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 May as compared to 2021.
Detached Home Sales
34.7% Decrease in Units from 95 to 62
34.7% Decrease in Marketing Time from 48 days to 38
10.9% Increase in Sales Price from $323,953 to $359,288
Attached Home Sales
23.4% Decrease in Units from 47 to 36
74.7% Decrease in Marketing Time from 75 days to 19
7.1% Increase in Sales Price from $203,807 to $218,375
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 REALTORSâ 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.
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