Jay Fergusonjay@deepcreekvacations.com301-501-0420

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.

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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