Market Recap First Qtr and April
What’s more fun than reading about market statistics? Reading about TWICE the market statistics, of course! When calculating my month over month for April in Monongalia County I realized I was remiss in not sharing information for the close of the first quarter. Shame on me! This week I will write that wrong (see what I did there?)
Let’s start with the usual by taking a look at last month vs April of 2018. In April of 2018 there were 56 single family homes sold with an average of 113 days on the market. Their average sold price was $237,727 and the median came in at $226,000. As for 2019 we went gangbusters! The units were up 12.5% at 63 and they sold 44.9% faster with 78 days being the average. Price? Average was up 27.9% to $304,048 and median 28.3% to $290,000. Yay us!
Same time period for townhouses and condos was similar with the exception being time on market. The number of units sold was up 22.7% this year from 22 to 27 but the days on market was also up from 93 last year to 104 this year, nut no big deal. That’s a change of 11.8% in case you’re curious. The average sales price surged by 13.5% from $170,615 to $193,659 and the median 8.0% from $174,000 to $188,000. Pretty darn awesome.
Now let’s look at the 1st quarter this year over last year. I like to evaluate these timeframes, as larger pictures are more accurate to the true nature of the year’s market. The wider the swath the more clear the view after all. I’ll do the same breakdown of detached as well as attached homes.
From Jan 1 to March 31st of 2018 in Mon County 130 detached homes sold in an average of 111 days. Their prices were at an average of $271,031 and the median was pegged at $235,000. This year we increased our units by 23.1% to 160 and sold them 9.9% faster at 101 days on market. Price point? Went up on both counts, of course, with the average being 14.4% higher at $310,039 and the median 9.0% higher at $235,000.
Townhouses and condos were a little lower in the units sold dropping 6.9% from 62 in 2018 to 58 in 2019 but all other categories saw improvement! Days on market went down 16.7% from 126 to 108, average sales price rose 11.5% from $178,328 to $198,823 and the median jumped 6.9% from $172,950 to 184,800.
All this illustrates the health and vitality of our local economy and market. Remember all these statistics are from our NCWV Paragon MLS system. Now go spout your knowledge to all your friends! On a final note, to those remembering loved ones lost in our armed forces peace be with you, and know the country joins you in honoring their memory not just this weekend but always. Take care…