Category:real estate sales
>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 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.
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
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…

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.

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

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).

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)
