November 2010 Real Estate Market Update - Sales Stats

A typical November real estate market in Garrett County? That's what the number are saying. There were 22 homes that sold (versus 22 in November 2009). There are 36 homes under contract (down 13 from last month), but the holidays have a way of detracting people's attention from home buying. There are just too many other things going on this time of year for most folks.

We have snow on the ground and the ski season is kicking off, so our winter season for vacation home purchasing is just starting off. There are fewer primary home sales this time of year in Garrett County because of the obstacles that the weather presents. I recall moving in December during a snowstorm one night, and it wasn't fun. Moving trucks stuck in the snow, cold weather, blustery winds...most people prefer to wait for more accommodating weather.

The average list vs. ORIGINAL sales price was 80.69%, down from last month (85.31%).

The ADJUSTED list vs sale price was 91.02%, down slightly from last month (91.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 684, down from last months 654. This number will drop dramatically by next month. Many owners listing contracts expire Dec 31, and there are a fair number who remove their home during the winter. We have a 31 month supply of homes available based solely on the lower November sales numbers. This number will sound a lot better next month, I'm sure.

Random observations:

• 1 'newer' home sold in November (less than 5 years old)
• 1 timeshare sold
• It appears that 9 or so of these sales were vacation homes
• 14 homes sold under $300,000 (last month was 13)
• 15 homes sold under $400,000
• 0 houses sold over $1million
• 4 homes sold for full price
• Two properties sold for 80% of asking price
• A 71 year old house on 3rd St sold (for 100% of asking)
• The average age of the homes that sold was 28 years
• A Wisp Hotel unit sold for $50,000 - those prices have fluctuated A LOT over the past 10 years.
• 3 condo's/townhouse properties sold, (5 last month)

Here are the statistical breakdowns:

Average Sale Price: $293,264 (last month $398,117)

Average Days on Market: 244/281 (last month 127/167) (days on market with current broker/total days on market) This number really jumps out to me - this was clearly a batch of homes that were on the market for a while.

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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