Backs to Garrett State Forest! 15.43 acres with a ~30×60 pole building in coveted Youghiogheny Mountain Resort. Community has over 2,400 acres and over 50 miles of ATV, snowmobile and hiking trails. Private access, mostly wooded but not too remote – 4G cell service at property. Electric close by. Plenty of storage for all of your outdoor vehicles, campers, etc. The perfect getaway!
| Property Type: Vacation Rental | ||
| 5 | 4 Full | |
| 17,486 Sq. Ft. | 2,856 (approx) | 2007 |
| 3 | ||
| Bathrooms | |||
| 4 | |||
WASHINGTON (May 22, 2012) – Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.
Lawrence Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”
Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month supply2 at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply; the record for unsold inventory was 4.04 million in July 2007.
“A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions,” Yun said. He notes some areas with tight supply include the Washington, D.C., area; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. “We expect stronger price increases in most of these areas.”
The national median existing-home price3 for all housing types jumped 10.1 percent to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1 percent annual improvement. “This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun said. “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”
Distressed homes4 – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011. Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said home buyers should look into financing in the early stages of their search process. “With the tight lending environment it’s a good idea to consult with a Realtor® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home,” he said. “It helps to go into the process knowing what it takes to succeed.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.91 percent in April from 3.95 percent in March; the rate was 4.84 percent in April 2011. Last week the 30-year fixed rate dropped to a record weekly low of 3.79 percent; record keeping began in 1971.
First-time buyers rose to 35 percent of purchasers in April from 33 percent in March; they were 36 percent in April 2011.
All-cash sales fell to 29 percent of transactions in April from 32 percent in March; they were 31 percent in April 2011. Investors, who account for the bulk of cash sales, purchased 20 percent of homes in April, compared with 21 percent in March and 20 percent in April 2011.
Single-family home sales rose 3.0 percent to a seasonally adjusted annual rate of 4.09 million in April from 3.97 million in March, and are 9.9 percent higher than the 3.72 million-unit pace a year ago. The median existing single-family home price was $178,000 in April, up 10.4 percent from April 2011.
Existing condominium and co-op sales increased 6.0 percent to a seasonally adjusted annual rate of 530,000 in April from 500,000 in March, and are 10.4 percent above the 480,000-unit level in April 2011. The median existing condo price was $172,900 in April, which is 8.1 percent above a year ago.
Regionally, existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.
Existing-home sales in the Midwest increased 1.0 percent in April to a pace of 1.03 million and are 14.4 percent above April 2011. The median price in the Midwest was $141,400, up 7.4 percent from a year ago.
In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April and are 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.
Existing-home sales in the West increased 4.4 percent to an annual pace of 1.18 million in April and are 7.3 percent above April 2011. The median price in the West was $221,700, a surge of 15.9 percent from a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
More here.
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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!
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March 15, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums improved from January to February in Maryland while home prices edged downward but still remained above last year’s levels according to the latest housing data from the Maryland Association of Realtors® (MAR).
An estimated total of 3,255 existing single-family homes and condos were sold in the Old Line State in February. That was 5.9 percent higher than the 3,074 homes sold in January and 2.4 percent higher than the 3,179 homes sold in February 20http://www.blogger.com/img/blank.gif11.
The median sales price for an existing home in Maryland fell by 3.3 percent in February to $212,301, down from $219,500 in January, but was still 2.0 percent higher than the median price of $208,238 in February of last year.
Of the 24 counties that provide data for the monthly report, 14 of the counties reported gains in home sales over the previous year with Garrett County (+77.8 percent) reporting the largest increase while Somerset County (-72.4 percent) posted the largest monthly decline in sales.
More here.
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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!
16 properties sold in February 2012. Sales were up considerably from February 2011 (9). In fact, this is the best February we’ve had in 5 years:
February 2012 – 16
February 2011 – 9
February 2010 – 6
February 2009 – 8
February 2008 – 18
Go figure – one of the worst winters on recent record and we have a great end-of-winter run. Perhaps we’re turning another corner? I blogged the other day about the 42 year high for the Housing Affordability Index – great info.
Let’s take a look at the rest of the stats:
There are 48 homes under contract right now (46 last month).
The average list vs. ORIGINAL sales price was 82.16% – (last month 78.69%).
The ADJUSTED list vs sale price was 89.82 (last month 86.67%).
The current # of active/for sale listings in MRIS (minus timeshares) is 575, up from last months 562. We have a 35.93 month supply of homes available (minus timeshares) based solely on the February sales numbers.
Random observations:
•1 ‘newer’ home sold in February (5 years old or less)
•It appears that 12 or so of these sales were vacation homes
•8 homes sold under $300,000 (last month was 17)
•12 homes sold under $400,000 (last month 19)
•0 homes sold over $ 1 million (1 last month)
•0 homes sold for higher than full price or at full price (last month was 1)
•One house sold for 58.06% of asking price – 4396 Kempton Rd
•The oldest home that sold was 112 yrs old (4396 Kempton Rd)
•The average age of the homes that sold was 27 years (26 last month)
•5 condo/townhouse properties sold (3 last month)
Here are the statistical breakdowns:
Average Sale Price: $278,250 (last month $333,937)
Average Days on Market: 199/227 (last month 250/264) (days on market with current broker/total days on market)
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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!
>25 homes sold in the month of June 2011 at Deep Creek Lake & Garrett County. Compared to last June, we were 7 sales short. A big part of this was the federal tax incentives to purchase & close on a home by June 30, 2010. All in all, the numbers this month are still very strong by comparison. The average sales price of homes last month was $495,235 – the highest it’s been in quite some time & over $250,000 HIGHER than last month! Is that the end-all stat of the year? No – but it’s still good news.
Let’s take a look at the rest of the stats:
There are 56 homes under contract right now (53 last month).
The average list vs. ORIGINAL sales price was 81.77%, down from last month (82.43%).
The ADJUSTED list vs sale price was 88.28%, same as last month (88.28%).
The current # of active/for sale listings in MRIS (minus timeshares) is 780, up from last months 764. We have a 31 month supply of homes available (minus timeshares) based solely on the June sales numbers. This number is up from last month’s 28 month supply.
Random observations:
•3 ‘newer’ homes sold in June (5 years old or less)
•It appears that 13 or so of these sales were vacation homes
•13 homes sold under $300,000 (last month was 21)
•14 homes sold under $400,000
•5 homes sold over $ 1 million (5 homes @ $1mil is a HUGE part of that $495k+ average sales price)
•2 homes sold for higher than full price or at full price (last month was 2)
•One house sold for 18.31% of asking price – 123 Center St W (this really skews the numbers but I left it in – the sellers sold to a family member for a tremendous discount – not an arms length transaction, but it’s a sale)
•The oldest home that sold was 97 yrs old
•The average age of the homes that sold was 23 years (33 last month)
•1 condo/townhouse properties sold (3 last month) Watch this stat, as FHA just released new lending guidelines requiring, among other things, at least 50% owner occupied units in condo/townhouse projects – coupled with stricter lending limits on condo-hotels like Will o the Wisp, Wisp Hotel, & Silver Tree Suites. I am not aware of any condo communities at Deep Creek Lake that have 50% owner occupancy – maybe Laurelbrook?
Here are the statistical breakdowns:
Average Sale Price: $495,235 (last month $236,087)
Average Days on Market: 185/246 (last month 200/260) (days on market with current broker/total days on market)
Here’s a little something extra – more in depth stats by price range, from our friends at RBIntel. These stats are updated daily, not monthly and include timeshares. So, our numbers will differ slightly.
If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.
The average list vs. ORIGINAL sales price was 82.50%, down from last month (88.88%).
The ADJUSTED list vs sale price is 89.53% – also down from last month (93.22%).
The current number of active/for sale residential listings (minus timeshares) is 791 as of today, up from last month. We are still gaining more inventory than we are selling and this will continue to drive down prices from a supply and demand standpoint. With current state of affairs, this is a number that is unlikely to come down anytime soon. That’s a 30 month supply of homes available, which is a very challenging stat to overcome. Looking beyond those numbers will lead you to the understanding that we are at least a 50% or so vacation home market and our sales are seasonal, unlike Florida or Arizona where the weather is nice almost all year long. But still, 30 month supply is a lot.
Average Sale Price: $321,685 (last month $448,350) – the $3.5 million dollar sale tweaked this last month
Average Days on Market: 150/302 (last month 177/241) (days on market with current broker/total days on market)
April was a better month for real estate sales at Deep Creek Lake & Garrett County, Maryland. Out of the 17 total sales in April 2010 (up one from last month and ironically, one from last year during the same period), 6 of those sales were for full price – or higher! That seems much more like the real estate market that Deep Creek Lake & Garrett County sellers were accustomed to seeing a few short years ago. My interpretation of this is that sellers, buyers & agents alike are starting to get on the same page in terms of pricing. Prices have come down – everywhere. Now, the buyer activity seems to be picking up, as well. I’ve had more buyer calls about property in the last 2 weeks than….well, it’s been a while. People are looking to buy again. And there are some great deals out there.
There are 49 properties currently under contract compared to 44 last month.
9 of the 17 sales appear to me to be vacation homes, or at least in the Deep Creek Lake area. The rest seem to be primary residential homes.
The average list vs. ORIGINAL sales price was 70.67%, up 1% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this a few months ago. Sellers are starting to get the picture now, and those who can afford to sell for less, are.
The ADJUSTED list vs sale price is 90.47% – up again from last month. Once the market reacts and adjusts to prices & competition, the Realtors who assist in pricing property can adjust the asking price of properties for sellers who are willing & able to react. This number is a very telling stat – it shows that we are starting to narrow in on the price points for the local real estate market. The best evidence of this stat I can offer is that the 6 sales that were full price or higher. We are narrowing in on the true market values.
The current number of active/for sale residential listings is 665 as of today. This is up from last month (605) and will continue to grow as the spring and summer continue. April & May are huge listing months in Garrett County & Deep Creek Lake – this year is no different. I fully expect 700+ listings by this time next month.
Here are the statistical breakdowns:
Average Sale Price: $332,294 (last month) $404,031
Average Days on Market: 219/219 (last month 220/275) (days on market with current broker/total days on market)
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
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
Existing-home sales rose 6.8% in March, slightly more than economists had expected, to a 5.35 million annual rate. First-time buyers purchased 44% of all homes, lured by the government’s tax-credit program. The supply of unsold homes fell to eight months, down from 8.5 in February.
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
The nasty weather definitely had an adverse affect on the local real estate market in February with only 6 residential settlements. It’s next to impossible to show and sell houses with 5-10 foot drifts at residential homes, let alone vacation homes which may not have seen a snowplow in weeks!
There are signs of a stronger spring ahead of us, as there are 33 ‘contracts’ in place which will close over the coming months and the economic indicators for the country are improving.
3 of the 6 sales were Deep Creek Lake area, and the other appear to be primary residential.
The average list vs. ORIGINAL sales price is 79.34% (down from January), though the ADJUSTED list vs. sales price is 88.31% of asking price (also down from January). There was at least one foreclosure/bank owned property included in these stats, so that often skews the numbers somewhat.
The current number of active/for sale residential listings is 575. 33 of these homes are under contract. This is a net reduction from January 2009 (11 less homes for sale, 3 more under contract). Slowly but surely, our inventory numbers are continuing to decrease! Expect an increase of homes on the market in the spring, when more people historically decide to test the waters. Prices have stabilized and are increasing on average over the past few months!
Here are the statistical breakdowns:
Average Sale Price: $309,200
Average Days on Market: 164/296 (days on market with current broker/total days on market)
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
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