Wow! What a busy October we have had! Our market is changing with the season and our inventory has increased. Here are the current. stats so you can stay up to date.
Stats pulled on October 31, 2022.
Allegany County, Maryland
Active Residential Homes: 164 homes
Coming Soon Residential Homes: 4
Under Contract: 87 homes
Closed in the Last 30 Days: 65 homes
Average Sale Price: $173,179
Average Days on the Market: 40
Average Sold Price/ Original Price: 94.7%
Garrett County, Maryland
Active Residential Homes: 173 homes
Coming Soon Residential Homes: 1
Under Contract: 56 homes
Closed in the Last 30 Days: 43 homes
Average Sale Price: $542,843
Average Days on the Market: 54
Average Sold Price/ Original Price: 96.8%
Mineral County, West Virginia
Active Residential Homes: 39 homes
Coming Soon Residential Homes: 0
Under Contract: 19 homes
Closed in the Last 30 Days: 25 homes
Average Sale Price: $193,691
Average Days on the Market: 23
Average Sold Price/ Original Price: 95.4%
Hampshire County, West Virginia
Active Residential Homes: 68 homes
Coming Soon Residential Homes: 0
Under Contract: 32 homes
Closed in the Last 30 Days: 24 homes
Average Sale Price: $207,540
Average Days on the Market: 29
Average Sold Price/ Original Price: 92.0%
What does this mean?
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. This shows that there may be more room for buyers to negotiate then there once was.
If you are looking to sell, this is a good time to list before interest rates go up again. Pricing is critical though so make sure your price is realistic or you might find your property sitting on the market or in need of a price reduction. We would also recommend making sure your property is well-maintained prior to hitting the market so the inspection process goes smoothly. Now that it is turning into a buyer’s market again, buyers are looking to negotiate more than they were a year ago.
If you are looking to buy, there may be more room for negotiation! Interest rates are going to continue to rise in the next months so you might want to take advantage of the current rates! Inventory has also increased so you have more to pick from now. 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 market.
We are in need of some specific inventory: farms and sizable tracts of land, building lots and Mineral County homes in the $180k-250k price range. 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 info@mdmountainsidehomes.com
