Spring is right around the corner and the market is heating up.
Here are the current stats (pulled on 02/19/22) broken down for each county.
Allegany County, Maryland
Active Residential Homes: 126 homes
Under Contract: 98 homes
Closed in the Last 30 Days: 58 homes
Average Sale Price: $123,695
Average Days on the Market: 42
Garrett County, Maryland
Active Residential Homes: 74 homes
Under Contract: 73 homes
Closed in the Last 30 Days: 44 homes
Average Sale Price: $476,676
Average Days on the Market: 44
Mineral County, West Virginia
Active Residential Homes: 24 homes
Under Contract: 19 homes
Closed in the Last 30 Days: 15 homes
Average Sale Price: $162,445
Average Days on the Market: 44
Hampshire County, West Virginia
Active Residential Homes: 35 homes
Under Contract: 34 homes
Closed in the Last 30 Days: 31 homes
Average Sale Price: $217,897
Average Days on the Market: 44
What does this mean?
Since our January update, inventory has dropped down once again. There are just not many homes for sale so when one does get listed, there is a higher likelihood of multiple offers. Since we have had such low inventory for the past year, there have not been homes for all of the buyers trying to take advantage of the low interest rates. Interest rates are still reasonable and a lot of these buyers are still looking for a home.
No need to wait for warmer weather- there are plenty of pre-qualified buyers looking right now so take advantage of it!
What kind of properties are in high-demand right now? Pretty much everything! Family style homes in the $150k-250k range, affordable homes in the $70k-$120k range, homes with acreage, even building lots!
If you are looking to buy, this is a competitive time to purchase but interest rates are still low and new inventory has been hitting the market every week. If you are a first-time homebuyer or have questions about how to succeed in a seller’s market, please feel free to reach out to Mountainside Home Realty and we can provide you information on what a buyer’s agent is and some tips and tricks on how to handle this crazy market.
If you would like to talk to an agent about buying or selling, please reach out to Mountainside Home Realty at 301-722-0190 or email us at [email protected]
