October market activity remained high for both Deep Creek Lake and Garrett County. Closed sales were up slightly, and pending sales were up 6%. New listings were somewhat lower than the 5-year-average, falling from 44 homes to 38 homes for October. Active listings remain much lower than previous years, with 410 active listings reported in October compared to the 5-year-average of 494.
Average days on market has been an interesting statistic to follow this year. Technically, the average days on market for homes that closed in October was 146 days, compared to the 5-year-average of 221. The median for the month, however, was only 83 days. Just in October alone, there were seven homes that closed with 360+ days on the market. When comparing 2017 as a whole to 2018, the median days on market is significantly lower than the average. With the lack of new inventory, homes that have been on the market for longer periods of time are beginning to sell, which will naturally skew the average.
On average, for all sectors of the market, including Garrett County, Lakefront, and Water Oriented, all residential sales are closing at 94% of the list price. This is up from 2017. Total home sales and dollar volume is 25-30% lower than 2017 - which is likely attributed to the low inventory.
For sellers, it’s still a great time to list! Activity will increase as the winter season take off. With low inventory and an active market, your property has an excellent chance to stand out. Your agent can help you price your home correctly to our market.
For buyers, winter is a great time to look for your new home! If you’re shopping for a vacation home, winter is a great time to be looking so that you can close on your property before the summer season starts. New homes, especially ski-in/ski-out and Wisp Resort area properties, will hit the market during the holiday season and after the new year.
2019 is just around the corner! Fill out a contact form online or call our office to get started!
Connect