December 2018 Stats
Statistics for December 2018 were slightly down across the board when compared to the 5-year average for the month. Closed sales for December 2018 dropped off the average small amount, falling from 45 to 40. There were 26 pending sales in December, down slightly from the average of 28. New listings were down, coming in at 28 properties in December 2018 compared to the average of 32. Active listings remain lower than previous years, with December 2018 coming in at 348 homes active, down from 407. Average days on market also continues to drop, falling from 212 to 174. Active listings and average days on market have steadily declined all year, which is a good sign for our market. New listings, pending sales, and closed sales fluctuated from month to month.
Year-End 2018
Garrett County
Looking at 2018 as a whole, it was a stable and healthy year! When comparing 2018 to previous years, we had a very strong year. Improvements over 2017 include a lower average days on market, with 2018 residential sales averaging 170 days on the market. Days on market has been an interesting trend to follow this year - as we've seen almost 50% of homes selling in less than 90 days and homes selling after 1,200+ days on market. The low inventory has been very beneficial for sellers who's properties have been on the market longer than usual. Total dollar volume for the 2018 was $163M, down 12% from $186M in 2017. On average in 2018, homes sold for 90% of their list price, which is up from 2017. Lot sales in Garrett County were also up in 2018, with 169 lots sold compared to 135 in 2017. There were 18 $1M+ homes sold in 2018, compared to 19 in 2017. Of those 18 million dollar homes, 17 were Railey Realty listings and Railey Realty represented 14 of those buyers!
Deep Creek Lake
When looking at more Deep Creek Lake specific stats, 2018 and 2017 were fairly comparable. In 2017, 126 Lakefront homes sold, with an average price of $639,302. Compare that to 2018, which saw 93 Lakefront homes sold with an average price of $708,699. When comparing Lake Access homes, 2017 had 87 Lake Access home sales with an average price of $422,768 and 2018 had 82 Lake Access home sales with an average price of $381,320. Average price isn't always the best indicator, as a small or large sale can sway the numbers, but both years saw a $2M+ sale. Deep Creek Lake lot sales were relatively flat when comparing 2017 and 2018, with 13 Lakefront lots selling in both 2017 and 2018, and 19 Lake Access lots selling in 2018 and 21 Lake Access lots selling in 2017.
Railey Realty's 2018
Railey Realty celebrated another stellar year in 2018! Our team of agents were second to none - and it shows! One of our agents was not only #1 in the county, but was top 50 for the entire state!! The top two agents in Garrett County are Railey Realty agents and partners! Of the top 15 agents in Garrett County, 12 are licensed at Railey Realty. We couldn't be more proud of our dedicated agents and staff for helping us have another fantastic year. In 2018, Railey Realty increased our market share for both Garrett County and Deep Creek Lake! Railey Realty represented 57% of all Garrett County transactions and 63% of all Garrett County dollar volume. For Deep Creek Lake, Railey Realty represented 65% of all transactions and 67% of all dollar volume. We couldn't have done it without our wonderful clients and customers who trusted us with their real estate needs. We're looking forward to serving our community and clients in 2019!
So, How's the Real Estate Market?
Buyers
Whether you're looking to purchase in 6 weeks or 6 months, 2019 will be a good year to buy. Despite the low inventory and slightly higher average price, we are not in a 'sellers' market. It's a great market for both buyers and sellers. Our best advice for prospective buyers is to be prepared!! Great homes priced well will not last. We have already started to see multiple bid situations on some unique new listings. Starting your search now will allow you to get set up on auto-emails that notify you when new listings hit the market. It will also allow you to begin your relationship with your REALTOR, who is your biggest asset during contract negotiations and can give you more information and even tour the home for you to see if it's the right home for you. Another benefit of searching and buying in winter or early spring is that you will be able to enjoy your new home for summer and fall!
Sellers
We've said it a lot - but it's a great time to sell your home! Your home has an excellent chance to stand out when you list in the winter or early spring. Inventory is low in all sections of our market - especially in Northern Garrett County. If you're considering selling but not sure where to start, we're here to help! Get a free comparative market analysis of your property by one of our expert agents - no obligation and no pressure. Our agents can evalute your property and give you helpful pointers that will get your home from listed to sold faster. Our proven marketing strategy and 5-star reputation are second to none in Garrett County and Deep Creek Lake. Fill out an online contact form or give us a call to get your home sold!
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