The July real estate market followed the trends we've seen so far this year. The biggest statistic from July is the drop in Average Days on Market, which fell 55% from the 5 year average to 107 days. Year to date, the majority of homes are selling in 0-120 days, however, the low inventory will push more interest towards homes that have been on the market 120+ days. Closed Sales were up 24% in July, with 47 properties sold compared to the 5 year average of 38. Pending Sales were flat for July, with 50 pending sales. New Listings were down this past month, falling 5% from the average, with 84 new listings in July. Overall Active Listings are down 20%, falling to 452 from the 5 year July average of 542. Despite the low inventory and less new listings, market activity still remains high. While overall sales and listings are down compared to last year, residential properties in 2018 are closing closer to listing price for both Deep Creek Lake & Garrett County homes. It's important to remember 2017 was a huge year for our market; our market is down from 2017 but is still noticeably up from all stats for 2016, which is why we rely on averages for several years to help determine trends.
Lot and Land sales are also up this year, most likely attributed to the combination of lower inventory for specific markets and a better economy. Year to date so far this year, Garrett County has seen 87 lots sold, 11 of which were Lakefront. For the same time frame last year, there were 73 overall lots sales, 8 of those were Lakefront.
Buyers, now is a great time to start your property search! As summer winds down, it's much easier to show properties that are vacation rentals that may not have been available to show during the summer months. Our market also starts seeing more price reductions from motivated homeowners who are trying to sell before year end. Our agents can set you up on automated emails to receive instant alerts for new listings and price reductions to help you stay on top of the market.
Sellers, take advantage of low inventory!! Buyers are actively searching in all sectors of our market. Market activity will remain high through October. Listing later in the season can help your home stand out against properties that have been on the market for several months. Fill out our CMA form for a FREE market analysis of your home or property and get your home sold faster with Railey Realty!
Whether you're interested in buying or selling, now is a great time to start your real estate journey! Call us 7 days a week or fill out a form online today!
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