July's statistics seem to have taken a small step backward compared to the 5 year average numbers, however, there are many attributing factors and the numbers that support a healthy market are still holding strong. Closed sales remained even with the 5 year average at 35, and new pending sales dipped below the 5 year average with only 44 in July. Both of these statistics tend to teeter back and forth around the 5 year average and are still strong numbers for a single month. Active listings continue to remain lower than previous years, which is a good sign that inventory is moving. New listings for the month of July also dropped from the 5 year average, but this is most likely a mix of the early spring listing season leveling off and the continued lower inventory. With average sold prices and total dollar volume both remaining higher than previous years, our market is looking strong and has not shown signs of leveling off. Other stats we found interesting were:
- In both 2016 and 2017, there were 266 residential properties sold in Garrett County January-July, however, both average price and total dollar volume increased in 2017
- 64 Lakefront residential properties have sold so far in 2017, compared to only 44 during the same time frame last year
- Dollar Volume for Lake Oriented residential homes has increased 36% this year compared to last year
Sellers, there has never been a better time to list your property!! With lower inventory and lower new listings, your home has a great opportunity to stand out from current listings. Buyers are out there and looking for homes like yours! Buyers, staying on top of inventory is absolutely crucial. If you're thinking about purchasing, contact an agent today to set you up on automatic alerts for new listings and help guide you in the right direction for your needs. Once your agent knows exactly what you're looking for, they'll be able to go beyond the MLS system and use their extensive network of contacts and other agents in our office to take your home search even further. Summer may be coming to an end but the real estate market is still heating up!
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