March 2019
The real estate market was relatively flat for the month of March. Closed Sales for the month came in at 35, matching the 5-year average. Pending Sales were also flat for March 2019, with 46 for the month, matching the 5-year average. New Listings were down for the month, with 58 new listings in March compared to the 5-year March average of 74. Active Listings were also down, following the trend, with 311 active listings in March compared to the 5-year average of 369. Days on Market continues to decline from the 5-year average, falling to 209 in March compared to 236.
The spring market is generally influenced by the weather and end of the winter ski season at Deep Creek Lake. We were lucky to have plenty of snow and cool temps for the entire month of March, which more than likely held off a higher influx of new listings. Our market generally sees a larger amount of new listings in April and May, so we look for new listings to rebound in April. Inventory remains low, though, especially for spring.
Q1 2019
We’re officially through the first quarter of 2019! Total Dollar Volume is up $15M for Garrett County transactions in Q1 2019 compared to Q1 2018. Garrett County transactions are down 20 total properties when compared to Q1 2018. This is a good sign that properties are still selling at good prices despite the lower total inventory and fewer sales. The number of residential sales has remained fairly flat, with 89 homes sold in Q1 2019 compared to 90 homes sold in Q1 2018. Lot & Land sales and Commercial sales were both lower this year compared to last year for Garrett County as a whole.
Deep Creek Lake Area transactions for Q1 2019 improved from Q1 2018 in a few areas. Dollar volume is up $6M+ and the average price for homes sold increased to $476,358. There were 56 Deep Creek Lake area homes sold in Q1 2019 compared to 54 homes sold in Q1 2018. Lot & Land sales and Commercial sales were down this quarter. There have been a few $1M+ sales this year that may have increased the dollar volume and average price above last year. Either way, it’s been a great first quarter!
Railey Realty agents had an awesome first quarter! Our agents represented 72% of the Deep Creek Lake Dollar Volume and 70% of the Deep Creek Lake Transactions – both increases from last year! Railey Realty also represented 60% of all Garrett County transactions and 67% of all Garrett County Dollar Volume! Both of these numbers increased from Q1 2018.
Looking Forward
Buyers, new listings are hitting the market every day! Multiple offer situations are occurring more often with well-priced or updated homes. Having the right agent in your corner can make all the difference! Our agents live and work in the Deep Creek Lake & Garrett County areas and know our specific markets better than anyone else. They can set you up on auto-emails to alert you when any homes fitting your criteria hit the market. Our large network of Railey Realty agents also means our agents learn about upcoming listings and special properties before they’ve hit the MLS system.
Sellers, summer is fast approaching – list your home today and take advantage of low inventory! Sales have been strong so far in 2019 and will remain steady now that summer is on the horizon. Choosing the right REALTOR to list your property is critical! With professional photography and videography services standard, you can be sure your property is presented in the best possible light in the MLS system and across third party search sites like Zillow, Trulia, and Realtor.com. As the largest and highest producing brokerage in Garrett County and Deep Creek Lake, Railey Realty has the 5-star service and reputation you should expect from the company you trust with the sale of your property. Fill out this online form for a FREE comparative market analysis of your property by an expert real estate agent.
Whether you’re buying to selling, it’s a great time to start your real estate journey! Fill out an online contact form or call our office to get started!
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