Fall is here! Surprisingly, fall is a busy time here in Western Maryland and surrounding West Virginia real estate! As we are gearing up for a busy real estate season, here are the current. stats so you can stay up to date.
Stats pulled on September 12, 2022.
Allegany County, Maryland
Active Residential Homes: 154 homes
Coming Soon Residential Homes: 4
Under Contract: 104 homes
Closed in the Last 30 Days: 68 homes
Average Sale Price: $137,203
Average Days on the Market: 28
Average Sold Price/ Original Price: 95.3%
This time last year…
71 homes were closed, the average sale price was $157,473, the average days on market was 32 days and the average sold price/ original price was 97.3%.
Garrett County, Maryland
Active Residential Homes: 153 homes
Coming Soon Residential Homes: 0
Under Contract: 92 homes
Closed in the Last 30 Days: 38 homes
Average Sale Price: $638,247
Average Days on the Market: 35
Average Sold Price/ Original Price: 94.8%
This time last year…
84 homes were closed, the average sale price was $506,194, the average days on market was 45 days and the average sold price/ original price was 96.3%.
Mineral County, West Virginia
Active Residential Homes: 37 homes
Coming Soon Residential Homes: 0
Under Contract: 27 homes
Closed in the Last 30 Days: 25 homes
Average Sale Price: $187,792
Average Days on the Market: 23
Average Sold Price/ Original Price: 95.3%
This time last year…
24 homes were closed, the average sale price was $214,506, the average days on market was 20 days and the average sold price/ original price was 97.5%.
Hampshire County, West Virginia
Active Residential Homes: 66 homes
Coming Soon Residential Homes: 0
Under Contract: 41 homes
Closed in the Last 30 Days: 20 homes
Average Sale Price: $258,426
Average Days on the Market: 38
Average Sold Price/ Original Price: 94.5%
This time last year…
30 homes were closed, the average sale price was $235,693, the average days on market was 18 days and the average sold price/ original price was 98.1%.
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. However, days on the market have decreased and the sales prices have increased over the past twelve months. In comparison to our August update, we have seen more houses go under contract and settle.
What does this mean?
If you are looking to sell, this is a good time to list before interest rates go up again. Pricing is important 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.
If you are looking to buy, this is a competitive time to purchase but there may be more room for negotiation then there was a year ago! Interest rates are going to continue to rise in the next months so you might want to take advantage of the current rates! 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: larger homes (especially with acreage) in the $200,000+ range, sizable tracts of land, building lots and any kind of property in Mineral County. 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]
