Category:january sales update

January 2012 Real Estate Sales - Residential

27 properties sold in January 2011. Sales were up considerably from January 2011 (18) and up from last month’s 20 sales.

Let’s take a look at the rest of the stats:

There are 46 homes under contract right now (46 last month).

The average list vs. ORIGINAL sales price was 78.69% – (last month 87.77%).

The ADJUSTED list vs sale price was 86.67 (last month 91.43%).

The current # of active/for sale listings in MRIS (minus timeshares) is 562, down from last months 598. We have a 20.8 month supply of homes available (minus timeshares) based solely on the January sales numbers. (Last month was a 29.9 month supply).

Random observations:

•5 ‘newer’ homes sold in January (5 years old or less)

•It appears that 18 or so of these sales were vacation homes

•17 homes sold under $300,000 (last month was 14)

•19 homes sold under $400,000 (last month 15)

•1 homes sold over $ 1 million (0 last month)

•1 home sold for higher than full price or at full price (last month was 3)

•One house sold for 65.66% of asking price – 223 Old Crellin Rd

•The oldest home that sold was 102 yrs old (755 Sanders Ln)

•The average age of the homes that sold was 26 years (34 last month)

•3 condo/townhouse properties sold (4 last month)

Here are the statistical breakdowns:

Average Sale Price: $$333,937 (last month $276,290)

Average Days on Market: 250/264 (last month 117/150) (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!

>January 2011 Real Estate Stats - Market Update

Maryland Housing Statistics - December 2009

The official state report of housing stats from December 2009

Garrett County’s sales by units were up by 12% however the prices from the same period last year were off by 35%. This isn’t surprising, as last December we were just starting to witness corrections in the market from the October stock market fiasco. It will be interesting to see how this pays out through the spring/summer months when our market is traditionally strongest.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

January 2010 Home Sales - Garrett County / Deep Creek Lake

A typical slow January month in Garrett County & at Deep Creek Lake with only 9 residential sales (details here). One reason that it’s normally slower in the winter months is that November and December buyers (who will close in January) are typically pre-occupied with the holidays, shopping, etc. Some other reasons include the weather – who in their right mind WANTS to move all of their stuff in the middle of a Garrett County winter if they don’t have to?

Also, the new lending rules that are in place now are causing some previously unforeseen delays with financing, etc. There are 30 ‘contracts’ right now which will presumably close this month or next, so the market conditions are definitely improving some.

This is certainly debatable, but 6/7 of these sales appear to vacation homes or 2nd homes, while the majority are primary residential. This certainly makes a difference in pricing strategies, specifically demand-based pricing.

The average list vs. ORIGINAL sales price is 87.97% (up 3% from December), though the ADJUSTED list vs. sales price is 91.53% of asking price (up 1% from December).

The current number of active/for sale residential listings is 586. 30 of these homes are under contract. This is a net reduction from December 2009 (16 less homes for sale, 7 more under contract). Slowly but surely, our inventory numbers are coming down! Prices have stabilized and are increasing on average over the past few months!

Here are the statistical breakdowns:

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350