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Deep Creek Lake Real Estate Market Update December 2017

And just like that, 2017 is almost over! November was another strong month for the Deep Creek Lake and Garrett County real estate markets. The county as a whole saw increases for closed sales, pending sales, and new listings. Active listings continue to decrease, falling 29% from the 5-year average for November. Average days on market has also continued to decreased, dropping to 158 days for November. The majority of homes from January-September of 2017 sold within 30-60 days, however, we've seen several homes recently close that have been on the market for a very long time. The low inventory and steady demand has led to more attention for those homes that have been on the market for several months and in some cases a few years. Judging by the stats so far for December, we can safely say 2017 will be one of the best years for real estate in 10+ years. Some other stats we found interesting were:

- $1M+ homes sales have already surpassed 2016, with 19 sold so far in 2017

- 53% of Lake Oriented residential homes sold so far in 2017 have been Lakefront

- 2017 will see the highest number of properties (residential, lot & land, and commercial) sold since 2006

- Railey Realy has represented 70+% of all transactions for properties in the Deep Creek Lake area so far in 2017 (properties marked area 4 in BrightMLS)

If you're considering buying, now's the time to start your search! New homes normally begin hitting the market after the new year, however, with the low inventory, we're expecting to see more new listings earlier in the year. Establishing your relationship with your REALTOR can put you ahead of the game and in prime position to strike when that perfect property hits the market. Railey Realty agents also network amongst themselves and can get you into exclusive listings even before they hit the MLS system. If you're considering selling, there's never been a better time to list your home!! With such low inventory yet no decrease in demand or activity, your home has a very good chance at getting maximum exposure and selling quickly. Our agents can help determine the current market value for you home and market your property to get it sold. Our expert agents are ready to help you achieve your real estate goals in 2018!! 

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