The Long & Foster Market Minute

Focus On: Garrett County Housing Market May 2020

Units Sold
36
Active Inventory
244
Median Sale Price
$235,000
Days On Market
106
Down
Vs. Year Ago
Down -40%
Vs. Year Ago
Down -18%
Vs. Year Ago
Down -49%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 36 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 May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 164 units or 40%. The total number of active inventory this May was 244 compared to 408 in May 2019. This month's total of 244 is lower than the previous month's total supply of available inventory of 261, a decrease of 7%.

Median Sale Price
Last May, the median sale price for Garrett County Homes was $287,500. This May, the median sale price was $235,000, a decrease of 18% or $52,500 compared to last year. The current median sold price is 24% lower than in April.

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


New Listings
57
Current Contracts
63
Sold Vs. List Price
94.3%
Months of Supply
6.8
Down -48%
Vs. Year Ago
Up 70%
Vs. Year Ago
No Change
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In May, there was 6.8 months of supply available in Garrett County, compared to 9.5 in May 2019. That is a decrease of 29% 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 57 homes newly listed for sale in Garrett County compared to 109 in May 2019, a decrease of 48%. There were 63 current contracts pending sale this May compared to 37 a year ago. The number of current contracts is 70% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Garrett County was 94.3% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 106, lower than the average last year, which was 208, a decrease of 49%.

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.