The Deep Creek & Garrett County real estate markets are getting busier than ever! May saw a 14% increase in new pending sales, while closed sales matched the 5-year average with no change. New listings dropped 5% from the 5-year average, with 110 new listings in May. Active listings also continue to remain much lower, dropping 27% from the 5-year average. Average days on market also continues to creep downward, falling 82% from the average to 192 days for closed sales in May. In what we consider the spring market, the statistics are looking healthy as we move into summer. Despite the lower overall sales for 2018 compared to 2017, lot and land sales are actually up from last year. There have been three more Lakefront lots sold so far this year and 15 more lots in total over last year. All segments of our market appear to be very active, though, despite the lower inventory and lack of new listings.
Buyers, our online search tools can help you familiarize yourself with different property types and current listings. Our agents can also sign you up for automatic email alerts when any property that fits your criteria is listed. Mortgage rates are expected to increase 5% by the end of 2018 and 5.5% by the end of 2019 – don’t wait on the sidelines. Our agents are your best local resource for anything and everything real estate; let them help you with your homebuying process!
Sellers, with low inventory and less new listings, it’s a great time to list your home! There are buyers actively searching online and in person – Railey Realty can give your home maximum exposure on both fronts. Our agents also have their thumb on the market’s pulse and can help you price your home perfectly for our specific area.
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