May was another spectacular month for the Deep Creek Lake real estate market! The most exciting statistic for us is the average sold price for lake-oriented residential homes, which finally broke through $500k. As we head into the summer buying season, we look for that number to continue to creep upwards. Closed sales were also up 25% in May. New pending sales stalled in May, but we do look for pending sales to be up the rest of the summer months. Active listings continue to decline, falling 28% compared to the 5 year average. Overall, the market is looking healthy and we've just begun the most active time period for buying. Some other stats we found interesting:
- As reflected by the average sold price, more than 40% of lake-oriented homes sold so far in 2017 closed for $500k+
- There have been 7 $1M homes sold so far this year, compared to only 4 $1M homes sold in 2016 during the same time frame
- Average Days on Market has dropped another 35%
- Total Dollar Volume for 2017 so far is up 36%
- The average sold price for Garrett County homes as a whole is up from $279,150 in 2016 to $368,231 in 2017
As we predicted, the summer selling season is off to a great start at Deep Creek Lake! Based on the high activity leading up to summer, we can only expect it to increase as we head into our usual busy time. If you're considering selling your home, do not wait any longer!! There are plenty of buyers looking right now, and your home could be exactly what they're looking for. If you're not sure where to start or how much your home may be worth, contact our office today for a complimentary market analysis and one on one advice from an expert Deep Creek Lake agent! Buyers, new homes are hitting the market every day in all price ranges and locations; now is the time to pair yourself with an agent! Your agent can set you up to receive alerts about new listings and is your biggest asset when it comes time to make an offer and when negotiating a contract. Having a Railey Realty agent in your corner gives you the security of knowing your real estate needs are in the best possible hands.