Garrett County Real Estate Market Summary – August 2025
Key Market Indicators
Based on the Bright MLS SmartCharts report for August 2025:
- Closed Sales: 39 homes sold, down 25% from August 2024.
- Average Sold Price: $524,138, down 4.1% compared to last year).
- Sold Dollar Volume: $21.73M
- Days on Market (DOM): Homes took an average of 98 days to sell.
- Sale-to-List Price Ratio: Sellers received 89.9% of original list price.
Inventory and Contracts
- Active Listings: 282, up 23.7% year-over-year.
- New Listings: 50, down 18% from August 2024.
- Pending Sales: 66 total pendings.
Financing Breakdown
- Cash Sales: 14
- Conventional Loans: 21
- FHA Loans: 2
- VA Loans: 1
- Other: 1
Market Dynamics & Analysis
- Sales volume fell 25%, showing a cooling market pace, though pending sales stayed steady, suggesting stability going forward.
- Rising days on market (nearly 100 days) signals more negotiating power for buyers.
- Inventory is climbing.
What Buyers Should Know
- You have more time and leverage.
- Inventory is up, giving you a wider range of choices across price points.
- Sellers are showing flexibility, with the average sale-to-list ratio dipping under 90%.
What Sellers Should Know
- Pricing aggressively and investing in presentation is crucial as buyers have more options.
- Cash buyers remain strong (36% of sales), offering potential for smoother deals.
Takeaway
Buyers are in a stronger position to negotiate, while sellers must focus on competitive pricing and marketing to achieve success in a more challenging environment.