October was a strong month for both Deep Creek Lake area homes and Garrett County as a whole! Garrett County saw a 32% increase in closed sales and a whopping 57% increase in new pending sales. New listings were slighting down from the 5 year average, dropping 9%, and our active listings continue to decrease, dropping 33% from the 5 year average for October. Both of those decreases are consistent with our current market trends, though. Average days on market have also continued to decrease, falling 46% off the 5 year average. Not only do these numbers show a more active October than years past, but they also allude to the gradual shift we've been seeing with new listings and inventory remaining lower than previous years.
Some other stats we found interesting:
- The average price for Lake Oriented Residential Homes rose to $518,695
- The average price for all Garrett County Residential Homes rose to $352,849
- Railey Realty agents represented both sides of the largest sale in three years, closing at $2.5M
- Million Dollar Home Sales have already surpassed last year's numbers, with 16 $1M+ homes sold so far this year, and 5 more $1M+ currently under contract
- Lakefront homes in particular have seen positive increases, with 30 more Lakefront Homes sold so far this year compared to 2016
- Total Dollar Volume for Lake Oriented Residental Homes is up more than $20M
Late fall is generally a slower time as we lull in between our biggest seasons, but activity has remained steady, and we look for it to stay consistent and then increase as winter fully sets in. Buyers, new listings in all locations are still being added! Lakefront and Lake Access homes will continue to be added to the market and there are still great deals available. Don't let the season sway you from buying! Deep Creek Lake is a four season paradise - we can almost guarantee you'll enjoy your new home no matter the season or temperature. Sellers, now is still a great time to list! With dropping inventory and steady activity, listing your property now means less competition and gets you in the spotlight during the busy holiday season. Price is still key, so let one of our expert agents help you price your home to our specific market to get your property sold quickly and for the most money. Call our office or fill out a contact form to get your Deep Creek Lake real estate process started!
Connect