The real estate market in Garrett County and Deep Creek Lake had a very healthy September, especially when comparing the numbers to the 5 year average. Closed sales increased 20%, pending sales increased 31%, and new listings rose 15%. Most notably, the rise in new listings and new pendings sales shows how active our market has been, especially for this time of year. Active listings continue to decrease, falling to 459 from the 5 year average of 570. Average days on market also continues to decrease, dropping to 175 days. The third quarter (Jan. 1 - Sept. 30, 2017) statistics were also very encouraging! While the numbers for Garrett County don't seem to have drastically increased compared to Q3 2016, average residential prices still increased 14% and total dollar volume increased $16M. The biggest increases are for the Deep Creek Lake area. Just for the Deep Creek Lake area, more than 20 homes sold in 2017 at the end of Q3 compared to Q3 2016, the average price grew 9%, and total dollar volume is up $20M.
Other stats we found interesting were:
- 20 more Lakefront homes have sold in 2017 compared to 2016
- More than 20 homes have sold for $500k+ or more in 2017
- There have been 14 $1M+ sales so far this year, with 6 $1M+ homes currently under contract - 2016 as a whole saw 15 $1M+ homes sold
Buyers, with less competition in the fall months, it's a great time to find the perfect home for you! There are still plenty of new listings coming onto the market and many active homes are seeing price reductions as year-end approaches. Being prepared puts you in the best position to make an offer when a good deal strikes. Our agents have the best tools to keep you on top of current inventory, new listings, and price reductions! Sellers, with rising pending sales and average prices, it's still a great time to list your property! Interest and activity has remained high through October - meaning there are still buyers actively searching for a home just like yours. Our proven marketing techniques and expert agents can put you on the right track and get your home noticed! Call our office or submit a contact form to start your Deep Creek Lake or Garrett County real estate process!
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