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
