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 May as compared to 2022.

Current Market

  • 166 Active Residential Properties
  • 210 Contingent Residential Properties
  • 9 Months Inventory = Leaning toward Balanced market

Takeaways 

  • Drop in SFD price is due to shift in inventory more than value drop
  • Don’t let the increased marketing time alarm you
  • Inching toward our typical inventory

Further Thoughts 

I have been going on and on the last few editions about mid-range homes selling so quickly, and last month did a deep dive into the correlation as to the change in marketing time. This month, looking at the decrease in detached sales price, I theorized this is more due to lesser high end sales than actual decline in value. So, guess what I did? Another deep dive to test that conclusion and, spoiler alert, I was right. I compared sales in May of 2022 and 2023 broken down into $100k price blocks up to $500k, then lumped in everything above that. To keep this concise, I’ll summarize sales below and above $400k. In May of 2022 68 units under $400k were sold at an average $242,189; in 2023 54 units sold at an average $251,046. So there was a slight decrease in volume but a slight increase in value to balance things out. Looking at everything above, in 2022 38 units sold while in 2023 only 15. Value went from $606,254 in 2022 to $599,266; not much change in value but a significant one in volume. The moral of this story is, don’t jump to too many conclusions when looking at only a month’s snapshot. Next month we’ll have a more rounded idea of what changes we’re seeing with the quarterly report.

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 info@whitediamondrealty.net, or online at https://www.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 June and Quarter 2 looked! In the meantime, fire up those grills and break out the corn hole. ‘Tis the season of sun and fun …

Written by Melissa Hornbck, Broker