The Long & Foster Market Minute

Focus On: Garrett County Housing Market August 2022

Units Sold
46
Active Inventory
153
Median Sale Price
$528,000
Days On Market
31
Down -29%
Vs. Year Ago
Up 12%
Vs. Year Ago
Up
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 46 sold this month in Garrett County Real Estate versus 45 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 29% versus August 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 16 units or 12%. The total number of active inventory this August was 153 compared to 137 in August 2021. This month's total of 153 is lower than the previous month's total supply of available inventory of 159, a decrease of 4%.

Median Sale Price
Last August, the median sale price for Garrett County Homes was $356,000. This August, the median sale price was $528,000, an increase of $172,000 compared to last year. The current median sold price is higher than in July.

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


New Listings
63
Current Contracts
63
Sold Vs. List Price
97.1%
Months of Supply
3.3
Down -22%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 58%
Vs. Year Ago

Months of Supply
In August, there was 3.3 months of supply available in Garrett County, compared to 2.1 in August 2021. That is an increase of 58% 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 63 homes newly listed for sale in Garrett County compared to 81 in August 2021, a decrease of 22%. There were 63 current contracts pending sale this August compared to 58 a year ago. The number of current contracts is 9% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Garrett County was 97.1% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 31, lower than the average last year, which was 32, 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 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.