2018 Real Estate Market Recap

Your 2018 real estate market update is a look back at highlights from the past year.

Reflecting on 2018, the Maryland REALTORS® released a recap this week.  Garrett County holds very close to these numbers with an average list to sale price ratio of 94% of asking price.  Our average sale price for the county was $265,000 and approximately $537,000 for the lake area. 

2018 Real Estate Market Recap from Maryland REALTORS®

Residential home prices continued to make gains in November and December compared to the same period in 2017, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.2 percent and 2.8 percent respectively, while median prices rose in the last two months of 2018 by .7 percent and 4.4 percent as compared to the same time in 2017.   “The average residential home and median sale prices both continued to make gains in November and December”, said Maryland REALTORS® President Merry Tobin.

“The months of available inventory fluctuated from 4.1  in November to 3.8 in December,” continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market. The November 2018 statewide median sales price was $338,336 and $330,196 in December. These both represent a slight increase of 2.2 percent over November 2017 and 2.8 percent over December 2017.   The Average Sale Price compared to Original List Price for November decreased slightly from 96.9 percent to 95.8 percent from 2017 to 2018. The comparison of Average Sale Price for December made a slight increase from 95.3 percent to 95.4 percent.    

Source: Maryland REALTORS® publishes the Maryland Housing Statistics monthly; it is available through the Association’s website, www.mdrealtor.org.

December 2018 Numbers for Deep Creek

December 2018 finished up with an average sold price that was higher than the previous year. Inventory took a slight dip, but the month ended with twenty-six pending sales.

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