The Long & Foster Market Minute

Focus On: Garrett County Housing Market June 2018

Units Sold
46
Active Inventory
430
Median Sale Price
$265,000
Days On Market
164
Up 7%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 39%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 46 sold this month in Garrett County Real Estate versus 43 last month, an increase of 7%. This month's total units sold was higher than at this time last year, an increase of 7% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 38 units or 8%. The total number of active inventory this June was 430 compared to 468 in June 2017. This month's total of 430 is higher than the previous month's total supply of available inventory of 413, an increase of 4%.

Median Sale Price
Last June, the median sale price for Garrett County Homes was $190,000. This June, the median sale price was approximately the same at $265,000. The current median sold price is 39% higher than in June 2017.

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


New Listings
97
Current Contracts
53
Sold Vs. List Price
95.1%
Months of Supply
9.3
Up 8%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 1.8%
Vs. Year Ago
Down -10%
Vs. Year Ago

Months of Supply
In June, there was 9.3 months of supply available in Garrett County, compared to 10.9 in June 2017. That is a decrease of 14% 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.

New Listings & Current Contracts
This month there were 97 homes newly listed for sale in Garrett County compared to 90 in June 2017, an increase of 8%. There were 53 current contracts pending sale this June compared to 47 a year ago. The number of current contracts is 13% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Garrett County was 95.1% of the average list price, which is 1.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 164, lower than the average last year, which was 169, a decrease of 3%.

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.