real estate market – Jay's Real Estate Blog

Two Minute Deep Creek Market Update

Here’s a quick overview of the Deep Creek Lake real estate market as of April 14, 2023.

Average sold price lake area residential – Average: $1,002,723, Median: $639,500
Number of sales pending for Garrett County – 55 (28 went under contract in March)
Number of homes for sale Garrett County – 133 (51 were listed in March, down from 5 year average which is 66)
Number of sales closed Garrett County – 37, down from 5 year average of 46

Written by Admin on April 17, 2023. Posted in Deep Creek Lake Real Estate, Market

Stats for January 2015!

Sales Pending Sales Active Listings New Listings Months of Inventory Avg DOM Before Sale

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.

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

>Home prices: 'Double-dip' confirmed

>Jay’s note: The Garrett County & Deep Creek Lake market numbers are definitely different overall than the rest of the country, as you can see from my monthly market analysis over the years, but there are still INCREDIBLE prices out there for the discerning buyer. Want analysis of a property you are thinking of buying or selling? I can help – give me a call (301-501-0420) or email me.

——–
NEW YORK (CNNMoney) — Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

Prices are now down 32.7% from their peak set five years ago.

“Home prices continue on their downward spiral with no relief in sight,” said David Blitzer, spokesman for Standard and Poor’s.

The index covers 80% of the housing market, and this month’s report confirmed “a double-dip in home prices across much of the nation,” said Blitzer.

>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

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website – competitive rates and quality results from a locally owned & operated company!

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/!

Cash is still king in real estate market

Cash buyers account for more than 25% of U.S. real estate deals
By Andrea V. Brambila, Thursday, July 8, 2010.

Inman News

This may be a buyer’s market, but not all buyers are on equal footing in the homebuying process. Cash is still king, and those who have it are taking full advantage of the comparatively speedy and reliable closings they offer sellers.

Cash buyers have made up at least a quarter of home purchasers since the beginning of 2010, a figure buoyed by more affordable home prices and a substantial volume of distressed properties.

According to the National Association of Realtors’ monthly Realtors Confidence Index survey, buyers paid all in cash in 15 percent of transactions in October 2008, the first month the association conducted the survey.

Fast-forward to May 2010, and an estimated 25 percent of transactions were in cash. That’s a jump from 12 percent in May 2009. From January through April, cash buyers’ share of transactions hovered at 26 or 27 percent, according to the NAR survey.

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 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/!

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

April was a better month for real estate sales at Deep Creek Lake & Garrett County, Maryland. Out of the 17 total sales in April 2010 (up one from last month and ironically, one from last year during the same period), 6 of those sales were for full price – or higher! That seems much more like the real estate market that Deep Creek Lake & Garrett County sellers were accustomed to seeing a few short years ago. My interpretation of this is that sellers, buyers & agents alike are starting to get on the same page in terms of pricing. Prices have come down – everywhere. Now, the buyer activity seems to be picking up, as well. I’ve had more buyer calls about property in the last 2 weeks than….well, it’s been a while. People are looking to buy again. And there are some great deals out there.

There are 49 properties currently under contract compared to 44 last month.

9 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.

The average list vs. ORIGINAL sales price was 70.67%, up 1% from last month. 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 90.47% – up again 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 best evidence of this stat I can offer is that the 6 sales that were full price or higher. We are narrowing in on the true market values.

The current number of active/for sale residential listings is 665 as of today. This is up from last month (605) and will continue to grow as the spring and summer continue. April & May are huge listing months in Garrett County & Deep Creek Lake – this year is no different. I fully expect 700+ listings by this time next month.

Here are the statistical breakdowns:

Average Sale Price: $332,294 (last month) $404,031

Average Days on Market: 219/219 (last month 220/275) (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

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

Category: real estate market

Two Minute Deep Creek Market Update

Stats for January 2015!

July 2011 Real Estate Market Update – Residential

>Home prices: 'Double-dip' confirmed

>January 2011 Real Estate Stats – Market Update

June 2010 Real Estate Market Update

Cash is still king in real estate market

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

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

March 2010 – Lot & Land Market Update

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