market update – Page 4 – Jay's Real Estate Blog

June Existing Home Sales Drop 5.1%

By Tom Granahan
FOXBusiness

The economy got a rare dose of good news Thursday morning in the form of home sales that came in better than what economists were expecting.

The National Association of Realtors said existing home sales — completed deals on single-family, townhomes, condos and co-ops — came in at a seasonally adjusted annual rate of 5.37 million June, versus the 5.2 million that was estimated. While the latest number represents a decline of 5.1% from May, and is a three-month low, it is 9.8% higher than the year-ago level of 4.89 million sales.

“June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” said Lawrence Yun, the NAR’s chief economist, referring to the government’s homebuyer tax credit that expired at the end of April . “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

Analysts agree that a sustainable pick up in the housing market is largely dependent on the jobs market getting much healthier. Despite record-low rates on home mortgages, would-be buyers are either unable to afford a home because they can’t find work, or are reluctant to buy because of their uncertain job status.

Read the rest 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 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

June 2010 Real Estate Market Update

June was a good month for real estate sales in Garrett County & Deep Creek Lake. The highest ever sale at Deep Creek Lake ($3.5 million) close on June 11. Railey Realty had the listing part of the transaction. I had my first million dollar sale! Surprisingly, I have come close several times but this is the first ‘official’ sale over a million (and ironically, my first transaction at Railey Realty).

There were 30 homes that sold in the month of June, which is nearly double that of May 2010. Late spring and summer have always been among the best months of the year for real estate sales, partly because of the start of ‘vacation season’ and it’s easier to look at homes when kids are out of school, etc. Plus, you don’t have to wade through 23 feet of snow to look at houses 🙂

There were 27 sales during the same period last year, so that is a positive.

By my count, 6 of these properties sold at full price or higher.

There are 48 properties currently under contract, the exact same as last month. I look for this number to be affected by a very slow month for the local economy in June. From folks I have spoken to, rentals were down slightly and that led to lower sales for restaurants, shops and other ‘tourism dependant’ local businesses. The consensus that I have gotten from these local business owners is that the weather from January & February led to longer school years and less available vacation time. When people aren’t in town to look at houses, its also affects real estate sales.

11/12 of the 30 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 scattered across Oakland, Granstville, Swanton and Accident.

The average list vs. ORIGINAL sales price was 88.88%, up 3.66% from last month (85.22).

The ADJUSTED list vs sale price is 93.22% – up again from last month (92.37%).

The current number of active/for sale residential listings (minus timeshares) is 774 as of today. This is up from last month (737) considerably. 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 26 month supply of homes available, which is a very challenging stat to overcome.

Here are the statistical breakdowns:

Average Sale Price: $448,350 (last month) $409,316 (understand this is affected by the $3.5 million lakefront sale)

Average Days on Market: 177/241 (last month 256/267) (days on market with current broker/total days on market)

Of the $26,901,000 in total dollar volume in the month of June, Railey Realty was responsible for $16,039,900 – a whopping 60% of the Garrett County real estate market!

#1 in Garrett County & at Deep Creek Lake since 1995.

I’ll blog later about about year to date numbers – from a company standpoint, you will be impressed at the level of production we have been able to maintain even in the sketchy market conditions that exist today.

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

Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

May Real Estate Update – Deep Creek Lake & Garrett County Maryland

May’s homes sales kept the momentum going of the last few months. Again, 17 home sales in the month of May, the same as the March and April. Finally, some consistency! The pieces of the puzzle are continuing to fall into place and their are a decent number of home sales and comparable prices to report. These sales assist agents and sellers alike in making pricing decisions; as well as offering buyers a solid footing on which to make offers – the essence of the market based real estate system. More sales = more information about where we are and more importantly, where we are going.

There were 25 total sales during the same period last year (May 1-31, 2009).

4 of those sales were for full price – or higher!

There are 48 properties currently under contract compared to 49 last month. This number is destined to change later today, as I personally have another pending sale to add to the total.

8 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 scattered across Oakland, Granstville, Swanton and Accident.

The average list vs. ORIGINAL sales price was 85.22%, up 15% from last month (70.67). 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 92.37% – up again from last month (90.47%). At the height of the market, the Deep Creek Lake list to sale price was 97% of asking price, but these numbers are definitely improving.

The current number of active/for sale residential listings is 737 as of today. This is up from last month (665) considerably, but it’s a historical fact that the listing numbers jump around Memorial Day, because that’s when the buyers start to show up in full force.

Here are the statistical breakdowns:

Average Sale Price: $409,316 (last month) $332,294

Average Days on Market: 256/267 (last month 219/219) (days on market with current broker/total days on market)

Of the $13,951,930 in total dollar volume in the month of May, Railey Realty was responsible for $9,178,995 – a whopping 66% of the Garrett County real estate market!

#1 in Garrett County & at Deep Creek Lake 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

Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

March 2010 – Lot & Land Market Update

The lot & land market remains flat. There were only 3 sales in all of Garrett County last month. The year to date total is 13 lot sales. There was a one acre building lot (raw) in McHenry that sold for $11,000. Also, there was a 7+ acre building lot that sound near Backbone Ridge for $16,000. These comps are amongst the lowest we have seen. and much like the housing market, there will be some shocking numbers that pop up from time to time.

There are 6 lot/listings currently under contract out of 617 available listings. More lots are sure to come on the market in the coming days – I know of 5 lots that I will be personally listing, so that number will continue to grow.

Financing on land is a HUGE factor with this, as most banks are requiring 30-50% down payment to buy land. If you have the means, there are some incredible deals out there, as you can see. Search for avalilable real estate 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

March Real Estate Update – Deep Creek Lake & Garrett County. MD

The warm weather of March helped to improve the residential real estate market at Garrett County and Deep Creek Lake! There were a total of 16 sales (versus 14 for the same period last year). The stronger spring I spoke of last month has started to take shape. There are 44 contracts compared to last months 33.

7 of the 16 sales were considered Deep Creek Lake area properties, the rest appear to be primary residential.

The average list vs. ORIGINAL sales price was 69.5%, down 10% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this last month, and it’s a national trend that is very real – EVERYTHING has adjusted in price. It’s a tough pill to swallow, but homes are not worth what they were 2-3 years ago. That’s a HUGE reason why some properties won’t sell – they are overpriced.

The ADJUSTED list vs sale price is 90% – up 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 current number of active/for sale residential listings is 605 as of today. This is up from last month (575) and will continue to grow as the spring and summer continue. Slowly but surely, our absorption rates are normalizing.

Here are the statistical breakdowns:

Average Sale Price: $404,031 (last month)$309,200

Average Days on Market: 220/275 (last month 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

February 2010 Homes Sales in Garrett County & Deep Creek Lake

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

December 2009 Sales Update – Deep Creek Lake & Garrett County, Maryland

There were a total of 29 residential sales in the month of December in Garrett County and at Deep Creek Lake. This pace is slightly ahead of last year (27 sales – Dec 2008).
This is certainly debatable, but 12 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 84.49% (up slightly from November), though the ADJUSTED list vs. sales price is 90.96% of asking price (almost identical to November).

The current number of active/for sale residential listings is 602. 23 of these homes are under contract.

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

November 2009 Market Update – Deep Creek Lake Garrett County Maryland

There were 22 residential sales in the month of November in Garrett County. 12 of those sales would be considered ‘Deep Creek Lake area’ or ‘Vacation Homes’, and the rest would be considered as primary residential. The average list vs. ORIGINAL sales price is 83%, though the ADJUSTED list vs. sales price is 90% of asking price. In other words, as people test the waters and make price adjustments, the more reliable number is the adjusted asking price, as they have responded to the feedback of the market with price reductions, etc.

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

Category: market update

June Existing Home Sales Drop 5.1%

June 2010 Real Estate Market Update

May Real Estate Update – Deep Creek Lake & Garrett County Maryland

March 2010 – Lot & Land Market Update

March Real Estate Update – Deep Creek Lake & Garrett County. MD

February 2010 Homes Sales in Garrett County & Deep Creek Lake

December 2009 Sales Update – Deep Creek Lake & Garrett County, Maryland

November 2009 Market Update – Deep Creek Lake Garrett County Maryland

November 2009 Market Update – Deep Creek Lake Garrett County Maryland

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