Last week I wrote about projections for 2019. This week we’ll take a look back at the 2018 market. Ready?
When I analyze real estate data my source is the NCWV multiple listing service, so all sales involved at least one real estate firm and provides a clearer picture of our real estate market. Sales are single family homes only including detached as well as attached structures in Monongalia county only. And ere pulled on January 7th. Now that we have the full disclosure out of the way, let’s do the numbers.
First, the numbers for 2017 then we’ll compare those to 2018 to see how the market changed year over year. In 2017 the number of units sold was 1076 and the average days on market was 96, so on average it took a little over three months to go under contract. The average price of homes sold was $249,733 and the median price was $215,000. The term ‘median’ means half the homes sold for above that price and half sold for below. So, how do these figures compare to 2018?
In 2018 a total of 1008 units sold with an average of 89 days on the market. Our number of units went down 6.32% from 2017 but they sold a little faster, just under three months. The average price homes sold for was $263,926, an increase of 5.68%, and the median sold price was $222,750, a 3.60% increase. That’s pretty impressive for our little hamlet in the hills! To add one more statistic, given the above numbers, our average appreciation rate over the last five years is at 3.53% per year. If you’ve been in your home a few years you may want to get a valuation to have an idea of the equity you hold.
I talk a lot about market and such, but that’s not all we here at the Morgantown Board of Realtors is all about! We are steadfastly involved in our communities as well as local, state, and federal governments. In 2018 our board raised well over $39,000 for various charitable foundations and initiatives such as Scotts Run Backpack program, Pantry Plus More, various food pantries in the tri-county area, Make-a-Wish Foundation, Lindsay Williams Stronger Than Cancer, Bartlett House, Warm Their Hearts, Kassidy’s Korner and more. We also volunteered our time and collected goods for Rosenbaum Family House, MonGeneral, In Touch & Concerned, and other area non-profits. On the political front at the WVAR annual convention which was hosted by us this year, we raised over $40,000 for the Realtor Political Action Committee which is non-partisan and represents the interests and rights of property owners. So next time you run in to your neighborhood Realtor give them a pat on the back a hearty thanks for giving back to the community that gives us their trust and faith in all its real estate needs.
Go forth, do good, and enjoy the week to come. Remember, if you have a topic you’d like me to cover in future columns just ask. I’ll do my best to answer all your pressing real estate queries.