The real estate market for September mostly showed continued market trends for Garrett County and Deep Creek Lake. Active listings remain lower than the 5-year-average and total inventory continues to remain low. New listings and closed sales were flat for September. Pending sales, however, were up from the 5-year-average for the month. For the first time in recent months, average days on market was higher than the 5-year-average, which can be attributed to three homes selling in September that had 720+ days on market. In fact, a home sold in September that had been on the market for a whopping 1,187 days. While it does skew the average, it's a good sign that several properties that have sat dormant on the market are selling. Despite some of the large DOM properties selling, year-to-date for September showed 30% of homes selling in 30 days or less. Almost half of all properties are selling under 90 days.
Units sold are down across the board from last year - although, for reference, 2017 was a very good year. Despite less homes selling, average prices for both lake-oriented homes and lakefront homes are up from 2017. So far in 2018, 69 Lakefront homes have sold with an average price of $634,727, compared to 90 homes in 2017 at an average price of $609,534. There have been 155 lake-oriented home sales so far in 2018 with an average sales price os $505,408, compared to 180 homes sold in 2017 at an average price of $503,315. Luxury home sales are trending slightly lower so far this year, with 11 $1M+ homes sold year to date, and 6 $1M+ homes currently under contract. Of the 11 $1M+ homes sold, 10 were Railey Realty listings and Railey Realty agents represented both sides for 9 of the homes! By October of last year, there had already been 13 $1M+ homes sold, and 2017 ended with 19 total.
Sellers, don't let winter fool you - it's still a great time to list your home! There are active buyers searching in all sectors of our market. Pricing remains crucial for both a quick sale and immediate attention. Your agent can help you determine the best price for your home in our specific markets. If your home is currently listed for sale, your agent can help you assess where you stand in the market and more steps to take to get your home sold! Contact us today for a FREE comparative market analysis of your property!
Buyers, good deals are out there! Fall is a great time to buy at Deep Creek Lake or around Garrett County. Even if you're not planning on purchasing in the immediate future, contacting an agent and learning more about the market will only benefit you later! Great homes priced well will not last - it pays to be prepared. Your agent can set you up on automatic alerts and keep an eye out for upcoming properties from fellow agents that may suit your needs. Click here to browse our current inventory.
Whether buying or selling, Railey Realty is here to help! Fill out our online contact form or call our office to speak to an agent today!
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