The new year is off to an interesting start at Deep Creek Lake. Closed sales were only slightly down, with 26 properties sold in 2018 compared to the 5-year average of 27. New listings for the month of January fell from the 5-year average of 33 to 30 for 2018. Pending sales, however, increased - rising from the 32 to 35 for January. The increase in pending sales and decline in active listings maintains the trend we've been seeing for our market, with very low inventory yet higher activity. Average days on market also continues to decrease, dropping from 236 to 174. As we saw in 2017, well-priced homes are selling almost immediately in all locations in the county; however, with inventory at such low levels, we've also seen several properties that were stagnant on the market eventually selling.
Sellers - if you're interested or considering selling your property at Deep Creek Lake, now is the time to move! Our agents can provide you with a free comparative market analysis to help you determine the best selling price for your home in our market right now. With inventory at its lowest levels in years, your property has more opportunity than ever to stand out against other listings.
Buyers - staying on top of the market during a low inventory period is crucial. Our agents can show you everything available on the area's MLS system plus the exclusive 'in-house' listings at Railey Realty. Interest rates are expected to rise again before summer; take advantage of current rates and find your Deep Creek Lake home today!
The first month of 2018 parallels what we saw for January 2017, however, with lower than normal inventory, our market could see less overall sales in 2018. The most recent bout of warm weather may prompt the spring season to begin a little earlier than usual, which in turn would mean more new listings sooner. Whether you're thinking about buying or selling in Garrett County or Deep Creek Lake, our agents are your best first resource. Pick their brains on the current inventory, market conditions, and any other real estate related questions - we don't call them 'expert' agents for nothing! Call us at the office at 301-387-2000 or fill out an online contact form to start your real estate process today!
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