January 2011 Real Estate Stats - Market Update

January 2011 was a great month for real estate sales . In fact, it beat the 5 yr January average. Last year, we had 12 sales in the entire month of January. This year, we had 18 total sales - which is surprising for this time of year. Perhaps our milder winter weather had something to do with it? I also believe that the overall brighter outlook on the future of the economy, coupled with the great early snowfall got more people out & shopping more so than previous years.

There are 32 homes under contract (27 last month).

The average list vs. ORIGINAL sales price was 80.18%, down slightly from last month (82.03%). The ADJUSTED list vs sale price was 90.83%, up slightly from last month (90.20%).

The current # of active/for sale listings in MRIS (minus timeshares) is 560, down from last months 567. Brace yourselves for a much higher number of homes on the market next month, especially if the warmer weather leads us to an early spring. We have a 31 month supply of homes available based solely on the January sales numbers

Random observations:

• 3 'newer' homes sold in January (5 years old or less)
• It appears that 12 or so of these sales were vacation homes
• 8 homes sold under $300,000 (last month was 22)
• 9 homes sold under $400,000
• 1 house sold over $ 1million (3 last month)
• 1 home sold for higher than full price (one sold for 139.56%)
• One house sold for 45.22% of asking price
• The oldest home that sold was 76 yrs old
• The average age of the homes that sold was 25 years
• 3 condo's/townhouse properties sold (4 last month)

Here are the statistical breakdowns:

Average Sale Price: $398,779 (last month $327,687)

Average Days on Market: 316/345 (last month 207/270) (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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