March 2012 Market Update - Residential

20 properties sold in March 2012, up 4 from last month. Last year there were 22 homes that sold in March.

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

There are 44 homes under contract right now (48 last month).

The average list vs. ORIGINAL sales price was 77.80% - (last month 82.16%).

The ADJUSTED list vs sale price was 90.58 (last month 89.82%).

The current # of active/for sale listings in MRIS (minus timeshares) is 591, up from last months 575. We have a 29.55 month supply of homes available (minus timeshares) based solely on the March sales numbers.

Random observations:

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

•It appears that 15 or so of these sales were vacation homes

•11 homes sold under $300,000 (last month was 8)

•15 homes sold under $400,000 (last month 12)

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

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

•One house sold for 48.82% of asking price - 131 Mountain Overlook Ct #9

•The oldest home that sold was 108 yrs old (34 4th St)

•The average age of the homes that sold was 24 years (27 last month)

•6 condo/townhouse/fractional properties sold (5 last month)

Here are the statistical breakdowns:

Average Sale Price: $293,150 (last month $278,250)

Average Days on Market: 272/297 (last month 199/227) (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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