May's homes sales kept the momentum going of the last few months. Again, 17 home sales in the month of May, the same as the March and April. Finally, some consistency! The pieces of the puzzle are continuing to fall into place and their are a decent number of home sales and comparable prices to report. These sales assist agents and sellers alike in making pricing decisions; as well as offering buyers a solid footing on which to make offers - the essence of the market based real estate system. More sales = more information about where we are and more importantly, where we are going.
There were 25 total sales during the same period last year (May 1-31, 2009).
4 of those sales were for full price - or higher!
There are 48 properties currently under contract compared to 49 last month. This number is destined to change later today, as I personally have another pending sale to add to the total.
8 of the 17 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 85.22%, up 15% from last month (70.67). The biggest part of this number is the high listing numbers that sellers start with. I blogged about this a few months ago. Sellers are starting to get the picture now, and those who can afford to sell for less, are.
The ADJUSTED list vs sale price is 92.37% - up again from last month (90.47%). At the height of the market, the Deep Creek Lake list to sale price was 97% of asking price, but these numbers are definitely improving.
The current number of active/for sale residential listings is 737 as of today. This is up from last month (665) considerably, but it's a historical fact that the listing numbers jump around Memorial Day, because that's when the buyers start to show up in full force.
Here are the statistical breakdowns:
Average Sale Price: $409,316 (last month) $332,294
Average Days on Market: 256/267 (last month 219/219) (days on market with current broker/total days on market)
Of the $13,951,930 in total dollar volume in the month of May, Railey Realty was responsible for $9,178,995 - a whopping 66% of the Garrett County real estate market!
#1 in Garrett County & at Deep Creek Lake since 1995.
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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