June was a good month for real estate sales in Garrett County & Deep Creek Lake. The highest ever sale at Deep Creek Lake ($3.5 million) close on June 11. Railey Realty had the listing part of the transaction. I had my first million dollar sale! Surprisingly, I have come close several times but this is the first ‘official’ sale over a million (and ironically, my first transaction at Railey Realty).
There were 30 homes that sold in the month of June, which is nearly double that of May 2010. Late spring and summer have always been among the best months of the year for real estate sales, partly because of the start of ‘vacation season’ and it’s easier to look at homes when kids are out of school, etc. Plus, you don’t have to wade through 23 feet of snow to look at houses 🙂
There were 27 sales during the same period last year, so that is a positive.
By my count, 6 of these properties sold at full price or higher.
There are 48 properties currently under contract, the exact same as last month. I look for this number to be affected by a very slow month for the local economy in June. From folks I have spoken to, rentals were down slightly and that led to lower sales for restaurants, shops and other ‘tourism dependant’ local businesses. The consensus that I have gotten from these local business owners is that the weather from January & February led to longer school years and less available vacation time. When people aren’t in town to look at houses, its also affects real estate sales.
11/12 of the 30 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 scattered across Oakland, Granstville, Swanton and Accident.
The average list vs. ORIGINAL sales price was 88.88%, up 3.66% from last month (85.22).
The ADJUSTED list vs sale price is 93.22% – up again from last month (92.37%).
The current number of active/for sale residential listings (minus timeshares) is 774 as of today. This is up from last month (737) considerably. We are still gaining more inventory than we are selling and this will continue to drive down prices from a supply and demand standpoint. With current state of affairs, this is a number that is unlikely to come down anytime soon. That’s a 26 month supply of homes available, which is a very challenging stat to overcome.
Here are the statistical breakdowns:
Average Sale Price: $448,350 (last month) $409,316 (understand this is affected by the $3.5 million lakefront sale)
Average Days on Market: 177/241 (last month 256/267) (days on market with current broker/total days on market)
Of the $26,901,000 in total dollar volume in the month of June, Railey Realty was responsible for $16,039,900 – a whopping 60% of the Garrett County real estate market!
#1 in Garrett County & at Deep Creek Lake since 1995.
I’ll blog later about about year to date numbers – from a company standpoint, you will be impressed at the level of production we have been able to maintain even in the sketchy market conditions that exist today.
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
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