December 2011 Real Estate Market Update - Residential

20 properties sold in December 2011. Sales were down considerably from December 2010 (34) and off from last month's 29 sales.

Let's take a look at the rest of the stats:

There are 46 homes under contract right now (58 last month).

The average list vs. ORIGINAL sales price was 87.77% - (last month 81.51%).

The ADJUSTED list vs sale price was 91.43 (last month 90.56%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, down from last months 712 - (there is always a mass expiration of homes on Dec 31 every year). We have a 29.9 month supply of homes available (minus timeshares) based solely on the December sales numbers. (Last month was a 24.55 month supply).

Random observations:

•1 'newer' homes sold in December (5 years old or less)

•It appears that 13 or so of these sales were vacation homes

•14 homes sold under $300,000 (last month was 19)

•15 homes sold under $400,000 (last month 19)

•0 homes sold over $ 1 million (3 last month)

•3 homes sold for higher than full price or at full price (last month was 1)

•One house sold for 77.52% of asking price - 2928 Mosser Rd

•The oldest home that sold was 122 yrs old (271 Legeer Rd)

•The average age of the homes that sold was 34 years (37 last month)

•4 condo/townhouse properties sold (4 last month)

Here are the statistical breakdowns:

Average Sale Price: $276,580 (last month $399,020)

Average Days on Market: 117/150 (last month 191/208) (days on market with current broker/total days on market)

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!

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