September Home Sales - Market Update - Deep Creek Lake

I am a little late in publishing these numbers this month, but I have a good reason...Autumn Glory kept me sidetracked for much of the weekend and even in to this week. What a great time of the year - the leaves peaked from Saturday afternoon until about mid-day Monday. Keep an eye on this blog for links to the photo galleries from all of the county - I got some great photos!

We had 39 home sales in the month of September 2010 (versus 26 sales in September 2009). Another sizable increase from last month (32 total sales), as well as being the most productive month of the year, I believe.

There are 50 homes under contract (sale-pending), down from last month (67). This number should continue to drop steadily until we enter the next 'season' for tourists and visitors to return to the county for extended stays.

The average list vs. ORIGINAL sales price was 82.63%, down from last month (87.31%).

The ADJUSTED list vs sale price is 89.63% down 2% from last month (91.80%).

The current number of active/for sale residential listings (minus timeshares) is 751 as of today, down from last month (775). I expect this number to drop in the coming months, as most sellers remove their home from the market in the late fall/winter months, but even at this pace, it's a 19 month supply of homes (last months pace was 24 month supply).

Random Observations:

• There were 9 'newer' homes that sold this month.
• There was a lakefront home that sold for $399,900
• 24 of the 39 homes sold for less than $300,000.
• Highest sale was $1.150 million on Marsh Hill Rd.
• 3 houses sold for full price.
• 1 home sold for 50% of asking price - next lowest, 79%
• 19 of these sales were lake area or vacation homes.
• The rest (20) are primary residential homes scattered around Garrett County.
• Average age of the home sold was 23 years old
• 2 sales at Wisp Resort - one at Kendall Camp & the other at North Camp
• 5 condo's/townhouse properties sold
• 2 sales above $1 million, both lakefront homes

Here are the statistical breakdowns:

Average Sale Price: $317,014 (last month $367,780)

Average Days on Market: 187/226 (last month 163/182) (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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