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This is a big one! The graphic shows the annual numbers comparing all of 2021 to 2020. Below are the month of December and 4th Quarter stats:

Detached Home Sales December 2021/4th Qtr 2021                                                                          

  • 13.6% Decrease in Units from 81 to 70/>1% Decrease from 234 to 232                                    
  • 26.5% Decrease in Marketing Time from 49 Days to 36/35.7% Decrease from 56 to 36
  • 16.3% Decrease in Sales Price from $365,541 to $306,099/9% Decrease from $345,575 to $314,411

Attached Home Sales December 2021/4th Qtr 2021

  • 40% Increase in Units from 25 to 35/6.5% Increase from 92 to 98
  • 75.7% Decrease in Marketing Time from 70 Days to 17/46.8% Decrease from 47 to 25
  • 14.2% Increase in Sales Price from $193,167 to $220,667/13.7% Increase from $190,302 to $216,329

Current Market

  • 125 Active Residential Properties
  • 169 Contingent Residential Properties
  • 2.7 Months Inventory = Seller’s Market

Takeaways

  • Typically the 4th quarter is very strong, so the decreases are a bit surprising
  • The speed of the market indicates the lack of inventory
  • Townhomes ended as strongly as anticipated

Further Thoughts

There is a lot to unpack here, so I’m only going to hit a couple highlights. First, when I do the annual statistics, I always average appreciation over the previous 5 years. The average appreciation rate for Detached homes per year now stands at 4.52% per year, and for Attached homes 2.98%. These numbers are fairly on par with the usual here in Monongalia County, as historically we have a very strong market due to our myriad economic opportunities. If you’re wondering why we’ve seen double digit appreciation for townhomes through most of the year, but the five-year average is under 3% it’s because 2 of those 5 years, 2017 and 2020, had a drop in value. This is why it’s important to look at a wider span of time when evaluating our overall market health. Second, the unprecedented speed of the market is further illustration of just how tight our inventory has been. If we had the product to meet the demand, imagine how much higher the percentage increase of unit sales would be!

In short it has been a year for the record books, and I look forward to a balancing of the scales in 2022 for the good of our market as a whole. Can I predict what will happen? No, but if the last quarter inventory is any indication, our sailing should be somewhat smoother in the year to come.

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 we kicked off the new year here in Real Estate Land. In the meantime hop on that tread mill, eat that salad, and look forward with hope and optimism to a most excellent new year…

White Diamond Realty LLC

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