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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.
