December 2017 was a great end to a fantastic year for real estate in the Deep Creek Lake Area and Garrett County as a whole! December saw a large increase in closed sales compared to the 5-year average with 57 closed sales. Pending sales dipped slightly from the average, falling 1%, and active listings continue to remain lower, falling 26% off the 5-year average. New listings for the month of December were also down slightly. The continued trend of low active listings and low new listings has resulted in lower inventory in all sections of our market. With average days on market also continuing to decline, it would seem we are shifting towards a market more favorable for sellers. Looking at 2017 as a whole, it was the best year for real estate in the Deep Creek Lake area in 10+ years! Some of the stats we found interesting were:
- Average Price for Garrett County rose 18% to $359,438*
- Average Price for the Deep Creek Lake Area rose 17% $469,009*
- 32 more Lakefront homes sold in 2017 compared to 2016
- Dollar Volume for Garrett County as a whole was up $42M
*Average prices can be affected by higher and lower sales. Each market segment and price range has it’s own statistical averages that may be different.
Sellers, there has never been a better time to list your home! Buyers are actively looking for homes now with hopes to be closed and using their new home before the summer season. With low inventory, your home has a fantastic opportunity to stand out in our market! Buyers are actively searching for homes in all sections of our area, including Deep Creek Lake, Northern and Southern areas! Buyers, starting your real estate search now means you can be in your new home before summer! Winter is a great time to buy because there is generally less buyer competition for new listings and great deals when they hit the market. Your agent can keep you up to date with homes currently on the market, exclusive Railey Realty listings, and homes about to hit the market. Our agents are the most experienced in our market and they can help you find your perfect home, no matter the location or the price, we're here to work for you!
Railey Realty had a record year in 2017, closing the year with our highest market share ever! In fact, Railey Realty was the only brokerage to increase both their transactions sides and dollar volume for both Deep Creek Lake and Garrett County. We're not kidding when we say we have the most productive team of agents in our office! Our proven strategic marketing program, incredible sales force, and overall brand awareness in the community we've served for 40+ years has helped up reach this landmark year, and we're so thankful for all of our customers, clients, and agents who made it possible!
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