The Long & Foster Market Minute

Focus On: Garrett County Housing Market September 2017

Units Sold
54
Active Inventory
461
Median Sale Price
$272,500
Days On Market
103
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 26%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -40%
Vs. Year Ago

Units Sold
There was an increase in total units sold in September, with 54 sold this month in Garrett County Real Estate. This month's total units sold was higher than at this time last year.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 45 units or 9%. The total number of active inventory this September was 461 compared to 506 in September 2016. This month's total of 461 is lower than the previous month's total supply of available inventory of 468, a decrease of 1%.

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Median Sale Price
Last September, the median sale price for Garrett County Homes was $225,000. This September, the median sale price was $272,500, an increase of $47,500 compared to last year. The current median sold price is higher than in August.

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
68
Current Contracts
58
Sold Vs. List Price
93.8%
Months of Supply
8.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 26%
Vs. Year Ago
Up 45%
Vs. Year Ago
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In September, there was 8.5 months of supply available in Garrett County, compared to 11.8 in September 2016. That is a decrease of 27% 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 68 homes newly listed for sale in Garrett County compared to 54 in September 2016, an increase of 26%. There were 58 current contracts pending sale this September compared to 40 a year ago. The number of current contracts is 45% higher than last September.

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Sale Price to List Price Ratio
In September, the average sale price in Garrett County was 93.8% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 103, lower than the average last year, which was 171, a decrease of 40%.

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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.