The Long & Foster Market Minute

Focus On: Garrett County Housing Market April 2020

Units Sold
21
Active Inventory
253
Median Sale Price
$286,000
Days On Market
125
Down
Vs. Year Ago
Down -27%
Vs. Year Ago
Up
Vs. Year Ago
Up 19%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in April, with 21 sold this month in Garrett County Real Estate. This month's total units sold was lower than at this time last year, a decrease from April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 93 units or 27%. The total number of active inventory this April was 253 compared to 346 in April 2019. This month's total of 253 is lower than the previous month's total supply of available inventory of 261, a decrease of 3%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last April, the median sale price for Garrett County Homes was $183,500. This April, the median sale price was $286,000, an increase of $102,500 compared to last year. The current median sold price is higher than in March.

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


New Listings
40
Current Contracts
29
Sold Vs. List Price
96.3%
Months of Supply
12.0
Down -60%
Vs. Year Ago
Down -31%
Vs. Year Ago
Up 1.2%
Vs. Year Ago
Up 25%
Vs. Year Ago

Months of Supply
In April, there was 12.0 months of supply available in Garrett County, compared to 9.6 in April 2019. That is an increase of 25% 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 40 homes newly listed for sale in Garrett County compared to 100 in April 2019, a decrease of 60%. There were 29 current contracts pending sale this April compared to 42 a year ago. The number of current contracts is 31% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Garrett County was 96.3% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 125, higher than the average last year, which was 105, an increase of 19%.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.