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Deep Creek Lake and Garrett County Real Estate Market Report – 2010 Year End Results

For the first time in several years the total number of real estate sales in the Deep Creek Lake and Garrett County market increased from the previous year. The current year is also getting off to a better start than the last few as the total number of residential sales thus far in 2011 is slightly higher.

Overall, there were 381 total real estate sales in 2010 with $118,847,832 in total dollar volume sold (according to our MLS). Total sales include all residential, building lots/land, commercial and multi-family properties. Total real estate sales in Garrett County improved about 10% in 2010 and total dollar volume sold increased 14% from the previous year.

In the Deep Creek Lake market, there were 154 residential sales in 2010 compared to 143 the previous year. Total dollar volume sold increased 19% as well in the lake area. A significant part of this increase in the lake market was due to additional higher end lakefront residential sales in 2010. Lower interest rates and price reductions also boosted the entire market.

Real Estate Market Snapshot - Deep Creek Lake

Dec 31, 2009                   Dec 31, 2010

#               $ Vol                     #         $ Vol

Res              143         $72.9M                 154         $86.0M

Lots              46          $9.3M                    25          $8.3M

Comml          3           $1.1M                      2          $0.4M

As a buyer, there are many options and properties to choose from in this market. Inventory continues to be higher than normal in most of our market segments. Plus, interest rates on second homes and investment properties are still low but have risen slightly in the past few months. A strategy of waiting for price corrections can sometimes result in more overall costs if rates continue to rise. A good portion of our sales normally occur later in the year so purchasing now before demand increases usually results in more favorable conditions for a buyer.

Correctly pricing your property within the market continues to be critical if you are selling your lake house or lot. An over-priced listing will sit on the market and not get much activity, showings, or even get any web inquiries. As a seller it is imperative to base your price on recent comparable sales! Buyers are able to review recent sale prices and most will then determine how much they are willing to pay from that information. Property condition features, and amenities also play an important part of a successful real estate sale. If you are thinking about selling please contact us for a free competitive market analysis that will help determine the value of your property.

Whether you are buying are selling, working with an experienced Realtor is critical. We continue to be Garrett County and Deep Creek Lake's leading real estate company in properties sold and have the biggest selection of homes for sale. Contact us if you would like to schedule a showing for any property listed for sale in the Garrett County or the Deep Creek Lake area. As a cooperating broker we can assist and show you properties listed for sale with other real estate companies as well.

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