market update – Page 3 – Jay's Real Estate Blog

>April 2010 Residential Real Estate Sales – Market Update

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April has come and gone and left behind another month of real estate sales in Garrett County & at Deep Creek Lake. There were 21 total sales, down one from last month and up 4 sales from April 2010.

I’ve been warning for months that the inventory is coming…and here it is. There are now 701 available properties on the market. I recall one day getting an update of 17 new homes – I believe last Monday. That number is up 103 from last month. Not surprising, as this is the time of year people like to start looking for their summer purchase. Homes show better in the warmer weather & the fresh landscaping/green grass helps a lot. The large portion of those ‘new’ listings are re-listed homes that didn’t sell last year.

Let’s take a look at the stats:

There are 43 homes under contract (38 last month).

The average list vs. ORIGINAL sales price was 81.62%, down from last month (83.51%).

The ADJUSTED list vs sale price was 87.31%, down from last month (89.63%).

The current # of active/for sale listings in MRIS (minus timeshares) is 703, up from last months 598. We have a 33 month supply of homes available (minus timeshares) based solely on the April sales numbers. This number is up from last month’s 27 mont supply.

Random observations:

•4 ‘newer’ home sold in March (5 years old or less)

•It appears that 11 or so of these sales were vacation homes

•14 homes sold under $300,000 (last month was 15)

•15 homes sold under $400,000

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

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

•One house sold for 52.63% of asking price – 139 Frederick Circle

•The oldest home that sold was 93 yrs old

•The average age of the homes that sold was 28 years (37 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $320,310 (last month $297,427)

Average Days on Market: 273/378 (last month 205/290) (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.

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!

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>March Land Sales 2011 – Market Update

>There were 6 lot/land sales in Garrett County in the month of March.

The sales prices range from $2,900 – $47,500.

Many lenders are shying away fron lot loans, or at least requiring much larger amounts down before offering mortgages. That, coupled with the surplus of homes available for sale in EVERY market across the country, has driven the lot/land market much lower. Acreage prices in Garrett County & Deep Creek Lake are quite low, now, as a result.

Railey Realty has 131 active lot/land properties for sale right now that are priced under $100,000 – there are some good buys for lots in here if you look closely…

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

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>March 2011 Residential Real Estate Stats

> March was a VAST improvement over the dismal February numbers. There were 22 total sales, up over last years 16. I personally closed on 2 foreclosure/short sale transactions – and the numbers were FAR off of the original asking prices. I’ve also noticed a lot more lower priced transactions (17 of 22 sales were under $400k) – we’ll see if that changes over the summer, but it is a trend worth noting.

Let’s take a look at the stats:
There are 38 homes under contract (37 last month).

The average list vs. ORIGINAL sales price was 83.51%, up from last month (78.11%).

The ADJUSTED list vs sale price was 89.63%, up from last month (88.03%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, up from last months 572. Personally, I am surprised this number is not higher already – there are more homes coming. We have a 27 month supply of homes available (minus timeshares) based solely on the March sales numbers. This number is less than half of February’s extreme – 63 months.

Random observations:

•1 ‘newer’ home sold in March (5 years old or less)

•It appears that 10 or so of these sales were vacation homes

•15 homes sold under $300,000 (last month was 7)

•17 homes sold under $400,000

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

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

•One house sold for 61% of asking price – 3285 Shingle Camp (foreclosure)

•The oldest home that sold was 116 yrs old

•The average age of the homes that sold was 37 years (36 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $297,427 (last month $309,667)

Average Days on Market: 205/290 (last month 301/407) (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!

>February 2011 Real Estate Market Update

February 2011 was a sub par month for real estate sales – just like last year. Last February, there were a whopping 6 sales….all month long. Part of this was the wicked winter weather we experienced. It’s tough to get into a house that is blanketed with 6 feet of snow, let alone purchase it. Part of it is that February is a ‘between seasons’ month in our 4 season vacation market. Most folks who want to be here for the winter buy in November/December and close in January. The spring market historically gets cranked up in March for buyers who want to be on the lake late spring/summer. The biggest part, of course, was the lousy real estate market overall.

Good news! Sales are up 50% this February! An incredible jump to….(bad news coming)… 9 total sales. Again, a lousy February. No use spinning these numbers, February was just a bad month for real estate sales. The GREAT news is that Deep Creek Dunk broke records all over the place & raised a ton of money for Maryland Special Olympics – $162,825!! But, I digress…back to the real estate update.

Let’s take a look at the stats:

There are 37 homes under contract (32 last month).

The average list vs. ORIGINAL sales price was 78.11%, down from last month (80.18%).

The ADJUSTED list vs sale price was 88.03%, also down from last month (90.83%).

The current # of active/for sale listings in MRIS (minus timeshares) is 572, up from last months 560. (Continue to) Brace yourselves for a much higher number of homes on the market next month. I have at least 3 homes coming back on the market, and a few other owners thinking about it. I’ve listed or re-listed 2 houses in the last week alone. There will be (many) more homes…soon. We have a 63 month supply of homes available (minus timeshares) based solely on the February sales numbers. This a little ridiculous, but it’s the truth – there were only 9 sales in February, so this number just more than doubled from last month (31).

Random observations:

1 ‘newer’ homes sold in February (5 years old or less)
It appears that 5 or so of these sales were vacation homes
7 homes sold under $300,000 (last month was 8)
7 (same) homes sold under $400,000
1 house sold over $ 1million (1 last month)
0 homes sold for higher than full price (last month was 1)
One house sold for 70% of asking price
The oldest home that sold was 111 yrs old
The average age of the homes that sold was 36 years (25 last month)
1 condo/townhouse properties sold (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $309,667 (last month $398,779)

Average Days on Market: 301/407 (last month 316/345) (days on market with current broker/total days on market)

We’re already at 7 closed sales through today, so March should shape up to be better than February! Enjoy the sunshine 🙂

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>January 2011 Real Estate Stats – Market Update

January 2011 was a great month for real estate sales . In fact, it beat the 5 yr January average. Last year, we had 12 sales in the entire month of January. This year, we had 18 total sales – which is surprising for this time of year. Perhaps our milder winter weather had something to do with it? I also believe that the overall brighter outlook on the future of the economy, coupled with the great early snowfall got more people out & shopping more so than previous years.

There are 32 homes under contract (27 last month).

The average list vs. ORIGINAL sales price was 80.18%, down slightly from last month (82.03%). The ADJUSTED list vs sale price was 90.83%, up slightly from last month (90.20%).

The current # of active/for sale listings in MRIS (minus timeshares) is 560, down from last months 567. Brace yourselves for a much higher number of homes on the market next month, especially if the warmer weather leads us to an early spring. We have a 31 month supply of homes available based solely on the January sales numbers

Random observations:

3 ‘newer’ homes sold in January (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 22)
9 homes sold under $400,000
1 house sold over $ 1million (3 last month)
1 home sold for higher than full price (one sold for 139.56%)
One house sold for 45.22% of asking price
The oldest home that sold was 76 yrs old
The average age of the homes that sold was 25 years
3 condo’s/townhouse properties sold (4 last month)

Here are the statistical breakdowns:

Average Sale Price: $398,779 (last month $327,687)

Average Days on Market: 316/345 (last month 207/270) (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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December 2010 Real Estate Market Update – Sales Stats

I had several people point out that the links for the November real estate update were switched around (2009 v 2010), so I updated that post & reprinted the stats (see it here).

Also, this month is good example of why I wait until the 2nd week of the month to do these updates. I looked at the December stats just last week and there were 32 sales. Now, there are 34 – 2 weeks into January. It’s not supposed to happen this way, but some agents seem to take their time when updating the MLS. Either way, I’ll do my best to update you with accurate numbers.

December sales were up considerably, especially factoring in the weather and the lower numbers in November. There were 34 homes that sold (versus 22 in November 2009). There are 27 homes under contract (36 last month).

I recently posted an update on 2010 as a whole and the numbers were promising. There were 33 more sale all year than 2009 (12% increase). I expect this recovery to continue and am optimistic for 2011!

The average list vs. ORIGINAL sales price was 82.03%, up from last month (80.69%).

The ADJUSTED list vs sale price was 90.20%, down slightly from last month (91.02%).

The current # of active/for sale listings in MRIS (minus timeshares) is 567, down from last months 654. I predicted this number would plummet and it did – a lot of homeowners listing contracts expire and they are currently deciding where or whom to list with (By the way, Call Jay Ferguson for all your real estate needs 🙂 We have a 17 month supply of homes available based solely on the December sales numbers and the sudden disappearance of these end of year homes for sale. Do not rely on this number, it will definitely change dramatically.

Random observations:

4 ‘newer’ homes sold in December (less than 5 years old)
It appears that 20 or so of these sales were vacation homes
22 homes sold under $300,000 (last month was 13)
25 homes sold under $400,000
After last month’s zero, 3 houses sold over $1million
3 homes sold for full price (one for 102% of asking price – multiple offers, I believe)
One house sold for 57% of asking price
2 – 111 year old homes sold – one in Oakland & one in Friendsville
The average age of the homes that sold was 34 years
Another Wisp Hotel unit sold, this time for $51,000
4 condo’s/townhouse properties sold, (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $327,687 (last month $293,264)

Average Days on Market: 207/270 (last month 244/281) (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

October 2010 Real Estate Market Update – Sales Stats

Another strong month of real estate sales in October. There were 31 homes that sold (versus 28 in October 2009). There are 49 homes under contract (down 1 from last month), which is a very pleasant surprise to see at this point in the year.

Normally, the time between fall & winter is a bit slower, as kids are back in school, the weather is MUCH cooler, and there isn’t any snow on the ground for skiing. So, I’ll take it as a positive sign that the real estate market is getting stronger! Historically low interest rates are fueling some of this activity, as several of my clients currently have mortgages with rates in the upper 3% range – AMAZING.

The average list vs. ORIGINAL sales price was 85.31%, up from last month (82.63%).

The ADJUSTED list vs sale price was 91.31%, up from last month (89.63%).

The current # of active/for sale listings in MRIS (minus timeshares) is 654, down from last months 751. This number drops dramatically during the late fall & winter months, as some owners choose not to show their home in the winter time, or they take it off the market to ‘reset’ the days on market. It skews the supply stats, as now we have a 21 month supply of homes available.

Random observations:

Again, 9 ‘newer’ homes that sold in October (less than 5 years old)
820 Holy Cross was a $2 million+ sale, showing again, that the lakefront market still has a lot of value
It appears that 25 or so of these sales were vacation homes
13 homes sold under $300,000 (last month was 24)
21 homes sold under $400,000
1 house sold over $1million
2 homes sold for full price
One house sold for 75% of asking price
There was a cabin on Old Chestnut Rd (off Glendale) that is 70 years old – WOW.
The average age of the homes that sold was 18 years
2 sales at Wisp Resort – one at Kendall Camp (full price $740,000) & the other at the Wisp Hotel
5 condo’s/townhouse properties sold, same as last month

Here are the statistical breakdowns:

Average Sale Price: $398,117 (last month $317,014)

Average Days on Market: 127/167 (last month 187/226) (days on market with current broker/total days on market)

Based on the recent stats, I think it’s safe to say that it’s getting better! We still have a long way to go, but we are on our way!

How Railey Realty fared in the coming days…

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

September Home Sales – Market Update – Deep Creek Lake

I am a little late in publishing these numbers this month, but I have a good reason…Autumn Glory kept me sidetracked for much of the weekend and even in to this week. What a great time of the year – the leaves peaked from Saturday afternoon until about mid-day Monday. Keep an eye on this blog for links to the photo galleries from all of the county – I got some great photos!

We had 39 home sales in the month of September 2010 (versus 26 sales in September 2009). Another sizable increase from last month (32 total sales), as well as being the most productive month of the year, I believe.

There are 50 homes under contract (sale-pending), down from last month (67). This number should continue to drop steadily until we enter the next ‘season’ for tourists and visitors to return to the county for extended stays.

The average list vs. ORIGINAL sales price was 82.63%, down from last month (87.31%).

The ADJUSTED list vs sale price is 89.63% down 2% from last month (91.80%).

The current number of active/for sale residential listings (minus timeshares) is 751 as of today, down from last month (775). I expect this number to drop in the coming months, as most sellers remove their home from the market in the late fall/winter months, but even at this pace, it’s a 19 month supply of homes (last months pace was 24 month supply).

Random Observations:

There were 9 ‘newer’ homes that sold this month.
There was a lakefront home that sold for $399,900
24 of the 39 homes sold for less than $300,000.
Highest sale was $1.150 million on Marsh Hill Rd.
3 houses sold for full price.
1 home sold for 50% of asking price – next lowest, 79%
19 of these sales were lake area or vacation homes.
The rest (20) are primary residential homes scattered around Garrett County.
Average age of the home sold was 23 years old
2 sales at Wisp Resort – one at Kendall Camp & the other at North Camp
5 condo’s/townhouse properties sold
2 sales above $1 million, both lakefront homes

Here are the statistical breakdowns:

Average Sale Price: $317,014 (last month $367,780)

Average Days on Market: 187/226 (last month 163/182) (days on market with current broker/total days on market).

I’ll update this later this week with how Railey Realty fared in the sales numbers.

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

Declines in pending home sales — and some increases

Jay’s note: Garrett County is one of the few exceptions in Maryland:

Posted by Jamie Smith Hopkins at 7:00 AM – The Real Estate Wonk

…The number of contracts signed that month, deals that will turn into settlements if all goes well, slumped precipitously in most of Maryland. A dozen counties and Baltimore City saw double-digit declines, including a 38 percent drop in Dorchester (from 34 contracts a year ago to 21 in July) and a 26 percent decrease in Carroll (from 161 a year ago to 119).
……

But buyers in four counties actually picked up the pace in July compared with a year earlier. ….

3. Garrett County: 33 contracts signed in July, up 6 percent from a year earlier.

Read the full article 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

July 2010 Real Estate Market Update – Residential

We had 26 home sales in the month of July 2010 (versus 22 sales in July 2009). There was slight decline from last month (30 total sales), but I expected a slight decline due to the tax credit deadline of June 30th.

There are 53 homes under contract, up from last month (48). Historically, ‘late’ summer sales are always strong, as there are still folks in town vacationing and local buyers have a small window to purchase their new home before school & sports activities start in late August /early September. Also, a lot of people ‘watch’ properties all summer then make their offers later in the summer season, often times taking advantage of a late price reduction or a house that may have come on the market late and slipped through the cracks.

2 properties sold at full price or higher. 13 of these sales were lake area or vacation homes. The rest are primary residential homes scattered around Garrett County.

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.

Another stat I noticed was that there were no new(er) construction homes that sold. The ‘newest’ home was 4 years old, the oldest home that sold was 100 years old.

18 of the 26 homes sold for less than $300,000. One house that was listed for $1.125 mil sold for $875,000. There are several of these ‘motivated’ sellers out there – you never know what someone will sell for unless you make an offer, right?

Here are the statistical breakdowns:

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)

I blogged the other day about Railey Realty’s market share – we are still #1 in Garrett County since 1995.

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

Category: market update

>April 2010 Residential Real Estate Sales – Market Update

>March Land Sales 2011 – Market Update

>March 2011 Residential Real Estate Stats

>February 2011 Real Estate Market Update

>January 2011 Real Estate Stats – Market Update

December 2010 Real Estate Market Update – Sales Stats

October 2010 Real Estate Market Update – Sales Stats

September Home Sales – Market Update – Deep Creek Lake

Declines in pending home sales — and some increases

July 2010 Real Estate Market Update – Residential

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