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July 2017 Deep Creek Lake Real Estate Market Update

We are halfway through 2017 and the real estate market in Deep Creek Lake and Garrett County is strong and healthy! June saw several improvements over the 5 year average, which reflects the ongoing trend we've seen so far this year. There were more homes sold this June compared to 2016 and more new pending sales. Both active listings and new listings were down for June, though. While active listings have remained lower, new listings can flucuate from month to month. Average prices for the entire county are up 25%, reaching $360,391, compared to $288,384 last year. Lake oriented residential sold price also increased from 2016, rising from $447,023 to $510,750. It's encouraging to see the average sold prices not only increasing from year to year, but also increasing from month to month. We look for new pending sales and closed sales to increase throughout the next few months as we continue through summer into fall. 

Some other stats we found interesting:

- Total Dollar Volume for the county is up 32%

- There have been 9 $1M+ sales so far this year, compared to only 6 at this time last year

- There have been 55 Lakefront Residential sales so far this year, compared to only 38 at this time last year

Based on these numbers, we can only assume that the market will continue to remain strong and stable as we move forward. If you're thinking about purchasing at Deep Creek Lake or in Garrett County, staying on top of new inventory is imperitive. We've seen an increasing amount of homes going under contract almost immediately after hitting the market and also multiple offer situations on both new and older listings. Connecting with a REALTOR® is your best asset when purchasing, not only for staying on top of the inventory and negotiating on your behalf, but also for protecting you from false advertising and keeping your best interest in mind. If you're considering selling, take advantage of the lower inventory and list now! Your agent is your key to pricing your home competiatively for our current market. If you're unsure of why you should be working with a REALTOR®, we encourage your to read our latest blog on the importance of working with a REALTOR®, especially at Deep Creek Lake. 

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