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
