July 2019 Real Estate Rundown By Jay Ferguson

“There are three kinds of lies: lies, damned lies, and statistics.” – Mark Twain

My name is Jay Ferguson and I am one of the owners of the real estate division of Taylor Made Deep Creek Vacations & Sales. I am entering my 19th year in the real estate business here in Garrett County and at Deep Creek Lake. If you are interested, you can click here find out more about me personally and my background.

I will be writing a monthly blog post about our local real estate market, sharing & interpreting statistics and offering some insights into the market as a whole…as I see it. These are my personal thoughts and musings about the market in general and are not intended as anything more specific. And, to be clear, I am an optimistic, glass half-full kind of guy.

Lastly, every stat I reference is based on the official stats published by Bright MLS on or around the 15th of each month. My plan is to give you straightforward stats coupled with my analysis from the front lines and let you interpret what you read in your own way.

June 2019  – We finished the month with 81 new listings, down from 114 new listings last month. Most sellers have their home on the market by July 4th or so, if they are planning on selling. Of course, there are always late additions to the summer market but that happens every year. June also happened to be VERY rainy and wet. We had several flash flood watches in our area and a lot of that pretty landscaping was washed out in a matter of minutes. Area contractors are having an especially hard time keeping up with their workloads, as the rain set everyone back – especially for outdoor work and exterior paint jobs.

July 2019 Real Estate Rundown

The specifics:

-There were more new listings in June, but less overall than last month…81 new listings versus 114 last month. That is lower than the 5 year average.

-Pending sales (homes that went under contract) were up 4.5% – 44 total homes.

-Closed sales (homes that actually sold) were up 2.4% from last month, with a total of 41 sales county-wide.

-The total number of active listings was again at its highest point in June 2019 – county-wide, there were 451 listings for sale versus 430 last month.

-The average sold to original listing price (OLP) ratio is 5%. This has been steady as of late (92% last month)

-The median sold price was $266,250, down slightly from $285,000 last month. I say this every month, but it bears repeating again – this number is always going to be off month to month. We don’t have a cookie cutter market, as ALL of Garrett County is factored into theses stats. Some months, big dollar lake homes sales skew this number higher and other months. Interested in more specific stats for YOUR property/neighborhood? Drop me an email jay@deepcreekvacations.com

-The average days on market (DOM) was 199 days, up from 180 days last month. It makes sense to me, more homes for sale this time, it’s going to take a little longer to sell them. YTD is 196 days, so nothing alarming here.

In summary, the June market was good to us. Summer is always a vibrant time to be at the lake, and a little wet weather isn’t keeping the crowds away. There are a plethora of amazing homes to choose from and there are plenty of sunny days on the horizon for making memories!

Questions about the market? Whether you are buying or selling, I can put my experience to work for you! Contact me anytime for a free market analysis of any property you may be interested in purchasing or selling!

Jay Ferguson

Co-Owner

Associate Broker

301-501-0420 – cell

jay@deepcreekvacations.com

www.iLoveDeepCreek.com

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