Another strong month of real estate sales in October. There were 31 homes that sold (versus 28 in October 2009). There are 49 homes under contract (down 1 from last month), which is a very pleasant surprise to see at this point in the year.
Normally, the time between fall & winter is a bit slower, as kids are back in school, the weather is MUCH cooler, and there isn’t any snow on the ground for skiing. So, I’ll take it as a positive sign that the real estate market is getting stronger! Historically low interest rates are fueling some of this activity, as several of my clients currently have mortgages with rates in the upper 3% range – AMAZING.
The average list vs. ORIGINAL sales price was 85.31%, up from last month (82.63%).
The ADJUSTED list vs sale price was 91.31%, up from last month (89.63%).
The current # of active/for sale listings in MRIS (minus timeshares) is 654, down from last months 751. This number drops dramatically during the late fall & winter months, as some owners choose not to show their home in the winter time, or they take it off the market to ‘reset’ the days on market. It skews the supply stats, as now we have a 21 month supply of homes available.
Random observations:
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Again, 9 ‘newer’ homes that sold in October (less than 5 years old)
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820 Holy Cross was a $2 million+ sale, showing again, that the lakefront market still has a lot of value
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It appears that 25 or so of these sales were vacation homes
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13 homes sold under $300,000 (last month was 24)
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21 homes sold under $400,000
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1 house sold over $1million
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2 homes sold for full price
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One house sold for 75% of asking price
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There was a cabin on Old Chestnut Rd (off Glendale) that is 70 years old – WOW.
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The average age of the homes that sold was 18 years
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2 sales at Wisp Resort – one at Kendall Camp (full price $740,000) & the other at the Wisp Hotel
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5 condo’s/townhouse properties sold, same as last month
Here are the statistical breakdowns:
Average Sale Price: $398,117 (last month $317,014)
Average Days on Market: 127/167 (last month 187/226) (days on market with current broker/total days on market)
Based on the recent stats, I think it’s safe to say that it’s getting better! We still have a long way to go, but we are on our way!
How Railey Realty fared in the coming days…
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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