The Long & Foster Market Minute

Focus On: Garrett County Housing Market November 2017

Units Sold
47
Active Inventory
380
Median Sale Price
$299,500
Days On Market
158
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 4%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up
Vs. Year Ago
Down -17%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in November, with 47 sold this month in Garrett County Real Estate versus 55 last month, a decrease of 15%. This month's total units sold was higher than at this time last year, an increase of 4% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 47 units or 11%. The total number of active inventory this November was 380 compared to 427 in November 2016. This month's total of 380 is lower than the previous month's total supply of available inventory of 419, a decrease of 9%.

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Median Sale Price
Last November, the median sale price for Garrett County Homes was $199,900. This November, the median sale price was $299,500, an increase of $99,600 compared to last year. The current median sold price is higher than in October.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
35
Current Contracts
42
Sold Vs. List Price
93.7%
Months of Supply
8.1
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 52%
Vs. Year Ago
Up 27%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -15%
Vs. Year Ago

Months of Supply
In November, there was 8.1 months of supply available in Garrett County, compared to 9.5 in November 2016. That is a decrease of 15% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 35 homes newly listed for sale in Garrett County compared to 23 in November 2016, an increase of 52%. There were 42 current contracts pending sale this November compared to 33 a year ago. The number of current contracts is 27% higher than last November.

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Sale Price to List Price Ratio
In November, the average sale price in Garrett County was 93.7% of the average list price, which is 1.4% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 158, lower than the average last year, which was 190, a decrease of 17%.

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The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.