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)