market update – Page 2 – Jay's Real Estate Blog

November 2011 Real Estate Market Update – Residential

29 properties sold in November 2011. Sales were up considerably from November 2010 (22 sales), but couldn’t hold pace with last month’s 36 home sales.

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

There are 58 homes under contract right now (69 last month).

The average list vs. ORIGINAL sales price was 81.51% – (last month 83.89%).

The ADJUSTED list vs sale price was 90.56 (last month 90.35%).

The current # of active/for sale listings in MRIS (minus timeshares) is 712, down from last months 728. We have a 24.55 month supply of homes available (minus timeshares) based solely on the November sales numbers. (Last month was a 20.2 month supply).

Random observations:

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

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

•19 homes sold under $300,000 (last month was 19)

•19 homes sold under $400,000 (last month 25)

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

•1 home sold for higher than full price or at full price (last month was 2)

•One house sold for 79.16% of asking price – 196 Main St

•The oldest home that sold was 112 yrs old (8736 George Washington Hwy)

•The average age of the homes that sold was 37 years (35 last month)

•4 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $399,020 (last month $309,621)

Average Days on Market: 191/208 (last month 174/224) (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!

877-563-5350 – toll free

September 2011 Real Estate Sales Statistics – Residential

36 homes sold in September 2011, down slightly from September 2010, where we sold 39 homes and up from August, where we sold 31 homes.

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

There are 67 homes under contract right now (73 last month).

The average list vs. ORIGINAL sales price was 82.04% – down from last month (85.39%).

The ADJUSTED list vs sale price was 88.43%, also down from last month (92.91%).

The current # of active/for sale listings in MRIS (minus timeshares) is 738, down from last months 785. We have a 20.5 month supply of homes available (minus timeshares) based solely on the September sales numbers. This number is down significantly from last month’s 25.32 month supply.

Random observations:

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

•It appears that 20 or so of these sales were vacation homes

•20 homes sold under $300,000 (last month was 19)

•25 homes sold under $400,000

•1 home sold over $ 1 million (1 home last month)

•1 home sold for higher than full price or at full price (last month was 4)

•One house sold for 70.79% of asking price – 143 Walnut St in Friendsville

•The oldest home that sold was 121 yrs old

•The average age of the homes that sold was 31 years (32 last month)

•8 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $359,760 (last month $292,561)

Average Days on Market: 210/314 (last month 201/224) (days on market with current broker/total days on market)

877-563-5350 – toll free

September 2011 Lot/Land Sales

4 lot/land sales in Garrett County in September 2011.

There are currently 584 lot/land listings in Garrett County. There have 62 sales so far this year, as of today.

Here’s a quick look at the September sales:

HOYE CREST DR 4 ACRES GA7212408 $28,000
LOT 19 NORTH GLADE MEADOWS 3.36 ACRES GA7437327 $29,000
MOSSER RD LOT 2.48 ACRES GA7588229 $25,000
BECKMAN’S PENINSULA 1.18 ACRES 101′ LAKEFRONT GA7621659 $525,000

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.

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

August 2011 Real Estate Market Update – Deep Creek Lake & Garrett County MD

31 homes sold in August, down slightly from August 2010, where we sold 32 homes and up from July, where we sold 24. It was one of the better months we’ve had recently, and low interest rates should continue to fuel real estate growth.

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

There are 73 homes under contract right now (64 last month).

The average list vs. ORIGINAL sales price was 85.39% – down from last month (88.25%).

The ADJUSTED list vs sale price was 92.91%, up from last month (91.58%).

The current # of active/for sale listings in MRIS (minus timeshares) is 785, down from last months 810. We have a 25.32 month supply of homes available (minus timeshares) based solely on the August sales numbers. This number is down significantly from last month’s 33.75 month supply.

Random observations:

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

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

•19 homes sold under $300,000 (last month was 13)

•23 homes sold under $400,000

•1 home sold over $ 1 million (2 homes last month)

•4 homes sold for higher than full price or at full price (last month was 2)

•One house sold for 79.91% of asking price – 19 Maruca Dr

•The oldest home that sold was 101 yrs old

•The average age of the homes that sold was 32 years (23 last month)

•7 condo/townhouse properties sold (5 last month)

Here are the statistical breakdowns:

Average Sale Price: $292.561 (last month $404,750)

Average Days on Market: 201/224 (last month 163/190) (days on market with current broker/total days on market)

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.

877-563-5350 – toll free

August 2011 Lot & Land Market Update

11 lot/land sales in Garrett County in August 2011.

There are currently 607 lot/land listings in Garrett County. There have 62 sales so far this year, as of today.

Here’s a quick look at the August sales:

More Moss Creek subdivision have now sold. 3 sales in August ranging from $20,000-$24,000 each. A few building lots sold in North Glade Meadows & the 11 ac ‘Shingle Rocks’ development off Stockslager Rd sold. Check the .pdf for the prices on the lot sales below:

SOLD GA7475877 Sand Flat Rd
SOLD GA7475885 Hunters Ridge Dr
SOLD GA7475894 Hunters Ridge Dr
SOLD GA7437309 Lot 8 North Glade Meadows
SOLD GA7437321 Lot 16 North Glade Meadows
SOLD GA7579554 Birchwood Dr
SOLD GA7679728 18 Aspen Court
SOLD GA6747177 Negro Mountain
SOLD GA6747178 Negro Mountain
SOLD GA7144802 123 Stockslager Rd
SOLD GA7617054 4 Grand Estates Dr

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

July 2011 Real Estate Market Update – Residential

24 homes sold in the month of July 2011 at Deep Creek Lake & Garrett County. Compared to last July, we were only 2 sales short. We are only down one transaction from June 2011 – overall, I think that’s great. I believe that the vacation rental market trending down over the month of June in the past few years has an effect on the July sales numbers. If people aren’t here on vacation, they aren’t buying homes. Same thing for primary residential homes – kids are in school, sports & activities later and later every year. Of course, the market is changing, too. But, people are still buying real estate at Deep Creek Lake & in Garrett County.

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

There are 64 homes under contract right now (56 last month).

The average list vs. ORIGINAL sales price was 88.25% – UP a whopping 6.5% from last month (81.77%).

The ADJUSTED list vs sale price was 91.58%, up more than 3% from last month (88.28%).

The current # of active/for sale listings in MRIS (minus timeshares) is 810, up from last months 780. We have a 33.75 month supply of homes available (minus timeshares) based solely on the July sales numbers. This number is up from last month’s 31 month supply.

Random observations:

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

•It appears that 17 or so of these sales were vacation homes

•13 homes sold under $300,000 (last month was 13)

•13 homes sold under $400,000

•2 homes sold over $ 1 million (5 homes last month)

•2 homes sold for higher than full price or at full price (last month was 2)

•One house sold for 68.92% of asking price – 122 Sand Spring Rd

•The oldest home that sold was 74 yrs old

•The average age of the homes that sold was 23 years (23 last month)

•5 condo/townhouse properties sold (1 last month)

Here are the statistical breakdowns:

Average Sale Price: $404,750 (last month $495,235)

Average Days on Market: 163/190 (last month 185/246) (days on market with current broker/total days on market)

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.

877-563-5350 – toll free

>June 2011 Market Update – Lot & Land Sales

13 lot/land sales in Garrett County in June 2011.

There are currently 610 lot/land listings in Garrett County. There have been 44 sales so far as of today, so we are a little over 7 sales on average per month.

Here’s a quick look at the June sales:

As of our sales meeting this morning, all of the developer lots that we had listed in Moss Creek subdivision have now gone under contract or sold. The stream ‘Deep Creek’ has its start in the middle of this community – and lots were selling for $5k an acre, some better.

23 Cedar Ln – building lot in Yough Mountain Resort sold for $10,000

2.5 acre building lot in Serenity Estates in Grantsville sold for $39,000

3 lots at Roman Nose Spa with a tear-down house sold for $40,500 (estate sale)

1 acre building lot in Maple Del (Mayhew Inn Rd near Deep Creek Lake) sold for $25,000

Someone got a great deal on lake access lot with dock off Glendale Rd @ Sand Stones on the Lake $125,000

26.52 acres (steel building improvement) on Brobst Rd in Accident sold for $159,000

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>June 2011 Market Update – Homes – Residential

>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.

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>May 2011 Land Sales – Market Update

9 lot/land sales in Garrett County in May 2011. Financing for lots is difficult to find nowadays, certainly with less than 30-50% down. That, coupled with the huge supply of homes available, continues to affect lot/land prices.

There are currently 602 lot/land listings in Garrett County. There have been 32 sales so far this year, so we are a little over 5 sales on average per month.

Here’s a quick look at the May sales:

.62 acre building lot on S 8th St in Oakland (commercial or residential zoning) sold for $3,000 – asking price was $5,000.

6.5 acres on Sand Flat Rd at Moss Creek – sold for $25,000. Many lots in this subdivision recently dropped asking prices in half, and then sold for a little more than half of that price.

3 lots sold in the Pleasant Valley subdivision of Swan Meadow – $70,000 each for 10 acres.

69 acres on Sanders Lane (near Herrington Manor) sold for $155,000

Lot 26 at North Camp (Wisp ski front community) sold for $250,000

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>May 2011 Real Estate Market Update

>
May sales numbers were up over April – 27 total sales in May 2011. We’re up 10 sales over last May, when there were only 17 transfers.

The median sales price was down by over 34% – but, looking closer at that number, more primary residential homes sold in May than normal. There were 14 sales under $200k – that really skews the numbers. Couple that with the highest sales price last month of $610k, those are interesting factors. Otherwise, other areas of our real estate market are looking stronger than last month. One interesting correlation between low sales prices and days on market – homes last month sold MUCH more quickly. Imagine that 🙂

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

There are 53 homes under contract (43 last month).

The average list vs. ORIGINAL sales price was 82.43%, up from last month (81.62%).

The ADJUSTED list vs sale price was 88.28%, up from last month (87.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 764, up from last months 703 . We have a 28 month supply of homes available (minus timeshares) based solely on the April sales numbers. This number is down from last month’s 33 month supply.

Random observations:

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

•It appears that 12 or so of these sales were vacation homes (another factor in the decling median sales prices)

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

•22 homes sold under $400,000

•0 homes sold over $ 1 million (interesting note, the highest sale price was $610,000)

•2 homes sold for higher than full price or at full price (last month was 0)

•One house sold for 51.59% of asking price – 182 Main St

•The oldest home that sold was 106 yrs old

•The average age of the homes that sold was 33 years (28 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $236,087 (last month $320,310)

Average Days on Market: 200/260 (last month 273/378) (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.

877-563-5350 Questions about ANY listed property? I can help! Call me!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

Category: market update

November 2011 Real Estate Market Update – Residential

September 2011 Real Estate Sales Statistics – Residential

September 2011 Lot/Land Sales

August 2011 Real Estate Market Update – Deep Creek Lake & Garrett County MD

August 2011 Lot & Land Market Update

July 2011 Real Estate Market Update – Residential

>June 2011 Market Update – Lot & Land Sales

>June 2011 Market Update – Homes – Residential

>May 2011 Land Sales – Market Update

>May 2011 Real Estate Market Update

My Location

Deep Creek Media

Stay Connected