May 2012 Real Estate Market Update - Residential

23 properties sold in May 2012, down one sale from April 2012, and down 4 sales off last year's pace. The really great news, though, is that year-to-date, 2012 has been our most active real estate market since 2008.


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

There are 57 homes under contract right now (49 last month).

The average list vs. ORIGINAL sales price was 84.91% - (last month 82.25%).

The ADJUSTED list vs sale price was 88.33 (last month 89.13%).

The current # of active/for sale listings in MRIS (minus timeshares) is 662, up from last months 636. There are about 20 properties coming on the market each week this time of the year. We have a 28.78 month supply of homes available (minus timeshares) based solely on the May sales numbers.

Random observations:

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

•It appears that 14 or so of these sales were vacation homes

•12 homes sold at/under $300,000 (last month was 12)

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

•0 homes sold over $ 1 million (0 last month - though, we already have a nearly $2mil sale in June)

•2 home(s) sold for higher than full price or at full price (last month was 1)

•One house sold for 51.85% of asking price - 171 Garrett Rd

•The oldest home that sold was 112 yrs old (210 Roanoke Ave)

•The average age of the homes that sold was 33 years (32 last month)

•3 condo/townhouse/fractional properties sold (2 last month)

Here are the statistical breakdowns:

Average Sale Price: $312,571 (last month $318,094)

Average Days on Market: 147/224 (last month 298/435) (days on market with current broker/total days on market) - this number took a HUGE dive this month, as there were 2 homes that sold after being on the market for 1,211 and 1,546 days, respectively, in April.

---

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!

877-563-5350 - toll free

---

---

 Search Homes/Lots for Sale

Pending Home Sales Decline in April but Up Strongly From a Year Ago

WASHINGTON (May 30, 2012) - Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.

Yun notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said. “All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward.”

The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.

The housing forecast has been upgraded, with existing-home sales expected to reach 4.66 million this year, compared with 4.26 million in 2011. The outlook for 2013 is now 4.92 million, but could vary significantly depending on two scenarios.
If lending returns to normal, the 2013 outlook for existing-home sales would measurably improve to 5.3 million. However, a fiscal cliff scenario of higher taxes and sharp spending cuts beginning in early 2013, which is an unlikely event but still worth noting, would lower the sales projection to 4.5 million.

Because of measurably lower inventory supplies, the forecast for home prices has been upwardly revised with the median existing-home price projected to rise 2 to 3 percent this year and 4 to 5 percent in 2013, with wide local market variations. Miami and Phoenix will easily achieve double-digit price growth by year end.

Yun said the price gains will measurably reduce the number of underwater homeowners. “For example, a 5 percent national price gain means the number of underwater homeowners would fall to about 9 million from current estimates of around 11 million. A 10 percent gain, say over the next two years, would reduce the underwater status to about 7 million households out of 75 million owner-occupied homes,” he said.

About 25 million homes are owned free and clear without a mortgage.

Though the proportion of distressed properties is still high, the numbers have been falling over the past two years. “The diminishing share of distressed properties is another reason for higher home prices in upcoming months,” Yun added.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

More here.

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!

877-563-5350 - toll free

Search real estate for sale at Deep Creek Lake & Garrett County

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!

877-563-5350 - toll free

November 2011 Real Estate Market Update - Residential

29 properties sold in November 2011. Sales were up considerably from November 2010 (22 sales), but couldn't hold pace with last month's 36 home sales.

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

There are 58 homes under contract right now (69 last month).

The average list vs. ORIGINAL sales price was 81.51% - (last month 83.89%).

The ADJUSTED list vs sale price was 90.56 (last month 90.35%).

The current # of active/for sale listings in MRIS (minus timeshares) is 712, down from last months 728. We have a 24.55 month supply of homes available (minus timeshares) based solely on the November sales numbers. (Last month was a 20.2 month supply).

Random observations:

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

•It appears that 18 or so of these sales were vacation homes

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

•19 homes sold under $400,000 (last month 25)

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

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

•One house sold for 79.16% of asking price - 196 Main St

•The oldest home that sold was 112 yrs old (8736 George Washington Hwy)

•The average age of the homes that sold was 37 years (35 last month)

•4 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $399,020 (last month $309,621)

Average Days on Market: 191/208 (last month 174/224) (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!

877-563-5350 - toll free

September 2011 Real Estate Sales Statistics - Residential

36 homes sold in September 2011, down slightly from September 2010, where we sold 39 homes and up from August, where we sold 31 homes.

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

There are 67 homes under contract right now (73 last month).

The average list vs. ORIGINAL sales price was 82.04% - down from last month (85.39%).

The ADJUSTED list vs sale price was 88.43%, also down from last month (92.91%).

The current # of active/for sale listings in MRIS (minus timeshares) is 738, down from last months 785. We have a 20.5 month supply of homes available (minus timeshares) based solely on the September sales numbers. This number is down significantly from last month's 25.32 month supply.

Random observations:

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

•It appears that 20 or so of these sales were vacation homes

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

•25 homes sold under $400,000

•1 home sold over $ 1 million (1 home last month)

•1 home sold for higher than full price or at full price (last month was 4)

•One house sold for 70.79% of asking price - 143 Walnut St in Friendsville

•The oldest home that sold was 121 yrs old

•The average age of the homes that sold was 31 years (32 last month)

•8 condo/townhouse properties sold (7 last month)

Here are the statistical breakdowns:

Average Sale Price: $359,760 (last month $292,561)

Average Days on Market: 210/314 (last month 201/224) (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!

877-563-5350 - toll free

August 2011 Real Estate Market Update - Deep Creek Lake & Garrett County MD

31 homes sold in August, down slightly from August 2010, where we sold 32 homes and up from July, where we sold 24. It was one of the better months we've had recently, and low interest rates should continue to fuel real estate growth.

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

There are 73 homes under contract right now (64 last month).

The average list vs. ORIGINAL sales price was 85.39% - down from last month (88.25%).

The ADJUSTED list vs sale price was 92.91%, up from last month (91.58%).

The current # of active/for sale listings in MRIS (minus timeshares) is 785, down from last months 810. We have a 25.32 month supply of homes available (minus timeshares) based solely on the August sales numbers. This number is down significantly from last month's 33.75 month supply.

Random observations:

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

•It appears that 18 or so of these sales were vacation homes

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

•23 homes sold under $400,000

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

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

•One house sold for 79.91% of asking price - 19 Maruca Dr

•The oldest home that sold was 101 yrs old

•The average age of the homes that sold was 32 years (23 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $292.561 (last month $404,750)

Average Days on Market: 201/224 (last month 163/190) (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!

877-563-5350 - toll free

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!

877-563-5350 - toll free

June 2011 Market Update - Homes - Residential

25 homes sold in the month of June 2011 at Deep Creek Lake & Garrett County. Compared to last June, we were 7 sales short. A big part of this was the federal tax incentives to purchase & close on a home by June 30, 2010. All in all, the numbers this month are still very strong by comparison. The average sales price of homes last month was $495,235 - the highest it's been in quite some time & over $250,000 HIGHER than last month! Is that the end-all stat of the year? No - but it's still good news.

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

There are 56 homes under contract right now (53 last month).

The average list vs. ORIGINAL sales price was 81.77%, down from last month (82.43%).

The ADJUSTED list vs sale price was 88.28%, same as last month (88.28%).

The current # of active/for sale listings in MRIS (minus timeshares) is 780, up from last months 764. We have a 31 month supply of homes available (minus timeshares) based solely on the June sales numbers. This number is up from last month's 28 month supply.

Random observations:

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

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

•13 homes sold under $300,000 (last month was 21)

•14 homes sold under $400,000

•5 homes sold over $ 1 million (5 homes @ $1mil is a HUGE part of that $495k+ average sales price)

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

•One house sold for 18.31% of asking price - 123 Center St W (this really skews the numbers but I left it in - the sellers sold to a family member for a tremendous discount - not an arms length transaction, but it's a sale)

•The oldest home that sold was 97 yrs old

•The average age of the homes that sold was 23 years (33 last month)

•1 condo/townhouse properties sold (3 last month) Watch this stat, as FHA just released new lending guidelines requiring, among other things, at least 50% owner occupied units in condo/townhouse projects - coupled with stricter lending limits on condo-hotels like Will o the Wisp, Wisp Hotel, & Silver Tree Suites. I am not aware of any condo communities at Deep Creek Lake that have 50% owner occupancy - maybe Laurelbrook?

Here are the statistical breakdowns:

Average Sale Price: $495,235 (last month $236,087)

Average Days on Market: 185/246 (last month 200/260) (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. These stats are updated daily, not monthly and include timeshares. So, our numbers will differ slightly.



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!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

May 2011 Real Estate Market Update

May sales numbers were up over April - 27 total sales in May 2011. We're up 10 sales over last May, when there were only 17 transfers.

The median sales price was down by over 34% - but, looking closer at that number, more primary residential homes sold in May than normal. There were 14 sales under $200k - that really skews the numbers. Couple that with the highest sales price last month of $610k, those are interesting factors. Otherwise, other areas of our real estate market are looking stronger than last month. One interesting correlation between low sales prices and days on market - homes last month sold MUCH more quickly. Imagine that :)

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

There are 53 homes under contract (43 last month).

The average list vs. ORIGINAL sales price was 82.43%, up from last month (81.62%).

The ADJUSTED list vs sale price was 88.28%, up from last month (87.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 764, up from last months 703 . We have a 28 month supply of homes available (minus timeshares) based solely on the May sales numbers. This number is down from last month's 33 month supply.

Random observations:

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

•It appears that 12 or so of these sales were vacation homes (another factor in the decling median sales prices)

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

•22 homes sold under $400,000

•0 homes sold over $ 1 million (interesting note, the highest sale price was $610,000)

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

•One house sold for 51.59% of asking price - 182 Main St

•The oldest home that sold was 106 yrs old

•The average age of the homes that sold was 33 years (28 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $236,087 (last month $320,310)

Average Days on Market: 200/260 (last month 273/378) (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!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

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!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

March 2011 Residential Real Estate Stats

March was a VAST improvement over the dismal February numbers. There were 22 total sales, up over last years 16. I personally closed on 2 foreclosure/short sale transactions - and the numbers were FAR off of the original asking prices. I've also noticed a lot more lower priced transactions (17 of 22 sales were under $400k) - we'll see if that changes over the summer, but it is a trend worth noting.

Let's take a look at the stats:
There are 38 homes under contract (37 last month).

The average list vs. ORIGINAL sales price was 83.51%, up from last month (78.11%).

The ADJUSTED list vs sale price was 89.63%, up from last month (88.03%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, up from last months 572. Personally, I am surprised this number is not higher already - there are more homes coming. We have a 27 month supply of homes available (minus timeshares) based solely on the March sales numbers. This number is less than half of February's extreme - 63 months.

Random observations:

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

•It appears that 10 or so of these sales were vacation homes

•15 homes sold under $300,000 (last month was 7)

•17 homes sold under $400,000

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

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

•One house sold for 61% of asking price - 3285 Shingle Camp (foreclosure)

•The oldest home that sold was 116 yrs old

•The average age of the homes that sold was 37 years (36 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $297,427 (last month $309,667)

Average Days on Market: 205/290 (last month 301/407) (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!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

February 2011 Real Estate Market Update

February 2011 was a sub par month for real estate sales - just like last year. Last February, there were a whopping 6 sales....all month long. Part of this was the wicked winter weather we experienced. It's tough to get into a house that is blanketed with 6 feet of snow, let alone purchase it. Part of it is that February is a 'between seasons' month in our 4 season vacation market. Most folks who want to be here for the winter buy in November/December and close in January. The spring market historically gets cranked up in March for buyers who want to be on the lake late spring/summer. The biggest part, of course, was the lousy real estate market overall.

Good news! Sales are up 50% this February! An incredible jump to....(bad news coming)... 9 total sales. Again, a lousy February. No use spinning these numbers, February was just a bad month for real estate sales. The GREAT news is that Deep Creek Dunk broke records all over the place & raised a ton of money for Maryland Special Olympics - $162,825!! But, I digress...back to the real estate update.

Let's take a look at the stats:

There are 37 homes under contract (32 last month).

The average list vs. ORIGINAL sales price was 78.11%, down from last month (80.18%).

The ADJUSTED list vs sale price was 88.03%, also down from last month (90.83%).

The current # of active/for sale listings in MRIS (minus timeshares) is 572, up from last months 560. (Continue to) Brace yourselves for a much higher number of homes on the market next month. I have at least 3 homes coming back on the market, and a few other owners thinking about it. I've listed or re-listed 2 houses in the last week alone. There will be (many) more homes...soon. We have a 63 month supply of homes available (minus timeshares) based solely on the February sales numbers. This a little ridiculous, but it's the truth - there were only 9 sales in February, so this number just more than doubled from last month (31).

Random observations:

• 1 'newer' homes sold in February (5 years old or less)
• It appears that 5 or so of these sales were vacation homes
• 7 homes sold under $300,000 (last month was 8)
• 7 (same) homes sold under $400,000
• 1 house sold over $ 1million (1 last month)
• 0 homes sold for higher than full price (last month was 1)
• One house sold for 70% of asking price
• The oldest home that sold was 111 yrs old
• The average age of the homes that sold was 36 years (25 last month)
• 1 condo/townhouse properties sold (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $309,667 (last month $398,779)

Average Days on Market: 301/407 (last month 316/345) (days on market with current broker/total days on market)

We're already at 7 closed sales through today, so March should shape up to be better than February! Enjoy the sunshine :)

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!

Visit the 'I Love Deep Creek & Garrett County group' on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

December 2010 Real Estate Market Update - Sales Stats

I had several people point out that the links for the November real estate update were switched around (2009 v 2010), so I updated that post & reprinted the stats (see it here).

Also, this month is good example of why I wait until the 2nd week of the month to do these updates. I looked at the December stats just last week and there were 32 sales. Now, there are 34 - 2 weeks into January. It's not supposed to happen this way, but some agents seem to take their time when updating the MLS. Either way, I'll do my best to update you with accurate numbers.

December sales were up considerably, especially factoring in the weather and the lower numbers in November. There were 34 homes that sold (versus 22 in November 2009). There are 27 homes under contract (36 last month).

I recently posted an update on 2010 as a whole and the numbers were promising. There were 33 more sale all year than 2009 (12% increase). I expect this recovery to continue and am optimistic for 2011!

The average list vs. ORIGINAL sales price was 82.03%, up from last month (80.69%).

The ADJUSTED list vs sale price was 90.20%, down slightly from last month (91.02%).

The current # of active/for sale listings in MRIS (minus timeshares) is 567, down from last months 654. I predicted this number would plummet and it did - a lot of homeowners listing contracts expire and they are currently deciding where or whom to list with (By the way, Call Jay Ferguson for all your real estate needs :) We have a 17 month supply of homes available based solely on the December sales numbers and the sudden disappearance of these end of year homes for sale. Do not rely on this number, it will definitely change dramatically.

Random observations:

• 4 'newer' homes sold in December (less than 5 years old)
• It appears that 20 or so of these sales were vacation homes
• 22 homes sold under $300,000 (last month was 13)
• 25 homes sold under $400,000
• After last month's zero, 3 houses sold over $1million
• 3 homes sold for full price (one for 102% of asking price - multiple offers, I believe)
• One house sold for 57% of asking price
• 2 - 111 year old homes sold - one in Oakland & one in Friendsville
• The average age of the homes that sold was 34 years
• Another Wisp Hotel unit sold, this time for $51,000
• 4 condo's/townhouse properties sold, (3 last month)

Here are the statistical breakdowns:

Average Sale Price: $327,687 (last month $293,264)

Average Days on Market: 207/270 (last month 244/281) (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

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Railey Realty #1 AGAIN in 2010! 16 years in a row!

Railey Realty was #1 in real estate sales in Garrett County for the 16th straight year!

Out of 290 homes that sold in 2010, Railey Realty particpated in 117 of them on the listing/seller side of the transaction and 134 on the sales/buyer side of the transaction.

Out of the 80 total lot/land sales in 2010, Railey Realty particpated in 42 of them on the listing/seller side, and 40 on the sales/buyer side of the transaction.

Another positive note: there were 33 more home sales in 2010 than 2009.

More analysis coming in the next few days...

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 Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Railey Realty Resort Report Winter 2011

The latest copy of our Resort Report is now available. Great articles about the last year of sales, the Wisp Ski train, the new commissioners, new tax assessments. Feel free to contact me if you would like an opinion on on the value of your property or if you have questions about your assessment. I know I will be fighting mine and I will post a 'how-to' soon.

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 Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Residential property values drop 22 percent in Maryland

— ANNAPOLIS (AP) — The Maryland Department of Assessments and Taxation says real estate values on residential properties have dropped by 22 percent in the past three years, the largest decline in the history of the department.

The department mailed notices on Tuesday to about 739,765 property owners that reflected the drop.

Maryland reassesses properties every three years. The new assessments are based on the sales of about 50,650 properties over that time.

While the assessments play a role in determining local property taxes, next July’s tax bills will be calculated with tax rates set by local governments.

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 Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

Real Estate Sales Year to Date - Railey Realty still #1

Residential Market Statistics
As of
December 7, 2010

RESIDENTIAL – UNDER CONTRACT – LISTING SIDE

RAILEY REALTY 23 $79,000 - $1,999,000
LONG & FOSTER 9 $117,000 - $675,000
COLDWELL BANKER 3 $140,000 - $248,000
WISP RESORT 1 $549,900
GOODFELLOW 5 $129,000 - $699,000
HUMBERSON 0 $0
GARRETTLAND 0 $0
JULIAN AGENCY 4 $19,900 - $166,000


$1 MILLION PLUS PROPERTIES – UNDER CONTRACT – LISTING SIDE

RAILEY REALTY 7
LONG & FOSTER 0
COLDWELL BANKER 0
WISP RESORT 0
GOODFELLOW 0
HUMBERSON 0
REMAX 0
GARRETTLAND 0
JULIAN AGENCY 0


RESIDENTIAL – UNDER CONTRACT – BUYER’S SIDE


Railey Realty 17 $67,900 - $1,999,000

Long & Foster 12 $45,000- $1,395,000

Coldwell Banker 2 $237,000-$248,800

Wisp Resort 3 $50,000 - $549,900

Goodfellow 3 $140,000 - $1,029,000

GarrettLand 0 $0

Humberson – U.C 0 $0

Julian Agency 2 $19,900 - $103,400




Listing Side – Sold – Residential Property
Year to Date
January 1, 2010 – December 7, 2010

Residential Listed Properties – Sold
1+ Million $

Railey Realty 103 $1,500 - $3,500,000 12

Long & Foster 67 50,000 - $2,250,000 2

Coldwell Banker 28 $24,900 $1,248,000 1

Wisp Resort 3 $740,000 - $889,900 0

Goodfellow 18 $52,500 - $998,000 0

Garrettland 3 $49,900 - $187,500 0

Humberson –U.C 1 $499,000 0

Julian Agency 15 $15,000 - $642,510 0



Buyer’s Side – Sold – Residential Property
Year to Date
January 1, 2010 – December 7, 2010

Residential Selling Side – Sold

Railey Realty 123 $1,500 - $2,500,000 12 Properties over $Million

Long & Foster 60 $24,900 - $3,500,000 4 Properties over $1Million

Coldwell Banker 31 $40,000 - $849,000

Wisp Resort 4 $259,000 - $889,900

Goodfellow 13 $52,500 - $639,000

GarrettLand 1 $149,900

Humberson – U.C 1 $225,000

Julian Agency 7 $15,500 - $139,900

Information is deemed to be accurate and limited to MRIS data.
Provided by MRIS on December 7, 2010

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 Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

September Home Sales - Market Update - Deep Creek Lake

I am a little late in publishing these numbers this month, but I have a good reason...Autumn Glory kept me sidetracked for much of the weekend and even in to this week. What a great time of the year - the leaves peaked from Saturday afternoon until about mid-day Monday. Keep an eye on this blog for links to the photo galleries from all of the county - I got some great photos!

We had 39 home sales in the month of September 2010 (versus 26 sales in September 2009). Another sizable increase from last month (32 total sales), as well as being the most productive month of the year, I believe.

There are 50 homes under contract (sale-pending), down from last month (67). This number should continue to drop steadily until we enter the next 'season' for tourists and visitors to return to the county for extended stays.

The average list vs. ORIGINAL sales price was 82.63%, down from last month (87.31%).

The ADJUSTED list vs sale price is 89.63% down 2% from last month (91.80%).

The current number of active/for sale residential listings (minus timeshares) is 751 as of today, down from last month (775). I expect this number to drop in the coming months, as most sellers remove their home from the market in the late fall/winter months, but even at this pace, it's a 19 month supply of homes (last months pace was 24 month supply).

Random Observations:

• There were 9 'newer' homes that sold this month.
• There was a lakefront home that sold for $399,900
• 24 of the 39 homes sold for less than $300,000.
• Highest sale was $1.150 million on Marsh Hill Rd.
• 3 houses sold for full price.
• 1 home sold for 50% of asking price - next lowest, 79%
• 19 of these sales were lake area or vacation homes.
• The rest (20) are primary residential homes scattered around Garrett County.
• Average age of the home sold was 23 years old
• 2 sales at Wisp Resort - one at Kendall Camp & the other at North Camp
• 5 condo's/townhouse properties sold
• 2 sales above $1 million, both lakefront homes

Here are the statistical breakdowns:

Average Sale Price: $317,014 (last month $367,780)

Average Days on Market: 187/226 (last month 163/182) (days on market with current broker/total days on market).

I'll update this later this week with how Railey Realty fared in the sales numbers.

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 Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!

July 2010 Real Estate Market Update - Residential

We had 26 home sales in the month of July 2010 (versus 22 sales in July 2009). There was slight decline from last month (30 total sales), but I expected a slight decline due to the tax credit deadline of June 30th.

There are 53 homes under contract, up from last month (48). Historically, 'late' summer sales are always strong, as there are still folks in town vacationing and local buyers have a small window to purchase their new home before school & sports activities start in late August /early September. Also, a lot of people 'watch' properties all summer then make their offers later in the summer season, often times taking advantage of a late price reduction or a house that may have come on the market late and slipped through the cracks.

2 properties sold at full price or higher. 13 of these sales were lake area or vacation homes. The rest are primary residential homes scattered around Garrett County.

The average list vs. ORIGINAL sales price was 82.50%, down from last month (88.88%).

The ADJUSTED list vs sale price is 89.53% - also down from last month (93.22%).

The current number of active/for sale residential listings (minus timeshares) is 791 as of today, up from last month. 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 30 month supply of homes available, which is a very challenging stat to overcome. Looking beyond those numbers will lead you to the understanding that we are at least a 50% or so vacation home market and our sales are seasonal, unlike Florida or Arizona where the weather is nice almost all year long. But still, 30 month supply is a lot.

Another stat I noticed was that there were no new(er) construction homes that sold. The 'newest' home was 4 years old, the oldest home that sold was 100 years old.

18 of the 26 homes sold for less than $300,000. One house that was listed for $1.125 mil sold for $875,000. There are several of these 'motivated' sellers out there - you never know what someone will sell for unless you make an offer, right?

Here are the statistical breakdowns:

Average Sale Price: $321,685 (last month $448,350) - the $3.5 million dollar sale tweaked this last month

Average Days on Market: 150/302 (last month 177/241) (days on market with current broker/total days on market)

I blogged the other day about Railey Realty's market share - we are still #1 in Garrett County 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

Deep Creek Do It All specializes in cleaning services in Garrett County & @ Deep Creek Lake. Give them a call (301-501-0217) or visit the website - competitive rates and quality results from a locally owned & operated company!