real estate sales – Page 3 – Jay's Real Estate Blog

>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.

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

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>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

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

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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

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Railey Realty #1 AGAIN in 2010! 16 years in a row!

Railey Realty was #1 in real estate sales in Garrett County for the 16th straight year!

Out of 290 homes that sold in 2010, Railey Realty particpated in 117 of them on the listing/seller side of the transaction and 134 on the sales/buyer side of the transaction.

Out of the 80 total lot/land sales in 2010, Railey Realty particpated in 42 of them on the listing/seller side, and 40 on the sales/buyer side of the transaction.

Another positive note: there were 33 more home sales in 2010 than 2009.

More analysis coming in the next few 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

Railey Realty Resort Report Winter 2011

The latest copy of our Resort Report is now available. Great articles about the last year of sales, the Wisp Ski train, the new commissioners, new tax assessments. Feel free to contact me if you would like an opinion on on the value of your property or if you have questions about your assessment. I know I will be fighting mine and I will post a ‘how-to’ soon.

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

Residential property values drop 22 percent in Maryland

— ANNAPOLIS (AP) — The Maryland Department of Assessments and Taxation says real estate values on residential properties have dropped by 22 percent in the past three years, the largest decline in the history of the department.

The department mailed notices on Tuesday to about 739,765 property owners that reflected the drop.

Maryland reassesses properties every three years. The new assessments are based on the sales of about 50,650 properties over that time.

While the assessments play a role in determining local property taxes, next July’s tax bills will be calculated with tax rates set by local governments.

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

Real Estate Sales Year to Date – Railey Realty still #1

Residential Market Statistics
As of
December 7, 2010

RESIDENTIAL – UNDER CONTRACT – LISTING SIDE

RAILEY REALTY 23 $79,000 – $1,999,000
LONG & FOSTER 9 $117,000 – $675,000
COLDWELL BANKER 3 $140,000 – $248,000
WISP RESORT 1 $549,900
GOODFELLOW 5 $129,000 – $699,000
HUMBERSON 0 $0
GARRETTLAND 0 $0
JULIAN AGENCY 4 $19,900 – $166,000

$1 MILLION PLUS PROPERTIES – UNDER CONTRACT – LISTING SIDE

RAILEY REALTY 7
LONG & FOSTER 0
COLDWELL BANKER 0
WISP RESORT 0
GOODFELLOW 0
HUMBERSON 0
REMAX 0
GARRETTLAND 0
JULIAN AGENCY 0

RESIDENTIAL – UNDER CONTRACT – BUYER’S SIDE

Railey Realty 17 $67,900 – $1,999,000

Long & Foster 12 $45,000- $1,395,000

Coldwell Banker 2 $237,000-$248,800

Wisp Resort 3 $50,000 – $549,900

Goodfellow 3 $140,000 – $1,029,000

GarrettLand 0 $0

Humberson – U.C 0 $0

Julian Agency 2 $19,900 – $103,400

Listing Side – Sold – Residential Property
Year to Date
January 1, 2010 – December 7, 2010

Residential Listed Properties – Sold
1+ Million $

Railey Realty 103 $1,500 – $3,500,000 12

Long & Foster 67 50,000 – $2,250,000 2

Coldwell Banker 28 $24,900 $1,248,000 1

Wisp Resort 3 $740,000 – $889,900 0

Goodfellow 18 $52,500 – $998,000 0

Garrettland 3 $49,900 – $187,500 0

Humberson –U.C 1 $499,000 0

Julian Agency 15 $15,000 – $642,510 0

Buyer’s Side – Sold – Residential Property
Year to Date
January 1, 2010 – December 7, 2010

Residential Selling Side – Sold

Railey Realty 123 $1,500 – $2,500,000 12 Properties over $Million

Long & Foster 60 $24,900 – $3,500,000 4 Properties over $1Million

Coldwell Banker 31 $40,000 – $849,000

Wisp Resort 4 $259,000 – $889,900

Goodfellow 13 $52,500 – $639,000

GarrettLand 1 $149,900

Humberson – U.C 1 $225,000

Julian Agency 7 $15,500 – $139,900

Information is deemed to be accurate and limited to MRIS data.
Provided by MRIS on December 7, 2010

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

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: real estate sales

>March 2011 Residential Real Estate Stats

>February 2011 Real Estate Market Update

December 2010 Real Estate Market Update – Sales Stats

Railey Realty #1 AGAIN in 2010! 16 years in a row!

Railey Realty Resort Report Winter 2011

Residential property values drop 22 percent in Maryland

Real Estate Sales Year to Date – Railey Realty still #1

September Home Sales – Market Update – Deep Creek Lake

July 2010 Real Estate Market Update – Residential

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