Category:market update
>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.
>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…
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.
>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.
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.
>February 2011 Real Estate Market Update
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1 ‘newer’ homes sold in February (5 years old or less)
- It appears that 5 or so of these sales were vacation homes
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7 homes sold under $300,000 (last month was 8)
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7 (same) homes sold under $400,000
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1 house sold over $ 1million (1 last month)
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0 homes sold for higher than full price (last month was 1)
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One house sold for 70% of asking price
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The oldest home that sold was 111 yrs old
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The average age of the homes that sold was 36 years (25 last month)
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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 🙂
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.
>January 2011 Real Estate Stats - Market Update
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3 ‘newer’ homes sold in January (5 years old or less)
- It appears that 12 or so of these sales were vacation homes
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8 homes sold under $300,000 (last month was 22)
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9 homes sold under $400,000
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1 house sold over $ 1million (3 last month)
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1 home sold for higher than full price (one sold for 139.56%)
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One house sold for 45.22% of asking price
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The oldest home that sold was 76 yrs old
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The average age of the homes that sold was 25 years
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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
December 2010 Real Estate Market Update - Sales Stats
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4 ‘newer’ homes sold in December (less than 5 years old)
- It appears that 20 or so of these sales were vacation homes
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22 homes sold under $300,000 (last month was 13)
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25 homes sold under $400,000
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After last month’s zero, 3 houses sold over $1million
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3 homes sold for full price (one for 102% of asking price – multiple offers, I believe)
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One house sold for 57% of asking price
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2 – 111 year old homes sold – one in Oakland & one in Friendsville
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The average age of the homes that sold was 34 years
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Another Wisp Hotel unit sold, this time for $51,000
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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
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Again, 9 ‘newer’ homes that sold in October (less than 5 years old)
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820 Holy Cross was a $2 million+ sale, showing again, that the lakefront market still has a lot of value
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It appears that 25 or so of these sales were vacation homes
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13 homes sold under $300,000 (last month was 24)
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21 homes sold under $400,000
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1 house sold over $1million
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2 homes sold for full price
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One house sold for 75% of asking price
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There was a cabin on Old Chestnut Rd (off Glendale) that is 70 years old – WOW.
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The average age of the homes that sold was 18 years
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2 sales at Wisp Resort – one at Kendall Camp (full price $740,000) & the other at the Wisp Hotel
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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…

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

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.

July 2010 Real Estate Market Update - Residential
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)
