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Deep Creek Lake Real Estate Market Update | May 2019

For the month of April, the Garrett County real estate market saw slight deviations from the 5-year average for the month. For the most part, though, April was generally on trend with this time of year. Closed Sales were down slightly, falling 6% with 33 Closed Sales for April 2019 compared to the 5-year April Average of 35. New Pending Sales were up 4%, with 49 in April 2019 compared to the 5-year average of 47. New Listings were relatively flat, with 106 New Listings in April 2019 compared to the 5-year average of 105. Active Listings fell 14% from the 5-year average of 414 with 363 recorded in April 2019. Days on Market also continues to decline from previous years, down to 184 for April 2019 compared to the 5-year April average of 202. There have been 156 homes sold so far for all of Garrett County, down slightly from 163 homes sold during the same time frame last year. On average, homes are selling for 94.4% of their list price and 90.7% of the original list price. Pricing in our market is key!

Lakefront sales remain slightly higher than last year, with 28 Lakefront homes sold in 2019 compared to 27 in 2018. The average price for Lakefront homes sold in 2019 is $611,170. Of the 28 Lakefront homes sold, 25 were Railey Realty listings! Million dollar home sales are up from last year, with 6 $1M+ homes sold in 2019 compared to only 3 $1M+ homes sold this time last year. Of those million dollar homes sold, 4 were Railey Realty listings.

Buyers – Late Spring and Early Summer are excellent times to look at property. There’s still time to find your dream lake home and still enjoy part of the summer season in your new home! New Listings will continue to hit the market throughout the summer and into early fall. While you can browse real estate listings online – seeing them in person makes all the difference! Finding an experienced local agent who is familiar with current inventory and certain areas of the lake and county is crucial. Our agents can also set you up on automatic emails that are sent directly to you when any property is listed that meets your criteria!

Sellers – It’s still a great time to list your home for sale! Despite more than 100 new listings in the month of April, inventory is still down. Updated homes and well-priced properties are selling quickly, and we’re beginning to see more multiple offer situations. Get a FREE comparative home analysis of your property by an expert, local agent at Railey Realty to see how much your home is worth in our market! An experienced agent can help evaluate your house with a critical eye for what buyers are looking for and will work to get you the best price for your home.

Railey Realty agents are 2x more productive than agents at any other local brokerage. Our dedicated team of agents and knowledgeable staff are here to help your home buying or selling process easy while still protecting your best interests. Fill out an online contact form or call our office to talk to one of our top producing agents today!

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