February 2012 Market Update – Residential Real Estate Sales

16 properties sold in February 2012. Sales were up considerably from February 2011 (9). In fact, this is the best February we’ve had in 5 years:

February 2012 – 16
February 2011 – 9
February 2010 – 6
February 2009 – 8
February 2008 – 18

Go figure – one of the worst winters on recent record and we have a great end-of-winter run. Perhaps we’re turning another corner? I blogged the other day about the 42 year high for the Housing Affordability Index – great info.

Let’s take a look at the rest of the stats:

There are 48 homes under contract right now (46 last month).

The average list vs. ORIGINAL sales price was 82.16% – (last month 78.69%).

The ADJUSTED list vs sale price was 89.82 (last month 86.67%).

The current # of active/for sale listings in MRIS (minus timeshares) is 575, up from last months 562. We have a 35.93 month supply of homes available (minus timeshares) based solely on the February sales numbers.

Random observations:

•1 ‘newer’ home sold in February (5 years old or less)

•It appears that 12 or so of these sales were vacation homes

•8 homes sold under $300,000 (last month was 17)

•12 homes sold under $400,000 (last month 19)

•0 homes sold over $ 1 million (1 last month)

•0 homes sold for higher than full price or at full price (last month was 1)

•One house sold for 58.06% of asking price – 4396 Kempton Rd

•The oldest home that sold was 112 yrs old (4396 Kempton Rd)

•The average age of the homes that sold was 27 years (26 last month)

•5 condo/townhouse properties sold (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $278,250 (last month $333,937)

Average Days on Market: 199/227 (last month 250/264) (days on market with current broker/total days on market)

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!

877-563-5350 – toll free



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