>June 2011 Market Update – Homes – Residential

>25 homes sold in the month of June 2011 at Deep Creek Lake & Garrett County. Compared to last June, we were 7 sales short. A big part of this was the federal tax incentives to purchase & close on a home by June 30, 2010. All in all, the numbers this month are still very strong by comparison. The average sales price of homes last month was $495,235 – the highest it’s been in quite some time & over $250,000 HIGHER than last month! Is that the end-all stat of the year? No – but it’s still good news.

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

There are 56 homes under contract right now (53 last month).

The average list vs. ORIGINAL sales price was 81.77%, down from last month (82.43%).

The ADJUSTED list vs sale price was 88.28%, same as last month (88.28%).

The current # of active/for sale listings in MRIS (minus timeshares) is 780, up from last months 764. We have a 31 month supply of homes available (minus timeshares) based solely on the June sales numbers. This number is up from last month’s 28 month supply.

Random observations:

•3 ‘newer’ homes sold in June (5 years old or less)

•It appears that 13 or so of these sales were vacation homes

•13 homes sold under $300,000 (last month was 21)

•14 homes sold under $400,000

•5 homes sold over $ 1 million (5 homes @ $1mil is a HUGE part of that $495k+ average sales price)

•2 homes sold for higher than full price or at full price (last month was 2)

•One house sold for 18.31% of asking price – 123 Center St W (this really skews the numbers but I left it in – the sellers sold to a family member for a tremendous discount – not an arms length transaction, but it’s a sale)

•The oldest home that sold was 97 yrs old

•The average age of the homes that sold was 23 years (33 last month)

•1 condo/townhouse properties sold (3 last month) Watch this stat, as FHA just released new lending guidelines requiring, among other things, at least 50% owner occupied units in condo/townhouse projects – coupled with stricter lending limits on condo-hotels like Will o the Wisp, Wisp Hotel, & Silver Tree Suites. I am not aware of any condo communities at Deep Creek Lake that have 50% owner occupancy – maybe Laurelbrook?

Here are the statistical breakdowns:

Average Sale Price: $495,235 (last month $236,087)

Average Days on Market: 185/246 (last month 200/260) (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. These stats are updated daily, not monthly and include timeshares. So, our numbers will differ slightly.

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.

877-563-5350 Questions about ANY listed property? I can help! Call me!

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