Welcome to the Mon County MarketSnapshot 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.
126 Active Residential Properties
160 Contingent Residential Properties
4 Months Inventory = BALANCED MARKET!
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
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 $350,00 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…
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