The weather is cooling off but the market is heating up! As we gear up to close out 2018, the real estate market for both Garrett County and Deep Creek Lake shows continued trends of low inventory and high activity. November showed increases over the 5-year-average for pending and closed sales, but decreases in total inventory and new listings. Closed sales for the month were 41, compared to the 5-year-average of 38. Pending sales were up slightly, with 42 in November compared to the average of 41. New listings for the month were down slightly, falling 11% from the average of 30 to 27. Active listings were also down, in keeping with the trend, coming in at 371 for November 2018 compared to the 5-year-average of 443. Days on market continues to also decline from the 5-year-average, coming in at 155 for November 2018 compared to the 5-year-average of 185.
Days on market has been an interesting trend to follow in 2018! While the average days on market is still relatively high, the median days on market paints a clearer picture. The median days on market year to date is 90 days! Almost half of all homes are selling in 90 days of less, with 24% selling in less than 30 days. So far in 2018, there have been 17 $1M homes sold, with 4 $1M homes currently under contract. Last year, there were 19 $1M homes sold total in 2017, so we could possibly pass that number this year despite the lower inventory and lower overall sales. The lack of inventory and low new listings is most likely why total closed numbers are slightly lower than last year. Interestingly, though, 2018 has had the same amount of sold volume as 2016; 2017 was a very high year and it's important to factor that in when looking at some of the lower stats from this year.
There have been 92 Lakefront homes sold so far in 2018, with an average price of $700,462 and days on market median of 68 days. Last year, there were 136 Lakefront homes sold, with an average price of $638,034 and days on market median of 105. So even with the lower overall sales, average price has not declined and days on market has continued to decrease.
Buyers, now is a great time to start your real estate search! Winter is a great time to purchase your home - for both primary and secondary buyers. While you do have the weather to contend with, the lack of foliage and bleak conditions can help you focus on the lot and the property/home itself with less distractions. Purchasing your vacation home now will allow you get through closing and any renovations you desire and have your home ready by summer! If you're looking for a ski or mountaintop home, purchasing now will also give you the chance to enjoy your home during ski season. There is also generally less competition between buyers during the winter months. Getting acquainted with the market and browsing current inventory can put you in a better position to move when the perfect house hits the market.
Sellers, take advantage of the busy ski season - list your home now! Inventory is very low and your property has an excellent chance to stand out against more stagnant inventory. Pricing remains a key factor when listing your home. Only an experienced local agent can give you the best pricing strategy to sell your home quickly and for the most money. Buyers are actively searching in all sectors of the market, from Grantsville area homes to Lakefront homes. Your property might be just what they're looking for! Find out how much your home is worth with a free comparative market analysis!
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