Market Update
Monday, July 26, 2010
June Existing Home Sales Drop 5.1%
By Tom Granahan
FOXBusiness
The economy got a rare dose of good news Thursday morning in the form of home sales that came in better than what economists were expecting.
The National Association of Realtors said existing home sales—completed deals on single-family, townhomes, condos and co-ops—came in at a seasonally adjusted annual rate of 5.37 million June, versus the 5.2 million that was estimated. While the latest number represents a decline of 5.1% from May, and is a three-month low, it is 9.8% higher than the year-ago level of 4.89 million sales.
“June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” said Lawrence Yun, the NAR’s chief economist, referring to the government’s homebuyer tax credit that expired at the end of April . “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
Analysts agree that a sustainable pick up in the housing market is largely dependent on the jobs market getting much healthier. Despite record-low rates on home mortgages, would-be buyers are either unable to afford a home because they can’t find work, or are reluctant to buy because of their uncertain job status.
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 http://www.deepcreekalive.com/!
New Home Sales Jump in June, Pace Remains Slow
Published July 26, 2010
Associated Press
WASHINGTON—Sales of new homes jumped last month, but it was the second-weakest month on record. The lackluster economy has made potential buyers skittish about shopping for homes.
New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May’s number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.
The housing market had boomed earlier in the year on the strength of federal tax credits. Since they have expired, the number of people looking to buy has dropped even with the lowest mortgage rates in decades.
Despite the month’s increase, sales are still down 72 percent from their peak annual rate of 1.39 million in July 2005.
New homes sales made up about 7 percent of the housing market last year. That’s down from about 15 percent before the bust. Weak sales mean fewer jobs in the construction industry, which normally power economic recoveries.
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 http://www.deepcreekalive.com/!
Thursday, July 08, 2010
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/!
Wednesday, July 07, 2010
Great Summary of the Second-Home Market Nationally
Some interesting data & analysis that mirrors the Deep Creek Lake second home market:
July 6, 2010 by cloeffler
Check out this post originally published in the Tahoe Daily Tribune by Richard Bolen, REALTOR(R), McCall Realty:
(A quick “shout out” to all our friends in the Lake Tahoe area who helped NAR host the 2010 Resort and Second-Home Symposium. We couldn’t have done it without you! We have only heard wonderful comments about the successful event with 214 participants in attendance. Lake Tahoe is truly a national treasure — both in its natural beauty and the hospitality of its residents!)
SOUTH LAKE TAHOE, Calif. — About 65 percent of South Lake Tahoe Homes are second homes or vacation properties. I often write about, or use the phrase second home buyer characteristics, which makes sense. South Lake Tahoe is very much a second home resort real estate market.
Some 65 percent of area homeowners live elsewhere. This means that about a third of South Lake Tahoe homes are primary residences.
The National Association of REALTORS did a specific study on vacation or second home buyers. I thought it would be of interest to look at the most recent findings.
Before looking at the particulars, there are a few key characteristics of the vacation and second home buyer to always have in mind. These are important, especially as it relates to style and manner when representing a buyer:
• The vacation or second home buyer lacks urgency.
• The vacation or second home buyer is overqualified financially.
• The vacation or second home buyer is looking for a family retreat.
Of these, lack of urgency is really important to understand to best represent a buyer. What I like to do is “mirror” a buyers pace if I can. If a buyer seems to want to move quickly, I quicken my pace. If the buyer moves slowly, I respond in kind.
Sometimes, though, a particular house or situation does require urgency. An underpriced house, or one that is right priced and exceptionally attractive can require immediate action to get it.
In cases such as this, I do recommend that the vacation or second home buyer move as quickly as they possibly can.
If I ever quicken my pace, it is because I don’t want a buyer to miss out on something they obviously really like. I am never in a hurry just to make a sale. Buyer comfort to me is king.
2010 Vacation Home Buyers Survey (based on 2009 buying trends)
Sales and prices:
• Some 10 percent of U.S. home sales were vacation or second home properties.
• 1 percent more vacation or second homes sold in 2009 compared to 2008.
Buyer characteristics:
• The median age of the vacation or second home buyer in 2009 was 46 years of age.
• 28 percent of vacation orsecond home buyers were older than 55.
• The median household income of 2009 vacation or second home buyers was $87,500.
• 39 percent of vacation or second home buyers had a household income that exceeded $100,000.
• 73 percent of 2009 vacation or second home buyers were married.
• 49 percent of 2009 vacation or second home buyer households had no children younger than 8. • 86 percent of 2009 vacation or second home buyers were Caucasian.
Property characteristics:
• 55 percent of 2009 vacation home sales were in a small town or rural area.
• 50 percent of 2009 vacation home sales were in the South.
• 71 percent of 2009 vacation or second home sales were single-family homes.
• 74 percent of 2009 vacation or second home sales were existing properties (not new).
• The median distance away from primary residence was 348 miles.
Method of Purchase and Financing:
• 54 percent of 2009 vacation or second home buyers used a real estate agent or broker.
• 10 percent of 2009 vacation or second home sales were a foreclosure or trustee sale.
• 27 percent of 2009 vacation or second home sales were directly from an owner (17 percent that buyer knew, 10 percent that buyer didn’t know).
• 32 percent of 2009 vacation or second home buyers looked first on the internet to shop for a home.
• 12 percent of 2009 vacation or second home buyers contacted a real estate agent first to shop for a home.
• 26 percent of 2009 vacation or second home buyers found the home they purchased on the internet.
• 25 percent of 2009 vacation or second home buyers found the home they purchased with a real estate agent.
• 70 percent of 2009 vacation or second home sales used a mortgage.
Internet use:
• Nine out of ten home buyers use the Internet in their home search process.
• Is our experience that buyers contact us after internet searching first.
• More often we find the home the buyer buys, rather than what they exactly saw on the Internet.
Buyer Motivations and Expectations:
• 89 percent purchased their vacation or second home as a family retreat.
• 29 percent purchased their second home because it was a “good investment” opportunity.
• 25 percent purchased their second home to rent to others.
• 14 percent purchased their second home for tax benefits.
• 26 percent purchased their second home as a future primary residence.
• 80 percent purchased their second home because they believe now is a good time to purchase.
Original Link: http://www.tahoedailytribune.com/article/20100704/NEWS/100709931/1054
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/!
Friday, June 25, 2010
Lakefront Home Sells for $3.5 Million at Deep Creek Lake - Railey Blog
Railey Realty is proud to announce its participation as the listing broker in the highest lakefront residential sale recorded at Deep Creek Lake. The upscale, nearly 14,000 square foot home when finished, was recently sold for $3.5 million. The home was built in 2007 and is located in the Reserve at Holy Cross which is a private lakefront/lake access community. The property features stunning, unobstructed views of Deep Creek Lake from most rooms, 4 bedrooms, 3 full baths, nearly every upgrade you could imagine in a high-end home, and a boat dock permitted for 3 power boats. The couple who purchased this home is from the Pittsburgh area and plan on using it as a vacation home.
This is the first sale over $3 million at Deep Creek Lake and is the highest sold price for a residential property since 2007, when another lakefront house in The Reserve at Holy Cross sold for $2.8 million.
If you are thinking about buying or selling lakefront property on Deep Creek Lake, give us a call or send us an e-mail. As Deep Creek’s leading real estate brokerage, we can assist you with all your real estate needs.
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/!
Thursday, June 03, 2010
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/!
Monday, May 17, 2010
Stay up to date with the real estate market-Garrett County-Deep Creek Lake
I can customize ANY search criteria you want, regardless of how detailed or basic, and send it straight to your email address - before most agents even know its available! This tool is invaluable and gives you an unbelievable advantage over other buyers currently looking to buy.
For instance, if you want to find a log cabin on 20-30 acres with views and a stream or water nearby, I can tailor a search to meet those needs. And if/when it ever comes on the market, you will be among the first to know.
The downfall to being so specific is that you may go months without seeing anything that fits the description. I recommend having several custom searches running at the same time:
- A basic search: ($200,000-250,000)
- An intermediate search: ($200,000-$250,000 + Water Views)
- And a detailed search: ($200k-250k + water views + 3 bedrooms or more + McHenry + 1 acre or more)
This way, you are seeing everything in the $200k-250k range, but also receiving more ‘direct hits’ with subsequent searches. I have clients who have me running as many as 8 searches - and loving it. They own property here and like to get updates about properties that have sold, so they can keep up with comparable sales. They also like to see updates about their community (Ski Harbor), so I email that search. Then, they are searching for single family homes on the water, in certain areas of the lake (like Rock Lodge Rd, State Park Rd, and anything at Blakeslee). I have another client who only wants homes with public water/sewer - so I tailored a search for those features. And I have other clients who mix & match land listings in the same way - size, price, location, sewer/water, etc.
The sky is the limit with custom MLS searches - I can even set them up to email you ASAP, weekly, specific days of the week, in the morning or evening, or once a month. Completely customizable. The easiest way to set one of these up and try it out is to call me directly or email me with your parameters. Special requests? I’ll do my best!
Monday, May 10, 2010
April 2010 - Lot & Land Market Update
The lot & land market remains flat. There were only 4 sales in all of Garrett County last month. The bright side of that is that sales were up 33% from last month (3 sales total), but the year to date total is 17 lot sales - incredibly low.
325 acres sold for $450,000 (67% of asking price)- that’s bad news for large tracts of land, as the price per acre is approx. $1,385.00.
There was a 2 acres building lot on Glendale Rd that sold for $55,000 - 91% of asking price.
Also, a Deep Creek Lake building lot with a decent lake view sold for $105,000 (62% of asking price).
Railey Realty had 3 of the lots listed, and also sold the same 3 lots - 75% of the lot/land business in April.
I warned you last month that there will be some shocking numbers coming - and I know that trend will continue through the summer.
There are 8 lot/listings currently under contract out of 637 available listings. Both of those numbers have increased since March 2010.
Financing on land remains 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. You never know until you make an offer!
Search for available 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
Tuesday, May 04, 2010
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
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
Thursday, April 15, 2010
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
Wednesday, April 07, 2010
March Real Estate Update - Deep Creek Lake & Garrett County. MD
The warm weather of March helped to improve the residential real estate market at Garrett County and Deep Creek Lake! There were a total of 16 sales (versus 14 for the same period last year). The stronger spring I spoke of last month has started to take shape. There are 44 contracts compared to last months 33.
7 of the 16 sales were considered Deep Creek Lake area properties, the rest appear to be primary residential.
The average list vs. ORIGINAL sales price was 69.5%, down 10% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this last month, and it’s a national trend that is very real - EVERYTHING has adjusted in price. It’s a tough pill to swallow, but homes are not worth what they were 2-3 years ago. That’s a HUGE reason why some properties won’t sell - they are overpriced.
The ADJUSTED list vs sale price is 90% - up 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 current number of active/for sale residential listings is 605 as of today. This is up from last month (575) and will continue to grow as the spring and summer continue. Slowly but surely, our absorption rates are normalizing.
Here are the statistical breakdowns:
Average Sale Price: $404,031 (last month)$309,200
Average Days on Market: 220/275 (last month 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
Friday, March 26, 2010
Realtors’ take on Maryland home prices
From the Baltimore Sun Real Estate Wonk:
Realtors’ take on Maryland home prices
We can be pretty certain that a lot of home buyers and sellers don’t see eye to eye on values, or else the average sale price wouldn’t be 11 percent lower than the asking price. But where do real estate agents stand in the debate?
Well, 85 percent polled in Maryland say sellers think their homes are worth more than they—the agents—believe it is, according to a new survey by real estate site HomeGain.
Most of that difference is pretty big.
Half the Maryland agents surveyed say their average clients think their homes are worth 10 to 20 percent more. Eleven percent say average clients think their homes are worth in excess of 20 percent more.....
Read the rest of the article 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
Tuesday, March 23, 2010
Residential Market Stats that Matter - Railey Realty Still #1
In a sales meeting this morning, our manager Nancy Trotta went over the latest residential market statistics for the Garrett County area. The numbers are amazing, and I wanted to share some of the highlights:
There are currently 33 properties currently under contract between $55,900-$1,989,000. Of those contracts, Railey Realty has 18 of those homes under contract - 55% of the market!
Our next 3 closest competitors have 8 contracts COMBINED. Their individual market share ranges from 6%-9%, respectively. I believe that this demonstrates why I chose to make the move to Railey Realty last month - more market share and the ability to still sell homes even in the current market conditions. Our results speak for themselves!
And it’s not just contracts - our listing inventory is nearly double that of the next closest competing broker. We have 239 homes currently listed and more on the way. For the best selection of real estate listings, again, we are #1 in Garrett County & Deep Creek Lake!
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
Monday, March 08, 2010
February 2010 Homes Sales in Garrett County & Deep Creek Lake
The nasty weather definitely had an adverse affect on the local real estate market in Febraury 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:
Avearge Sale Price: $309,200
Average Days on Market: 164/296 (days on market with current borker/total days on market)
Wednesday, February 03, 2010
January 2010 Home Sales - Garrett County / Deep Creek Lake
A typical slow January month in Garrett County & at Deep Creek Lake with only 9 residential sales (details here). One reason that it’s normally slower in the winter months is that November and December buyers (who will close in January) are typically pre-occupied with the holidays, shopping, etc. Some other reasons include the weather - who in their right mind WANTS to move all of their stuff in the middle of a Garrett County winter if they don’t have to?
Also, the new lending rules that are in place now are causing some previously unforeseen delays with financing, etc. There are 30 ‘contracts’ right now which will presumably close this month or next, so the market conditions are definitely improving some.
This is certainly debatable, but 6/7 of these sales appear to vacation homes or 2nd homes, while the majority are primary residential. This certainly makes a difference in pricing strategies, specifically demand-based pricing.
The average list vs. ORIGINAL sales price is 87.97% (up 3% from December), though the ADJUSTED list vs. sales price is 91.53% of asking price (up 1% from December).
The current number of active/for sale residential listings is 586. 30 of these homes are under contract. This is a net reduction from December 2009 (16 less homes for sale, 7 more under contract). Slowly but surely, our inventory numbers are coming down! Prices have stabilized and are increasing on average over the past few months!
Here are the statistical breakdowns:
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350
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