July 2011 Real Estate Market Update - Residential

24 homes sold in the month of July 2011 at Deep Creek Lake & Garrett County. Compared to last July, we were only 2 sales short. We are only down one transaction from June 2011 - overall, I think that's great. I believe that the vacation rental market trending down over the month of June in the past few years has an effect on the July sales numbers. If people aren't here on vacation, they aren't buying homes. Same thing for primary residential homes - kids are in school, sports & activities later and later every year. Of course, the market is changing, too. But, people are still buying real estate at Deep Creek Lake & in Garrett County.

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

There are 64 homes under contract right now (56 last month).

The average list vs. ORIGINAL sales price was 88.25% - UP a whopping 6.5% from last month (81.77%).

The ADJUSTED list vs sale price was 91.58%, up more than 3% from last month (88.28%).

The current # of active/for sale listings in MRIS (minus timeshares) is 810, up from last months 780. We have a 33.75 month supply of homes available (minus timeshares) based solely on the July sales numbers. This number is up from last month's 31 month supply.

Random observations:

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

•It appears that 17 or so of these sales were vacation homes

•13 homes sold under $300,000 (last month was 13)

•13 homes sold under $400,000

•2 homes sold over $ 1 million (5 homes last month)

•2 homes sold for higher than full price or at full price (last month was 2)

•One house sold for 68.92% of asking price - 122 Sand Spring Rd

•The oldest home that sold was 74 yrs old

•The average age of the homes that sold was 23 years (23 last month)

•5 condo/townhouse properties sold (1 last month)

Here are the statistical breakdowns:

Average Sale Price: $404,750 (last month $495,235)

Average Days on Market: 163/190 (last month 185/246) (days on market with current broker/total days on market)

More in depth stats by price range, from our friends at RBIntel. These stats are updated daily, not monthly and include timeshares. So, our numbers will differ slightly.



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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Home prices: 'Double-dip' confirmed

Jay's note: The Garrett County & Deep Creek Lake market numbers are definitely different overall than the rest of the country, as you can see from my monthly market analysis over the years, but there are still INCREDIBLE prices out there for the discerning buyer. Want analysis of a property you are thinking of buying or selling? I can help - give me a call (301-501-0420) or email me.

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NEW YORK (CNNMoney) -- Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

Prices are now down 32.7% from their peak set five years ago.

"Home prices continue on their downward spiral with no relief in sight," said David Blitzer, spokesman for Standard and Poor's.

The index covers 80% of the housing market, and this month's report confirmed "a double-dip in home prices across much of the nation," said Blitzer.

Read more here.

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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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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June 2010 Real Estate Market Update

June was a good month for real estate sales in Garrett County & Deep Creek Lake. The highest ever sale at Deep Creek Lake ($3.5 million) close on June 11. Railey Realty had the listing part of the transaction. I had my first million dollar sale! Surprisingly, I have come close several times but this is the first 'official' sale over a million (and ironically, my first transaction at Railey Realty).
There were 30 homes that sold in the month of June, which is nearly double that of May 2010. Late spring and summer have always been among the best months of the year for real estate sales, partly because of the start of 'vacation season' and it's easier to look at homes when kids are out of school, etc. Plus, you don't have to wade through 23 feet of snow to look at houses :)

There were 27 sales during the same period last year, so that is a positive.

By my count, 6 of these properties sold at full price or higher.

There are 48 properties currently under contract, the exact same as last month. I look for this number to be affected by a very slow month for the local economy in June. From folks I have spoken to, rentals were down slightly and that led to lower sales for restaurants, shops and other 'tourism dependant' local businesses. The consensus that I have gotten from these local business owners is that the weather from January & February led to longer school years and less available vacation time. When people aren't in town to look at houses, its also affects real estate sales.

11/12 of the 30 sales appear to me to be vacation homes, or at least in the Deep Creek Lake area. The rest seem to be primary residential homes scattered across Oakland, Granstville, Swanton and Accident.

The average list vs. ORIGINAL sales price was 88.88%, up 3.66% from last month (85.22).

The ADJUSTED list vs sale price is 93.22% - up again from last month (92.37%).

The current number of active/for sale residential listings (minus timeshares) is 774 as of today. This is up from last month (737) considerably. We are still gaining more inventory than we are selling and this will continue to drive down prices from a supply and demand standpoint. With current state of affairs, this is a number that is unlikely to come down anytime soon. That's a 26 month supply of homes available, which is a very challenging stat to overcome.

Here are the statistical breakdowns:

Average Sale Price: $448,350 (last month) $409,316 (understand this is affected by the $3.5 million lakefront sale)

Average Days on Market: 177/241 (last month 256/267) (days on market with current broker/total days on market)

Of the $26,901,000 in total dollar volume in the month of June, Railey Realty was responsible for $16,039,900 - a whopping 60% of the Garrett County real estate market!

#1 in Garrett County & at Deep Creek Lake since 1995.

I'll blog later about about year to date numbers - from a company standpoint, you will be impressed at the level of production we have been able to maintain even in the sketchy market conditions that exist today.

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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Cash is still king in real estate market

Cash buyers account for more than 25% of U.S. real estate deals
By Andrea V. Brambila, Thursday, July 8, 2010.

Inman News

This may be a buyer's market, but not all buyers are on equal footing in the homebuying process. Cash is still king, and those who have it are taking full advantage of the comparatively speedy and reliable closings they offer sellers.

Cash buyers have made up at least a quarter of home purchasers since the beginning of 2010, a figure buoyed by more affordable home prices and a substantial volume of distressed properties.

According to the National Association of Realtors' monthly Realtors Confidence Index survey, buyers paid all in cash in 15 percent of transactions in October 2008, the first month the association conducted the survey.

Fast-forward to May 2010, and an estimated 25 percent of transactions were in cash. That's a jump from 12 percent in May 2009. From January through April, cash buyers' share of transactions hovered at 26 or 27 percent, according to the NAR survey.

Read the rest here.

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 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!

May Real Estate Update - Deep Creek Lake & Garrett County Maryland

May's homes sales kept the momentum going of the last few months. Again, 17 home sales in the month of May, the same as the March and April. Finally, some consistency! The pieces of the puzzle are continuing to fall into place and their are a decent number of home sales and comparable prices to report. These sales assist agents and sellers alike in making pricing decisions; as well as offering buyers a solid footing on which to make offers - the essence of the market based real estate system. More sales = more information about where we are and more importantly, where we are going.


There were 25 total sales during the same period last year (May 1-31, 2009).
4 of those sales were for full price - or higher!

There are 48 properties currently under contract compared to 49 last month. This number is destined to change later today, as I personally have another pending sale to add to the total.

8 of the 17 sales appear to me to be vacation homes, or at least in the Deep Creek Lake area. The rest seem to be primary residential homes scattered across Oakland, Granstville, Swanton and Accident.

The average list vs. ORIGINAL sales price was 85.22%, up 15% from last month (70.67). The biggest part of this number is the high listing numbers that sellers start with. I blogged about this a few months ago. Sellers are starting to get the picture now, and those who can afford to sell for less, are.

The ADJUSTED list vs sale price is 92.37% - up again from last month (90.47%). At the height of the market, the Deep Creek Lake list to sale price was 97% of asking price, but these numbers are definitely improving.

The current number of active/for sale residential listings is 737 as of today. This is up from last month (665) considerably, but it's a historical fact that the listing numbers jump around Memorial Day, because that's when the buyers start to show up in full force.

Here are the statistical breakdowns:

Average Sale Price: $409,316 (last month) $332,294

Average Days on Market: 256/267 (last month 219/219) (days on market with current broker/total days on market)

Of the $13,951,930 in total dollar volume in the month of May, Railey Realty was responsible for $9,178,995 - a whopping 66% of the Garrett County real estate market!

#1 in Garrett County & at Deep Creek Lake since 1995.

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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April Real Estate Update - Deep Creek Lake & Garrett County Maryland

April was a better month for real estate sales at Deep Creek Lake & Garrett County, Maryland. Out of the 17 total sales in April 2010 (up one from last month and ironically, one from last year during the same period), 6 of those sales were for full price - or higher! That seems much more like the real estate market that Deep Creek Lake & Garrett County sellers were accustomed to seeing a few short years ago. My interpretation of this is that sellers, buyers & agents alike are starting to get on the same page in terms of pricing. Prices have come down - everywhere. Now, the buyer activity seems to be picking up, as well. I've had more buyer calls about property in the last 2 weeks than....well, it's been a while. People are looking to buy again. And there are some great deals out there.

There are 49 properties currently under contract compared to 44 last month.

9 of the 17 sales appear to me to be vacation homes, or at least in the Deep Creek Lake area. The rest seem to be primary residential homes.

The average list vs. ORIGINAL sales price was 70.67%, up 1% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this a few months ago. Sellers are starting to get the picture now, and those who can afford to sell for less, are.

The ADJUSTED list vs sale price is 90.47% - up again from last month. Once the market reacts and adjusts to prices & competition, the Realtors who assist in pricing property can adjust the asking price of properties for sellers who are willing & able to react. This number is a very telling stat - it shows that we are starting to narrow in on the price points for the local real estate market. The best evidence of this stat I can offer is that the 6 sales that were full price or higher. We are narrowing in on the true market values.

The current number of active/for sale residential listings is 665 as of today. This is up from last month (605) and will continue to grow as the spring and summer continue. April & May are huge listing months in Garrett County & Deep Creek Lake - this year is no different. I fully expect 700+ listings by this time next month.

Here are the statistical breakdowns:

Average Sale Price: $332,294 (last month) $404,031

Average Days on Market: 219/219 (last month 220/275) (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












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

March 2010 - Lot & Land Market Update

The lot & land market remains flat. There were only 3 sales in all of Garrett County last month. The year to date total is 13 lot sales. There was a one acre building lot (raw) in McHenry that sold for $11,000. Also, there was a 7+ acre building lot that sound near Backbone Ridge for $16,000. These comps are amongst the lowest we have seen. and much like the housing market, there will be some shocking numbers that pop up from time to time.

There are 6 lot/listings currently under contract out of 617 available listings. More lots are sure to come on the market in the coming days - I know of 5 lots that I will be personally listing, so that number will continue to grow.

Financing on land is a HUGE factor with this, as most banks are requiring 30-50% down payment to buy land. If you have the means, there are some incredible deals out there, as you can see. Search for available real estate here.


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

March Real Estate Update - Deep Creek Lake & Garrett County. MD

The warm weather of March helped to improve the residential real estate market at Garrett County and Deep Creek Lake! There were a total of 16 sales (versus 14 for the same period last year). The stronger spring I spoke of last month has started to take shape. There are 44 contracts compared to last months 33.

7 of the 16 sales were considered Deep Creek Lake area properties, the rest appear to be primary residential.

The average list vs. ORIGINAL sales price was 69.5%, down 10% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this last month, and it's a national trend that is very real - EVERYTHING has adjusted in price. It's a tough pill to swallow, but homes are not worth what they were 2-3 years ago. That's a HUGE reason why some properties won't sell - they are overpriced.

The ADJUSTED list vs sale price is 90% - up from last month. Once the market reacts and adjusts to prices & competition, the Realtors who assist in pricing property can adjust the asking price of properties for sellers who are willing & able to react. This number is a very telling stat - it shows that we are starting to narrow in on the price points for the local real estate market.

The current number of active/for sale residential listings is 605 as of today. This is up from last month (575) and will continue to grow as the spring and summer continue. Slowly but surely, our absorption rates are normalizing.


Here are the statistical breakdowns:

Average Sale Price: $404,031 (last month)$309,200

Average Days on Market: 220/275 (last month 164/296) (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

February 2010 Homes Sales in Garrett County & Deep Creek Lake

The nasty weather definitely had an adverse affect on the local real estate market in February with only 6 residential settlements. It's next to impossible to show and sell houses with 5-10 foot drifts at residential homes, let alone vacation homes which may not have seen a snowplow in weeks!


There are signs of a stronger spring ahead of us, as there are 33 'contracts' in place which will close over the coming months and the economic indicators for the country are improving.



3 of the 6 sales were Deep Creek Lake area, and the other appear to be primary residential.


The average list vs. ORIGINAL sales price is 79.34% (down from January), though the ADJUSTED list vs. sales price is 88.31% of asking price (also down from January). There was at least one foreclosure/bank owned property included in these stats, so that often skews the numbers somewhat.

The current number of active/for sale residential listings is 575. 33 of these homes are under contract. This is a net reduction from January 2009 (11 less homes for sale, 3 more under contract). Slowly but surely, our inventory numbers are continuing to decrease! Expect an increase of homes on the market in the spring, when more people historically decide to test the waters. Prices have stabilized and are increasing on average over the past few months!

Here are the statistical breakdowns:


Average Sale Price: $309,200

Average Days on Market: 164/296 (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

News Room - Trulia.com - Press Releases

From Trulia.com - some interesting analysis of the real estate market.

PRICE REDUCTIONS LEVEL-OFF SHOWING SIGNS OF STABILITY RETURNING TO U.S. HOUSING MARKET
Major Metros in California Experience Biggest Decreases in Home Price Reductions

SAN FRANCISCO February 16, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 21 percent of homes currently on the market in the United States as of February 1, 2010 have experienced at least one price cut. This represents the second straight month of home price reductions at this level, the lowest level since Trulia started tracking price reductions in April 2009, and a significant decrease since November 2009, when 26 percent of homes had at least one price reduction. The total dollar amount slashed from home prices dropped to $22.6 billion compared to $28.1 billion in November, a 19 percent decrease. The average discount for price-reduced homes continues to hold at 11 percent off of the original listing price.

California Seeing Less Reductions

Of the top 50 major U.S. cities*, only seven had price reduction levels at 30 percent or higher in February 2010, down from 21 in November 2009. Eight cities have seen a decline by more than one-third, and five of those cities are from the state of California: San Francisco, Oakland, Sacramento, San Jose, and San Diego.


“Seeing lower levels of price reductions nationally is an early indicator that we may be getting closer to a healthier real estate market. So far this year, we’ve seen more engagement by home buyers than we’ve ever seen before on Trulia and it shows no sign of slowing down,” said Pete Flint, Trulia co-founder and CEO. “However, the tax credit extension is scheduled to expire soon and last year’s experience indicates that sellers may begin to panic by reducing prices ahead of the deadline. We will be tracking this closely during the next few months to determine the overall health of the real estate market heading into the traditional summer buying season.”

The Tax Credit Effect

National price reduction levels peaked toward the end of last year, corresponding to the timing of the original November 2009 deadline for the Federal Housing Tax Credit. In the months following the extension of the tax credit we’ve seen the lowest levels of reductions since the report started in April 2009. National price reduction levels by month:

* February 2010 – 21%
* January 2010 – 21%
* December 2009 – 22%
* November 2009 – 26%
* October 2009 – 26%
* September 2009 – 26%
* August 2009 – 25%
* July 2009 – 25%
* June 2009 – 24%

Luxury Market Still Hardest Hit

Luxury homes (those listed at $2 million and above) continue to be hit the hardest by price reductions with an average discount of 14 percent. Additionally, luxury homes represent less than two percent of all current listings on Trulia, but are responsible for 25 percent of the $22.6 billion in home price reductions. The average discount for homes priced less than $2 million continues to hold at 10 percent.

February 2010 Price Reductions – Top 50 U.S. Cities – see graphics for data table.

Customized data for every state, county, city and ZIP across the US is available for the media by contacting pr@trulia.com.

Learn more about Trulia Price Reductions and our methodology here: http://www.trulia.com/info/february10pricereductions

About Trulia, Inc.

Trulia.com is the most comprehensive real estate site focused on empowering you with smarter tools to help you find the right home. Whether you are an active buyer, seller or real estate enthusiast, Trulia gives you all the information you care about from rich property data to a personalized search experience. We are focused on helping you find the home that truly meets your needs, and delivers on what’s most important for you. Ultimately, we built a smart real estate search experience bringing together local information, community insights, market data and national listings all in one place, all for you.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Maryland Housing Statistics - December 2009

The official state report of housing stats from December 2009

Garrett County's sales by units were up by 12% however the prices from the same period last year were off by 35%. This isn't surprising, as last December we were just starting to witness corrections in the market from the October stock market fiasco. It will be interesting to see how this pays out through the spring/summer months when our market is traditionally strongest.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

January 2010 Home Sales - Garrett County / Deep Creek Lake

A typical slow January month in Garrett County & at Deep Creek Lake with only 9 residential sales (details here). One reason that it's normally slower in the winter months is that November and December buyers (who will close in January) are typically pre-occupied with the holidays, shopping, etc. Some other reasons include the weather - who in their right mind WANTS to move all of their stuff in the middle of a Garrett County winter if they don't have to?

Also, the new lending rules that are in place now are causing some previously unforeseen delays with financing, etc. There are 30 'contracts' right now which will presumably close this month or next, so the market conditions are definitely improving some.

This is certainly debatable, but 6/7 of these sales appear to vacation homes or 2nd homes, while the majority are primary residential. This certainly makes a difference in pricing strategies, specifically demand-based pricing.

The average list vs. ORIGINAL sales price is 87.97% (up 3% from December), though the ADJUSTED list vs. sales price is 91.53% of asking price (up 1% from December).

The current number of active/for sale residential listings is 586. 30 of these homes are under contract. This is a net reduction from December 2009 (16 less homes for sale, 7 more under contract). Slowly but surely, our inventory numbers are coming down! Prices have stabilized and are increasing on average over the past few months!

Here are the statistical breakdowns:






If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350