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 2021.
• 133 Active Residential Properties
• 267 Contingent Residential Properties
• 4.2 Months Inventory = Seller/Balanced Market
• Decrease in units coupled with the drop in marketing time shows our market is still tight
• As I’ve stated in the past, the decrease in marketing time for attached is probably skewed
• Market seems to be balancing?
I had the great thrill of attending mid-year legislative meetings for the National Association of REALTORS® last week. Nationally, there is a 5.5 million unit shortage of housing inventory which is the lowest it’s been in this century. So, “tight market” and “low inventory” are not just buzz words. That being said, as with weather there is no national forecast. What is happening in one market does not necessarily apply to another.
At face value, our inventory is balancing. For as long as I’ve practiced in this market we have typically had 4.5-5.5 months of detached inventory and slightly more, around 6-7 months, of attached inventory. We now have 3.7 and 4.7, respectively. But look at the difference between number of active vs. contingent homes. The last couple installments of this ongoing drama series, I’ve noted the difference in our months of inventory when removing the homes that are contingent. I cannot pull historic data on this, but anecdotally it is not typical that nearly 70% of all property listed is under contract. My educated estimate would be closer to 40-50%, and that may be high. We are all hoping for a loosening of the market and it’s possible the arrows are pointing that direction, but we won’t know for sure until it is hindsight.
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 email@example.com, or online at whitediamondrealty.net. Feel free to connect with us on LinkedIn, 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 May market looked! In the meantime, switch those tassels and toss those mortarboards graduates! You’ve earned it.