April 2011 Residential Real Estate Sales - Market Update

April has come and gone and left behind another month of real estate sales in Garrett County & at Deep Creek Lake. There were 21 total sales, down one from last month and up 4 sales from April 2010.

I've been warning for months that the inventory is coming...and here it is. There are now 701 available properties on the market. I recall one day getting an update of 17 new homes - I believe last Monday. That number is up 103 from last month. Not surprising, as this is the time of year people like to start looking for their summer purchase. Homes show better in the warmer weather & the fresh landscaping/green grass helps a lot. The large portion of those 'new' listings are re-listed homes that didn't sell last year.


Let's take a look at the stats:

There are 43 homes under contract (38 last month).

The average list vs. ORIGINAL sales price was 81.62%, down from last month (83.51%).

The ADJUSTED list vs sale price was 87.31%, down from last month (89.63%).

The current # of active/for sale listings in MRIS (minus timeshares) is 703, up from last months 598. We have a 33 month supply of homes available (minus timeshares) based solely on the April sales numbers. This number is up from last month's 27 month supply.

Random observations:

•4 'newer' home sold in March (5 years old or less)

•It appears that 11 or so of these sales were vacation homes

•14 homes sold under $300,000 (last month was 15)

•15 homes sold under $400,000

•2 homes sold over $ 1 million (same as last month)

•0 homes sold for higher than full price or at full price (last month was 4)

•One house sold for 52.63% of asking price - 139 Frederick Circle

•The oldest home that sold was 93 yrs old

•The average age of the homes that sold was 28 years (37 last month)

•3 condo/townhouse properties sold (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $320,310 (last month $297,427)

Average Days on Market: 273/378 (last month 205/290) (days on market with current broker/total days on market)

Here's a little something extra - more in depth stats by price range, from our friends at RBIntel.


If you or someone you know is considering 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! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!

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