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 July as compared to 2021.
Detached Home Sales
42.47% Decrease in Units from 118 to 68
27.8% Decrease in Marketing Time from 36 days to 26
5.2% Decrease in Sales Price from $380,037 to $360,442
Attached Home Sales
23.4% Decrease in Units from 47 to 36
11.8% Decrease in Marketing Time from 17 days to 15
2.7% Increase in Sales Price from $223,663 to $229,771
162 Active Residential Properties
190 Contingent Residential Properties
7 Months Inventory = Seller’s Market
First significant decrease in unit and sales price for the detached category in ages
Still a Seller’s market
This looks like a normal July
If you recall in my June update, I noted seeing a decrease in activity which is typical for the summer market but wondered if that would reflect in the numbers. It clearly has. These numbers may look alarming, but they’re not. Mid-June through mid to late August are typically slower, similar to the holiday months, because people are busy doing summer things and who the heck wants to move in this heat? Inventory continues to be very tight, so we are still reflecting a Seller’s Market but I’m glad to see a bit of a normalization with unit sales. To dig a bit deeper ,I looked back at unit sales in July of 2019 which were 87 and 39 respectively. We are a bit behind even 2019 but far closer to what we would typically expect for unit sales.
I have been asked quite a few times lately if I’m noticing a change in the market due to the rising interest rates. The short answer is ‘no’, but only because our inventory is still low, so it’s hard to see the nuances when looking at the overall market. To be able to answer more intelligently I did a deeper dive into specific price ranges, and we are seeing a difference in volume in the sectors below $300k, which is most logical given the higher impact rates would have on that demographic. For the full scoop visit our YouTube channel to see the video. (If you’re reading this online click here…)
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 firstname.lastname@example.org, 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 August rounded out our summer! In the meantime, slow down and watch for those kiddos heading back to campus and back to school. Because they’re not watching for you…