Jay Fergusonjay@deepcreekvacations.com301-501-0420

July 2012 Real Estate Market Update – Residential

22 properties sold in July 2012, down slightly from last July’s 24 sales. Properties sold for over 90% of asking price again this month. There are even reports nationally of the average asking price increasing in some areas – that’s a good sign for sellers.

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

There are 61 homes under contract right now (62 last month).

The average list vs. ORIGINAL sales price was 85.16% – (last month 86.69%).

The ADJUSTED list vs sale price was 90.13 (last month 92.58%).

The current # of active/for sale listings in MRIS (minus timeshares) is 622, down from last months 685. We have a 28.27 month supply of homes available (minus timeshares) based solely on the July sales numbers.

Random observations:

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

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

•16 homes sold at/under $300,000 (last month was 18)

•17 homes sold under $400,000 (last month 21)

•0 homes sold over $ 1 million (1 last month – 1931 Lake Shore Dr sold for $1.849)

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

•One house sold for 54.49% of asking price – 5 Dewey Roy Ln

•The oldest home that sold was 137 (!) yrs old (2899 Pocahontas Ave)

•The average age of the homes that sold was 37 years (27 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $265,771 (last month $364,821)

Average Days on Market: 235/277 (last month 252/283) (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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