply, so those are still seeing multiple offers and very quick turnaround times. From my observation, the effects of the higher mortgage rates is hitting the higher priced homes more. My theory is it’s more likely that sector is in the ‘it would be nice to move’ mindset as opposed to a ‘we need to move’ one, so they’re more motivated to hold off. As for the decrease in units sold, it could be a ripple effect of the same scenario. But, time will tell as we move into the robust spring market that has started with a flurry of activity…
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 https://www.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 March and first quarter market looked! In the meantime keep those muck boots handy and start watching for spring blooms …
304.241.7500
Melissa Hornbeck, Broker
WhiteDiamondRealty.net
1399 Stewartstown Road, Suite 300 Morgantown, WV 26505
