The stats for the first quarter of 2017 and the month of March are in! Breaking down March 2017, both closed sales and pending sales saw double digit increases compared to the 5-year average. Pending sales for the month were 52, compared to 38 as the 5-year average, and closed sales settled at 43, compared to 29 last year. Active listings are still lower than the 5-year average, with 339 reported compared to the 5-year average of 425. Interestingly enough, the new listings for the month of March actually grew 15% compared to the 5-year average. This is most likely attributed to our early spring, which in turn kick-started the market as we prepare for summer. All of these stats are very encouraging, especially considering that this time of year isn't generally as busy as it has been this year.
Looking at the entire first quarter (January - March), this year's activity is definitely noticeable. For lake oriented residential homes, the average price rose from $487,569 compared to $421,410 for the first quarter last year. Other stats we found interesting when comparing this year's first quarter to last year is that almost everything across the board saw increases, from the maximum sales price to the minimum sales price. There were 11 more lake oriented residential homes sold this year, and 7 more homes sold with a close price over $500,000.
- Total Dollar Volume for Lake Oriented Residential Homes in the first quarter of 2017 was $25M compared to $17M for the first quarter of 2016
- Total Dollar Volume for Garrett County Residential Homes in the first quarter of 2017 was $35M compared to $26M for the first quarter of 2016
- Days on Market is decreasing compared to the 5-year average, falling 18%
Sellers, with high activity and summer approaching, now is the opportune time to list your home! Our agents can not only help you competitively price your home when you list it, but they also serve as your expert negotiator when it comes to selling your home. Finding an experienced and knowledgeable real estate agent should be your top priority, and that's where Railey Realty comes in. Our agents are the highest producing and most productive in the lake area and entire county, and we're here to help make the entire real estate sales process easier while still achieving the highest sales price.
Buyers, with new listings hitting the market every day, make sure you're prepared! Knowing your budget, must-haves and wants, and where you want to be can help your agent stay vigilant for you as these homes are listed. Our agents can also set you up on personalized email lists that can provide you with direct notifications when homes that fit your criteria hit the market. Good deals are still out there! Talk to one of our agents today to get your home-buying process started!
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