The lot & land market remains flat. There were only 4 sales in all of Garrett County last month. The bright side of that is that sales were up 33% from last month (3 sales total), but the year to date total is 17 lot sales – incredibly low.
325 acres sold for $450,000 (67% of asking price)- that’s bad news for large tracts of land, as the price per acre is approx. $1,385.00.
There was a 2 acre building lot on Glendale Rd that sold for $55,000 – 91% of asking price.
Also, a Deep Creek Lake building lot with a decent lake view sold for $105,000 (62% of asking price).
Railey Realty had 3 of the lots listed, and also sold the same 3 lots – 75% of the lot/land business in April.
I warned you last month that there will be some shocking numbers coming – and I know that trend will continue through the summer.
There are 8 lot/listings currently under contract out of 637 available listings. Both of those numbers have increased since March 2010.
Financing on land remains a HUGE factor with this, as most banks are requiring 30-50% down payment to buy land. If you have the means, there are some incredible deals out there, as you can see. You never know until you make an offer!
Search for available real estate here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
