Happy Holidays! As we come closer to the end of the year, we wanted to provide a comprehensive market update for homeowners and buyers in the Western Maryland and nearby West Virginia area.
Stats pulled on November 28, 2022.
Allegany County, Maryland
Active Residential Homes: 159 homes
Coming Soon Residential Homes: 2
Under Contract: 92 homes
Closed in the Last 30 Days: 45 homes
Average Sale Price: $125,594
Average Days on the Market: 51
Average Sold Price/ Original Price: 91.1%
This time last year…
75 homes were closed, the average sale price was $150,601, the average days on market was 34 days and the average sold price/ original price was 93.2%.
Garrett County, Maryland
Active Residential Homes: 157 homes
Coming Soon Residential Homes: 0
Under Contract: 55 homes
Closed in the Last 30 Days: 26 homes
Average Sale Price: $447,735
Average Days on the Market: 31
Average Sold Price/ Original Price: 95.4%
This time last year…
49 homes were closed, the average sale price was $571,227, the average days on market was 89 days and the average sold price/ original price was 94.7%.
Mineral County, West Virginia
Active Residential Homes: 42 homes
Coming Soon Residential Homes: 1
Under Contract: 22 homes
Closed in the Last 30 Days: 12 homes
Average Sale Price: $174,251
Average Days on the Market: 31
Average Sold Price/ Original Price: 93.9%
This time last year…
26 homes were closed, the average sale price was $173,429, the average days on market was 34 days and the average sold price/ original price was 96.1%.
Hampshire County, West Virginia
Active Residential Homes: 68 homes
Coming Soon Residential Homes: 0
Under Contract: 39 homes
Closed in the Last 30 Days: 12 homes
Average Sale Price: $202,792
Average Days on the Market: 27
Average Sold Price/ Original Price: 92.6%
This time last year…
32 homes were closed, the average sale price was $214,906, the average days on market was 29 days and the average sold price/ original price was 97.7%.
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, pricing is critical in this market. If you list your home too high, it has the potential to sit on the market for several months and you could be looking at significant price reductions.
If you are looking to buy, you have more to look at then you did last year at this time. There are more homes on the market and there is more room for negotiation. On one hand, interest rates are going to continue to rise in the next months but, on the other, excess inventory is lowering the price of homes. 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 crazy market.
We are in need of some specific inventory: homes (especially with acreage) in the $300,000+ range, sizable tracts of land, and fixer uppers. 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]
