February was another solid month for real estate in Garrett County. New Listings were flat compared to the 5-year average, with 37 new listings for the month of February. Closed Sales were up, with 30 sales last month compared to the 5-year average of 25. Pending Sales were also up, with 39 in February 2019 compared to the 5-year average of 37. Days on Market continues to decline, falling down to 233 from the 5-year average of 271. If you've read our past market updates, you know that Days on Market can fluctuate greatly depending on one or two properties selling. So far this year, the highest DOM for a property sold was 1,388 days - the lowest was zero. So you can see how the DOMs can vary. The lower inventory has resulted in many homes that have been stagnant on the market selling, and in several cases, created multiple offer situations on attractive new listings. New construction and updated homes continue to get the most attention.
This year has been off to a great start! We've already seen 4 $1M+ listings sell so far this year, compared to no $1M+ sales at this point last year. Lakefront sales are also up so far in 2019, with 18 Lakefront homes sold compared to only 10 during the same time frame last year. Dollar volume is also up, but we can most likely attribute this to the million dollar sales.
Buyers - now is the time to start your real estate search!! There's still plenty of time to find your perfect property and enjoy it all summer long! The spring market means lots of new listings will begin hitting the market in the coming months. Great homes priced right do not last. Start your search now with one of the area's top real estate agents so you're prepared to move when the perfect property hits the market! Spring also means less buyer competition than late summer and early fall - so it's a good time to look at property and get familiar with inventory.
Sellers - take advantage of the low inventory, list your property now! Spring is an active time for new listings. Choosing the right real estate brokerage is vital in selling your home quickly and for the most money. The agents at Railey Realty average 19+ years of experience and are actual Deep Creek residents. That means they know the area and our specific real estate markets better than anyone else. Our agents are also the most productive in the area, covering more than 60% of the entire market in both listings and total dollar volume. Railey Realty also offers high-quality professional photography for all listings and has more property video tours than any other local brokerage. Using our proven marketing techniques and unmatched service, we've got all the tools to get you from 'listed' to 'sold'! Contact our office for a no obligation, free Comparative Market Analysis of your property.
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