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

Existing-Home Sales Down in January but Higher than a Year Ago; Prices Steady – Realtor.org

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply2 at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6 percent below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price3 for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey4 shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said.

“Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors® are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03 percent in January from 4.93 percent in December; the rate was 5.05 percent in January 2009.

Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.

Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price5 was $172,400 in January, which is 1.4 percent higher than January 2009.

Regionally, existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.

Existing-home sales in the Midwest declined 6.9 percent in January to a level of 1.08 million but are 8.0 percent higher than January 2009. The median price in the Midwest was $130,300, which is 1.0 percent below a year ago.

In the South, existing-home sales dropped 7.4 percent to an annual pace of 1.87 million in January but are 12.0 percent above a year ago. The median price in the South was $140,200, down 2.0 percent from January 2009.

Existing-home sales in the West declined 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009. The median price in the West was $203,400, down 5.8 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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