December 2010 Real Estate Market Update - Sales Stats

I had several people point out that the links for the November real estate update were switched around (2009 v 2010), so I updated that post & reprinted the stats (see it here).

Also, this month is good example of why I wait until the 2nd week of the month to do these updates. I looked at the December stats just last week and there were 32 sales. Now, there are 34 - 2 weeks into January. It's not supposed to happen this way, but some agents seem to take their time when updating the MLS. Either way, I'll do my best to update you with accurate numbers.

December sales were up considerably, especially factoring in the weather and the lower numbers in November. There were 34 homes that sold (versus 22 in November 2009). There are 27 homes under contract (36 last month).

I recently posted an update on 2010 as a whole and the numbers were promising. There were 33 more sale all year than 2009 (12% increase). I expect this recovery to continue and am optimistic for 2011!

The average list vs. ORIGINAL sales price was 82.03%, up from last month (80.69%).

The ADJUSTED list vs sale price was 90.20%, down slightly from last month (91.02%).

The current # of active/for sale listings in MRIS (minus timeshares) is 567, down from last months 654. I predicted this number would plummet and it did - a lot of homeowners listing contracts expire and they are currently deciding where or whom to list with (By the way, Call Jay Ferguson for all your real estate needs :) We have a 17 month supply of homes available based solely on the December sales numbers and the sudden disappearance of these end of year homes for sale. Do not rely on this number, it will definitely change dramatically.

Random observations:

• 4 'newer' homes sold in December (less than 5 years old)
• It appears that 20 or so of these sales were vacation homes
• 22 homes sold under $300,000 (last month was 13)
• 25 homes sold under $400,000
• After last month's zero, 3 houses sold over $1million
• 3 homes sold for full price (one for 102% of asking price - multiple offers, I believe)
• One house sold for 57% of asking price
• 2 - 111 year old homes sold - one in Oakland & one in Friendsville
• The average age of the homes that sold was 34 years
• Another Wisp Hotel unit sold, this time for $51,000
• 4 condo's/townhouse properties sold, (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $327,687 (last month $293,264)

Average Days on Market: 207/270 (last month 244/281) (days on market with current broker/total days on market)

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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