Welcome to the Mon County Market Snapshot brought to you by White Diamond Realty.
This month, we’re taking a look at both the March and 1st Quarter markets vs the same timeframes in 2022. Below are the stats:
- 126 Active Residential Properties
- 160 Contingent Residential Properties
- 4 Months Inventory = BALANCED MARKET!
- Typically the 1st quarter is one of our slimmest for closings reflecting the slow down in contracts during the winter months
- When I compared the 1st quarter to 2019 we are more on par with the pre-Covid market
- This is not an apples to apples market comparison
As mentioned in my updates during the pandemic, there was a lull between comparing like-kind markets until we were looking at Covid market vs Covid market. I have the same opinion the 2023 1st quarter is not a fair comparison to 2022, because last year at this time rates had just begun their drastic shift so these numbers from 2022 aren’t reflecting that yet. Given the typical contingency period of 45-60 between a house going under contract and closing, we won’t start seeing a like-kind comparison until at least May. At that time, I’ll be interested to see how much we’re recovering from the ’gut punch’ mortgage rates from late 2nd quarter on.
As for our current market, I’m thrilled to see we are still hovering in a balanced market. At least on paper. In the real world, inventory is still very tight in the mid to low range price points and we’re continuing to have multiple offers within days of properties becoming available. As frustrating as it can be for buyers in that situation, over all this is a positive for our area. Why? Because it illustrates people having the ‘buy’ mindset as opposed to the ‘keep renting’ one, despite the higher rates. Given the real estate industry is one of the strongest drivers of our economy, when people buy houses everybody wins.
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 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 the spring market is blooming. In the meantime break out those lawnmowers, dust off the patio furniture, and get ready to smell the roses…
You can watch Melissa’s stats video to learn more on our Youtube Channel