According to the Maryland Association of Realtors, 21 property sale transactions closed in Garrett County during April 2011. This is more or less the same as March 2011 (21) and April 2010 (18). As the table below illustrates, average sold prices (as misleading as they can be) continue to deteriorate (down more than 30% since April 2005). Sales have basically leveled off well below their lofty peak, while inventory continues to build. Months of active inventory at the current sales pace (which we have been reporting for several years and the MAR began reporting for the first time this past month) remains about twice the average level of the past decade and about 8 times more than the halcyon days of April 2005. In addition, pending sales for April 2011 (22) are down significantly relative to March 2011 (32) and April 2010 (32). All signs point to a very weak, even sick, market where buyers continue to have the upper hand and sellers face continued distress; set your (buyer/seller) expectations accordingly.
Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.
1 comment:
Dan,
Thank you AGAIN for the important work you are doing setting the record straight on real estate in Garrett County. As a direct result of the information you have disseminated regarding pricing around the lake, I was able to successfully argue a 31% drop in assessed value for three properties that I own here on the lake. My home dropped from $1,100,000 to $795,000 and a LA lot I own dropped from $171,000 to $74,600. While these values still appear a little high, it would be tough to argue any further decrease. I will save about $4500 on my tax bill this year and I owe that success to your blog and the information you have provided. I can't thank you enough and I encourage you to continue this important work. Thanks again.
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