August 2010 Real Estate Sales - Market Update

We had 32 home sales in the month of August 2010 (versus 29 sales in August 2009). There was a sizable increase from last month (26 total sales).

There are 67 homes under contract (sale-pending), up from last month (53). The record low interest rates and 'late' summer sales are probably responsible for a lot of this increased activity, but for whatever reason - it's a very welcome sign. Another huge factor is the prices. It's no secret - prices have dropped, in some cases tremendously. I think buyers are recognizing deals when they see them, though, and some deals are too good to pass up. By no means is the market 'fixed', but we are taking small steps in the right direction, in my opinion.

The average list vs. ORIGINAL sales price was 69.28% (which factors in an obvious error from an out of town agent who mistakenly claims $799,995.00 in seller 'help' on a $115,000 sale). The adjusted number dropping this out would be 87.31%, up nearly 5% from last month (82.50%).

The ADJUSTED list vs sale price is 91.80% (again, excluding the obvious subsidy error) - up 2%from last month (89.53%).

The current number of active/for sale residential listings (minus timeshares) is 775 as of today, down from last month (791). Making a little bit of headway is better than none, but that's still a 24 month supply of homes available, based on the August sales numbers. I highly doubt we can average that many sales per month, so expect this number to remain high.

Random Observations:

• There were 5 'newer' homes that sold this month.
• 15 of the 32 homes sold for less than $300,000.
• Highest sale was $1.750 million at the Blakeslee.
• 1 property sold higher than full price.
• 17 of these sales were lake area or vacation homes.
• The rest (15) are primary residential homes scattered around Garrett County.
• The days on market stats were significantly lower on average - newer listings are the ones selling vs. homes that have been on for a significant time. Sometimes, homes can appear 'stale' to buyers and they won't bother to look unless there has been a recent sales price adjustment.

Here are the statistical breakdowns:

Average Sale Price: $367,780 (last month $321,685)

Average Days on Market: 163/182 (last month 150/302) (days on market with current broker/total days on market).

I'll update this later this week with how Railey Realty fared in the sales numbers.

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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