Podcast - February 10, 2023

Tom Whalon:
I'm Tom. and Jay Day of Jay Day and the Day Home Team of Real Estate Teams Weekly Real Estate Podcast airing the Friday before Super Bowl Sunday, Kansas City Chiefs, Patrick Mahomes, Philadelphia Eagles, and that great big angry city in Jalen Hertz. You got to pick for this game, Jay.

Jay Day:
I know Mahomes has a little bit of an injury, so I'll say the Eagles.

Tom Whalon:
This is kind of a pickman, this one I do believe.

Jay Day:
Yeah, I think it's going to depend on what's going on at the day and how it should be. I don't picture it being a blowout. I think it's all going to depend on how Mahomes is handling things.

Tom Whalon:
I don't really have a dog in a fight, but due to my job Monday morning we'll be talking about all the Superbowl commercials in the broadcast and all this things. So I'm kind of obligated to at least take in the broadcast.

Jay Day:
So who are you calling for? Oh man,
Who do you think, man, I didn't know you were going to ask me that, but

Tom Whalon:
Hey, you put me on the spot. So
I like the Philly man. I'm all East Coast. Okay. If it's Baltimore, Philly, New York, Boston, Washington. I'm East Coast teams all the way.

Jay Day:
So either we'll both be right or we'll both be wrong.

Tom Whalon:
Both be hey, no matter what. Monday's coming anyway. Yep. All right. So real estate baby, what's going on in the market? We got some stats this week.

Jay Day:
We do and it's really interesting, Tom, because again, we're still seeing stuff online. They're talking about inventory is increasing, all of this stuff, and that's on the national level. So let's break it down and see what's happening here locally. And I'm give a broad overview for every county, but I'll go into some details in Frederick County. So bear with me During the Frederick County side, it's going to be a lot more drilling down. So coming soon last month there were only 20 homes that were in coming soon. Right now we've got 37. So we have a couple more homes coming on the market. When we look at what's active though, last time we chatted a month ago, we had 194. We're down to 139, so that's a big drop. And then get, this is a big number contract. Last month we were at 173 this month, 259. So if we only have 139 homes available and 259 went under contract, we're looking in a situation where we do not even have a month supply of inventory. Again, we're back down to

Tom Whalon:
To where it is a seller's market right now.

Jay Day:
Yeah, I mean homes taken off the market. There were 95 of them in the last 30 days sold. Now this is interesting, and again, it all depends. The media can put a spin on things however they want. So when we say sold, let me just be clear, sold means they've actually closed. Transaction is done. It's over A typical estate transaction from the time it goes under contract to sold is about 30 to 45 days. So earlier when I said we had 259 contracts, those are homes that went under contract. They're under contract, but they have not closed yet. Sold. We were down. However, we were down to 141 from 224, but remember the ones that sold came from the stuff from January and December. So of course that number's going to be lower. And what shows us the indication of what's going on with the market is if we had sold at 141 and our contract number was down there or the contract number was lower, then we could see a downward decline. But instead, so a month from now, we should probably see at least 240 closings for the last 30 days, which is going to be about a hundred more than what we are we're showing right now.

Tom Whalon:
All that actually made sense to me. Jay.

Jay Day:
Starting to learn, right?

Tom Whalon:
Well, if I'm starting to learn, but if you didn't catch it all, that's why you called Jany and his team.
Jay Day
Oh Yeah. And one of the other interesting things I want to point out too is when we look at the homes that were active on the market a month ago, it was 42 days of being on the market. Now we're down to 28 days still up from pandemic numbers. But if you're priced right, things can move quickly. When we go to under contract, we were at 20 days before, now we're 17. So if you're pricing your home properly, your home should still go under contract in less than a month, in really less than three weeks in Frederick County. Now, the average price went up on the homes under contract. It was, I'm sorry, median price. It was 3 95, now it's 400 for the homes. It's sold. Again, we're we're down, but I think we're going to see an upward trend on that one. Now, for the homes that sold above list, we had 29% of the homes that actually settled, sold for over asking price. Does that sound like a buyer's market to you? No,
No, that's the seller's market.

Jay Day:
Yeah. Then sold Below list, that was 39%. However, those people were testing the market as we talked about and sold at list that this is a real interesting stat right here. 45 of the homes sold at at list Price and at the median list price was $399,000 and it only took 12 days. So what does that tell you? If you price your home properly, it will sell for the correct price in less than two weeks. Again, that is still a very hot market for the seller side. Now, Carroll County, we're seeing similar things. We've got homes that were active, we're down, we were at 137, now we're down to 93 contract. We were at 121, now we're at 158. So again, if we look at what's under contract, 158 and only 93 active, we're in a situation where we don't have a month supply of inventory.
Again when we look at what's sold, that was down just a little bit, 98 to 88. Again, that's sort of normal. We're going to see that sold number increase dramatically based on what's under contract there. We had a situation where 60% of the homes that sold in the last 30 days in Carroll County sold for over asking price. So that's hot, man. Yeah, I mean, this is the reality. Now, Washington County, we were at a 136, 135 active homes. Now we're down to a hundred under contract. We were 117, we're up to 137. So again, Washington County, we have under a month supply of inventory. The homes that sold dropped a little bit, but again, that's been sort of typical in the area. Then we'll go over, we'll look at in West Virginia, Jefferson County Active Homes, we went from 85 to 55, huge drop in homes that are available.
Ridiculous drop Now contract, we went from 53 to 87, so again, we're going to look 87 homes under contract, only 55 available. We have under a month supply of inventory again in Berkeley County homes that sold, it dropped from 42 to 37. That's very, very minor. And again, that's what we were sort of expecting. Now, interesting thing out there was and this one sort of didn't make sense to me, to be honest with you, sold above list, 21% of the home sold for more than as 62% sold below asking. So it's almost like people just, they might have priced a little higher, might have been a little more willing to negotiate because typically you won't see homes selling below list when you have such a small amount and a lower inventory. So that'll be interesting to see how that plays out. Berkeley County, we are down from 160 homes to 121 that are active contract get, this is one of the only ones that had a change.
We had 129 under contract before we're at 167. We went from 95 homes that sold to 89, and we're looking at again, we have under a month supply of inventory there as well. Now we'll go over to our friends in Pennsylvania Adams County, we were at 91 homes active. We're down to 84. So just a small change there. Contract, we went from 76 to 97. Again, the numbers we're looking at are 97 homes under contract, 84 active. So again, we're at under a month supply of inventory homes that sold, we went from 68 to 55. Again, nothing crazy there. And then let's round out and end up with Franklin County. Franklin County had 153 homes on the market. Were down to 112 contract. We went from 129 to 156. So again, 156 homes under contract, only 112 available under a month. Supply of inventory. I mean, every county that we've discussed has under a month supply of inventory.
If you listen to the national news, they're going to tell you there's on average about three months or so of inventory available. Not the case for our market. We are not. Be careful what you listen to in the media because it's not always true. Sold. Those numbers dropped like we talked about. Now, interesting. Sold above list for Franklin County, 23% sold below list 42% and sold at list 35%. So there's a lot of stuff that's happening. There's a lot of moving parts. One of the other stats, let me just throw this out there too. Franklin County, when homes that sold the last time we chatted, 38 of those gave closing help. Now the most recent 30 days, it dropped from 38 to 32 in Adams County. It dropped from 11 to 6 in Frederick County, it dropped. This is huge. It dropped from 107 people, sellers helping to pay buyers closing costs down to 54.
That's a big, big difference. So I mean, it helps sellers. Yeah, it does. It helps the sellers here. I mean, the message I'm trying to get out to you, everyone is, if you're thinking about selling, don't be just deterred by what you're hearing in the national news. And if you're thinking about buying, there was a great window, and if we go back, I'm sure we can go back and listen to the podcast. I'm like, we're in a sweet spot right now. There's seeing a little bit of a change, and now what's happened from the last time we talked about these stats is realistically the sellers, it's about 50% of them have dropped in giving, closing help from what they did the month prior. And there are more homes that are selling for over asking price. So if you're been on the fence and you keep waiting for this crash, this drop, this change.
I mean, we're showing, we had a small little glimpse of a slowdown, but it did not last very long, and we're getting ready to head into the busier season in real estate. I would not continue to sit on the couch and wait it out. If you really want to own something, there's no disadvantage of doing it now. We, it's still better now than it was a year ago. So we are in a little bit better situation there. If you have any questions, just reach out to us. We're here to answer questions. There's no obligation. We're here to try and see what makes the most sense for you, and if it makes sense to do something, that's a decision you make. We just are the messengers and give you the information so that you can digest it. Think about it. And like I said, we're right here.
Our office is right in Frederick. We're right by the airport. You can come in, we'll do a consultation, we'll talk through everything, give you all the details, and if it makes sense, we'll be happy to help you. Now. If it doesn't make sense for you to do anything for a few years, we'll be happy to help you then. Got it home of the week. I do. This is one we've had on before. It's a unique property 5015 Old Hanover Road in Westminster. Currently, part of the property is being farmed you. It's 8.36 acres. It's a ranch style home. It's beautiful. One of the really neat things is this is an energy efficient, custom built rancher, and it's all brick. It has geothermal heating and cooling. Now, I was just in Iceland. Geothermal heating is no joke. It will smoke you out and heat you up like nothing else, I've never experienced anything like that. Is this

Tom Whalon:
Is this not solar heating?

Jay Day:
No, it's geothermal. What's all coming from the earth? Very, very expensive to put in. The beauty of it is you don't have to worry about putting it in. It's in this home is gorgeous, got a lot of land. You can continue to let the farmer rent that or you could decide to do a little farm at yourself. Maybe instead you, or maybe you want to have horses. Lots of opportunities, and if you're looking for main level living, it's a sprawling house. I mean, for a ranch plan, it's 2,372 square feet on one level, so there's plenty of space. If you want to check it out, go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. You'll see video. If you like what you see, click, click the button on there that you want to schedule a showing and one of our team members will be happy to get you in for a private tour. I'm Tom. I'm Jay with the Weekly Real Estate podcast. Thank you for listening. Tell all your friends.