real estate sales – Page 2 – Jay's Real Estate Blog

May 2012 Real Estate Market Update – Residential

23 properties sold in May 2012, down one sale from April 2012, and down 4 sales off last year’s pace. The really great news, though, is that year-to-date, 2012 has been our most active real estate market since 2008.

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

There are 57 homes under contract right now (49 last month).

The average list vs. ORIGINAL sales price was 84.91% – (last month 82.25%).

The ADJUSTED list vs sale price was 88.33 (last month 89.13%).

The current # of active/for sale listings in MRIS (minus timeshares) is 662, up from last months 636. There are about 20 properties coming on the market each week this time of the year. We have a 28.78 month supply of homes available (minus timeshares) based solely on the May sales numbers.

Random observations:

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

•It appears that 14 or so of these sales were vacation homes

•12 homes sold at/under $300,000 (last month was 12)

•17 homes sold under $400,000 (last month 15)

•0 homes sold over $ 1 million (0 last month – though, we already have a nearly $2mil sale in June)

•2 home(s) sold for higher than full price or at full price (last month was 1)

•One house sold for 51.85% of asking price – 171 Garrett Rd

•The oldest home that sold was 112 yrs old (210 Roanoke Ave)

•The average age of the homes that sold was 33 years (32 last month)

•3 condo/townhouse/fractional properties sold (2 last month)

Here are the statistical breakdowns:

Average Sale Price: $312,571 (last month $318,094)

Average Days on Market: 147/224 (last month 298/435) (days on market with current broker/total days on market) – this number took a HUGE dive this month, as there were 2 homes that sold after being on the market for 1,211 and 1,546 days, respectively, in April.

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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!

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Pending Home Sales Decline in April but Up Strongly From a Year Ago

WASHINGTON (May 30, 2012) – Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.

Yun notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said. “All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward.”

The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.

The housing forecast has been upgraded, with existing-home sales expected to reach 4.66 million this year, compared with 4.26 million in 2011. The outlook for 2013 is now 4.92 million, but could vary significantly depending on two scenarios.
If lending returns to normal, the 2013 outlook for existing-home sales would measurably improve to 5.3 million. However, a fiscal cliff scenario of higher taxes and sharp spending cuts beginning in early 2013, which is an unlikely event but still worth noting, would lower the sales projection to 4.5 million.

Because of measurably lower inventory supplies, the forecast for home prices has been upwardly revised with the median existing-home price projected to rise 2 to 3 percent this year and 4 to 5 percent in 2013, with wide local market variations. Miami and Phoenix will easily achieve double-digit price growth by year end.

Yun said the price gains will measurably reduce the number of underwater homeowners. “For example, a 5 percent national price gain means the number of underwater homeowners would fall to about 9 million from current estimates of around 11 million. A 10 percent gain, say over the next two years, would reduce the underwater status to about 7 million households out of 75 million owner-occupied homes,” he said.

About 25 million homes are owned free and clear without a mortgage.

Though the proportion of distressed properties is still high, the numbers have been falling over the past two years. “The diminishing share of distressed properties is another reason for higher home prices in upcoming months,” Yun added.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

More here.

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December 2011 Real Estate Market Update – Residential

20 properties sold in December 2011. Sales were down considerably from December 2010 (34) and off from last month’s 29 sales.

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

There are 46 homes under contract right now (58 last month).

The average list vs. ORIGINAL sales price was 87.77% – (last month 81.51%).

The ADJUSTED list vs sale price was 91.43 (last month 90.56%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, down from last months 712 – (there is always a mass expiration of homes on Dec 31 every year). We have a 29.9 month supply of homes available (minus timeshares) based solely on the December sales numbers. (Last month was a 24.55 month supply).

Random observations:

•1 ‘newer’ homes sold in December (5 years old or less)

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

•14 homes sold under $300,000 (last month was 19)

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

•0 homes sold over $ 1 million (3 last month)

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

•One house sold for 77.52% of asking price – 2928 Mosser Rd

•The oldest home that sold was 122 yrs old (271 Legeer Rd)

•The average age of the homes that sold was 34 years (37 last month)

•4 condo/townhouse properties sold (4 last month)

Here are the statistical breakdowns:

Average Sale Price: $276,580 (last month $399,020)

Average Days on Market: 117/150 (last month 191/208) (days on market with current broker/total days on market)

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November 2011 Real Estate Market Update – Residential

29 properties sold in November 2011. Sales were up considerably from November 2010 (22 sales), but couldn’t hold pace with last month’s 36 home sales.

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

There are 58 homes under contract right now (69 last month).

The average list vs. ORIGINAL sales price was 81.51% – (last month 83.89%).

The ADJUSTED list vs sale price was 90.56 (last month 90.35%).

The current # of active/for sale listings in MRIS (minus timeshares) is 712, down from last months 728. We have a 24.55 month supply of homes available (minus timeshares) based solely on the November sales numbers. (Last month was a 20.2 month supply).

Random observations:

•2 ‘newer’ homes sold in October (5 years old or less)

•It appears that 18 or so of these sales were vacation homes

•19 homes sold under $300,000 (last month was 19)

•19 homes sold under $400,000 (last month 25)

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

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

•One house sold for 79.16% of asking price – 196 Main St

•The oldest home that sold was 112 yrs old (8736 George Washington Hwy)

•The average age of the homes that sold was 37 years (35 last month)

•4 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $399,020 (last month $309,621)

Average Days on Market: 191/208 (last month 174/224) (days on market with current broker/total days on market)

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September 2011 Real Estate Sales Statistics – Residential

36 homes sold in September 2011, down slightly from September 2010, where we sold 39 homes and up from August, where we sold 31 homes.

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

There are 67 homes under contract right now (73 last month).

The average list vs. ORIGINAL sales price was 82.04% – down from last month (85.39%).

The ADJUSTED list vs sale price was 88.43%, also down from last month (92.91%).

The current # of active/for sale listings in MRIS (minus timeshares) is 738, down from last months 785. We have a 20.5 month supply of homes available (minus timeshares) based solely on the September sales numbers. This number is down significantly from last month’s 25.32 month supply.

Random observations:

•2 ‘newer’ homes sold in September (5 years old or less)

•It appears that 20 or so of these sales were vacation homes

•20 homes sold under $300,000 (last month was 19)

•25 homes sold under $400,000

•1 home sold over $ 1 million (1 home last month)

•1 home sold for higher than full price or at full price (last month was 4)

•One house sold for 70.79% of asking price – 143 Walnut St in Friendsville

•The oldest home that sold was 121 yrs old

•The average age of the homes that sold was 31 years (32 last month)

•8 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $359,760 (last month $292,561)

Average Days on Market: 210/314 (last month 201/224) (days on market with current broker/total days on market)

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August 2011 Real Estate Market Update – Deep Creek Lake & Garrett County MD

31 homes sold in August, down slightly from August 2010, where we sold 32 homes and up from July, where we sold 24. It was one of the better months we’ve had recently, and low interest rates should continue to fuel real estate growth.

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

There are 73 homes under contract right now (64 last month).

The average list vs. ORIGINAL sales price was 85.39% – down from last month (88.25%).

The ADJUSTED list vs sale price was 92.91%, up from last month (91.58%).

The current # of active/for sale listings in MRIS (minus timeshares) is 785, down from last months 810. We have a 25.32 month supply of homes available (minus timeshares) based solely on the August sales numbers. This number is down significantly from last month’s 33.75 month supply.

Random observations:

•7 ‘newer’ homes sold in August (5 years old or less)

•It appears that 18 or so of these sales were vacation homes

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

•23 homes sold under $400,000

•1 home sold over $ 1 million (2 homes last month)

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

•One house sold for 79.91% of asking price – 19 Maruca Dr

•The oldest home that sold was 101 yrs old

•The average age of the homes that sold was 32 years (23 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $292.561 (last month $404,750)

Average Days on Market: 201/224 (last month 163/190) (days on market with current broker/total days on market)

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.

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July 2011 Real Estate Market Update – Residential

24 homes sold in the month of July 2011 at Deep Creek Lake & Garrett County. Compared to last July, we were only 2 sales short. We are only down one transaction from June 2011 – overall, I think that’s great. I believe that the vacation rental market trending down over the month of June in the past few years has an effect on the July sales numbers. If people aren’t here on vacation, they aren’t buying homes. Same thing for primary residential homes – kids are in school, sports & activities later and later every year. Of course, the market is changing, too. But, people are still buying real estate at Deep Creek Lake & in Garrett County.

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

There are 64 homes under contract right now (56 last month).

The average list vs. ORIGINAL sales price was 88.25% – UP a whopping 6.5% from last month (81.77%).

The ADJUSTED list vs sale price was 91.58%, up more than 3% from last month (88.28%).

The current # of active/for sale listings in MRIS (minus timeshares) is 810, up from last months 780. We have a 33.75 month supply of homes available (minus timeshares) based solely on the July sales numbers. This number is up from last month’s 31 month supply.

Random observations:

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

•It appears that 17 or so of these sales were vacation homes

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

•13 homes sold under $400,000

•2 homes sold over $ 1 million (5 homes last month)

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

•One house sold for 68.92% of asking price – 122 Sand Spring Rd

•The oldest home that sold was 74 yrs old

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

•5 condo/townhouse properties sold (1 last month)

Here are the statistical breakdowns:

Average Sale Price: $404,750 (last month $495,235)

Average Days on Market: 163/190 (last month 185/246) (days on market with current broker/total days on market)

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.

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>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!

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>May 2011 Real Estate Market Update

>
May sales numbers were up over April – 27 total sales in May 2011. We’re up 10 sales over last May, when there were only 17 transfers.

The median sales price was down by over 34% – but, looking closer at that number, more primary residential homes sold in May than normal. There were 14 sales under $200k – that really skews the numbers. Couple that with the highest sales price last month of $610k, those are interesting factors. Otherwise, other areas of our real estate market are looking stronger than last month. One interesting correlation between low sales prices and days on market – homes last month sold MUCH more quickly. Imagine that 🙂

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

There are 53 homes under contract (43 last month).

The average list vs. ORIGINAL sales price was 82.43%, up from last month (81.62%).

The ADJUSTED list vs sale price was 88.28%, up from last month (87.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 764, up from last months 703 . We have a 28 month supply of homes available (minus timeshares) based solely on the April sales numbers. This number is down from last month’s 33 month supply.

Random observations:

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

•It appears that 12 or so of these sales were vacation homes (another factor in the decling median sales prices)

•21 homes sold under $300,000 (last month was 14)

•22 homes sold under $400,000

•0 homes sold over $ 1 million (interesting note, the highest sale price was $610,000)

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

•One house sold for 51.59% of asking price – 182 Main St

•The oldest home that sold was 106 yrs old

•The average age of the homes that sold was 33 years (28 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $236,087 (last month $320,310)

Average Days on Market: 200/260 (last month 273/378) (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.

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

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>April 2010 Residential Real Estate Sales – Market Update

>
April has come and gone and left behind another month of real estate sales in Garrett County & at Deep Creek Lake. There were 21 total sales, down one from last month and up 4 sales from April 2010.

I’ve been warning for months that the inventory is coming…and here it is. There are now 701 available properties on the market. I recall one day getting an update of 17 new homes – I believe last Monday. That number is up 103 from last month. Not surprising, as this is the time of year people like to start looking for their summer purchase. Homes show better in the warmer weather & the fresh landscaping/green grass helps a lot. The large portion of those ‘new’ listings are re-listed homes that didn’t sell last year.

Let’s take a look at the stats:

There are 43 homes under contract (38 last month).

The average list vs. ORIGINAL sales price was 81.62%, down from last month (83.51%).

The ADJUSTED list vs sale price was 87.31%, down from last month (89.63%).

The current # of active/for sale listings in MRIS (minus timeshares) is 703, up from last months 598. We have a 33 month supply of homes available (minus timeshares) based solely on the April sales numbers. This number is up from last month’s 27 mont supply.

Random observations:

•4 ‘newer’ home sold in March (5 years old or less)

•It appears that 11 or so of these sales were vacation homes

•14 homes sold under $300,000 (last month was 15)

•15 homes sold under $400,000

•2 homes sold over $ 1 million (same as last month)

•0 homes sold for higher than full price or at full price (last month was 4)

•One house sold for 52.63% of asking price – 139 Frederick Circle

•The oldest home that sold was 93 yrs old

•The average age of the homes that sold was 28 years (37 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $320,310 (last month $297,427)

Average Days on Market: 273/378 (last month 205/290) (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.

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

Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

Category: real estate sales

May 2012 Real Estate Market Update – Residential

Pending Home Sales Decline in April but Up Strongly From a Year Ago

December 2011 Real Estate Market Update – Residential

November 2011 Real Estate Market Update – Residential

September 2011 Real Estate Sales Statistics – Residential

August 2011 Real Estate Market Update – Deep Creek Lake & Garrett County MD

July 2011 Real Estate Market Update – Residential

>June 2011 Market Update – Homes – Residential

>May 2011 Real Estate Market Update

>April 2010 Residential Real Estate Sales – Market Update

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