It’s a beautiful day and the spring market is starting to bloom! Our inventory is still low and we have lots of buyers looking to purchase new homes this spring. Take a look at our real estate update where we break down the stats for each county.
Stats pulled on February 8, 2023.
Allegany County, Maryland
Active Residential Homes: 119 homes
Coming Soon Residential Homes: 2
Under Contract: 50 homes
Closed in the Last 30 Days: 51 homes
Average Sale Price: $135,343
Average Days on the Market: 70
Average Sold Price/ Original Price: 91.2%
Garrett County, Maryland
Active Residential Homes: 118 homes
Coming Soon Residential Homes: 1
Under Contract: 59 homes
Closed in the Last 30 Days: 26 homes
Average Sale Price: $494,060
Average Days on the Market: 77
Average Sold Price/ Original Price: 90.5%
Mineral County, West Virginia
Active Residential Homes: 30 homes
Coming Soon Residential Homes: 0
Under Contract: 25 homes
Closed in the Last 30 Days: 15 homes
Average Sale Price: $203,573
Average Days on the Market: 43
Average Sold Price/ Original Price: 92.8%
Hampshire County, West Virginia
Active Residential Homes: 52 homes
Coming Soon Residential Homes: 0
Under Contract: 27 homes
Closed in the Last 30 Days: 17 homes
Average Sale Price: $207,429
Average Days on the Market: 59
Average Sold Price/ Original Price: 88.6%
An important stat to pay attention to is the average list to sale price. This shows how close the house sold to its original listing price. Over the last year, we have seen this percentage decrease meaning sellers are not getting as close to what they originally asked for.
What does this mean?
If you are looking to sell, why wait until March? Inventory is currently very low and buyers are out there looking! We are seeing homes reducing their price and sell below the original list price so pricing is still critical as the market slows down after 2020-2022.
If you are looking to buy, you have more room to negotiate! If you are a first-time homebuyer or have questions about how to succeed in this 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 changing market.
We are in need of some specific inventory: Mineral County homes in the $100,000 to $500,000 range, homes (especially with acreage) in the $200,000+ range, sizable tracts of land suitable for building and/or recreation, and fixer uppers in the Cumberland and Mineral County areas. If you have been thinking of selling anything fitting this description, please let us know!
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].
