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 April as compared to 2022.
Let’s take a look at the residential real estate market in the month of April as compared to 2022.
- 158 Active Residential Properties
- 201 Contingent Residential Properties
- 6 Months Inventory = Leaning toward Seller’s market
- Inventory remains tight
- Don’t let the increased marketing time alarm you
- Nice to see ‘plus’ signs on Sale Price
The last couple editions I’ve talked about mid-range homes still selling extremely quickly while high-range properties are sitting a bit longer. I was curious when doing the numbers if that would be reflected in the Days on Market. Spoiler alert – it is. The median price point in April was $349,000, so I compared the average marketing time up to $350,000 to those above. The former average is 35 days while the latter is 91, which illustrates the correlation. Of note, 91 is still fairly quick for higher priced homes. It is not unusual for those to sit longer as they have a smaller audience pool, so this is not a red flag. The red flag is still having too low inventory in the more moderate price ranges to provide choices to first time and move-up home buyers, which is disrupting the typical cycle of the market. Homeowners who would like to up or downsize but don’t need to have very low rates on their current mortgages so are sitting tight, causing a stop gap. If you fall under that category, I empathize but would encourage you to take a look at the equity you have currently. It’s human nature to only look at the rate as a deciding factor, but accounting for the new and improved down payment you’ll have with your current equity is also very important. This will often counter balance the increase in per thousand loan costs enough to justify the move. If you would like to learn more, I would encourage you to attend our seminar at White Diamond’s upcoming Home Fair for Sellers and Buyers entitled ‘When Buying and Selling at the Same Time’. I will do a deep dive into all aspects of a transitional move and address specifics such as this. For more information and registration please visit https://www.whitediamondrealty.net/home-fair/ .
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