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Deep Creek Lake Real Estate Market Update | August 2019

July was a busy month! Buyer activity was very high this past month and has remained strong as we've moved through August. For July, Pending Sales were up 37%, with 78 Pending Sales for July 2019 compared to the 5-year-average of 57. Closed Sales for the month were flat, with 40 in July 2019 compared to the 5-year-average of 40. Active Listings were down for the month, with 431 July 2019 compared to the 5-year-average for July of 505. New Listings were also down, with 71 for July 2019 compared to the 5-year-average of 84. Average Days on Market did creep up from the average, rising 5% to 164 Days on Market for July 2019 compared to the 5-year-average of 160. This is most likely due to more stagnant listings selling. So far in 2019, there have been 104 homes sold that had been on the market for 181+ days- that's about 42%. On the other side of the spectrum, 39% of the homes sold so far in 2019 sold in less than 90 days. 

Lakefront sales are down slightly compared to last year. Through the end of July 2019, there were 41 Lakefront homes sold with an average price of $670,799. If you take out the $3M+ sale from April 2019, the average price dips slightly to $601,319. For that same time frame in 2018, there were 46 Lakefront homes sold at an average price of $597,710. Lake Access sales are also down slightly from last year, with 42 Lake Access homes sold through July 2019 compared to 47 homes sold during the same time frame in 2018. Average price for Lake Access homes is up, though, with an average sales price in 2019 of $425,964 compared to the 2018 average of $384,751. This may be contributed to a few high sales in the Deep Creek Highlands Community. Across the board, though, prices seem to be improving upon last year for Lakefront and Lake Access homes. 

Luxury Real Estate Sales are also up for 2019! There have been 8 $1M+ sales so far this year, including one sale over $3M. By this time last year, there were 5 $1M+ sales. There are currently 5 $1M+ homes under contract and 26 $1M+ homes for sale. 

Buyers - now is the time to start your real estate search! Currently listed properties will start decreasing their price as homeowners try to sell before the end of the season and properties that have sat on the market may entertain more competitative offers. New properties are also still hitting the market - updated homes and well-priced homes are going quickly. We are starting to see higher buyer competition and multiple bidder situations. Having an expert and trustworthy agent can make all the difference when it comes to making the best offer for the home of your dreams. Not only do they help you negotiate the initial offer, but they can also help with negotiations that may occur during the inspection period. They have your best interests in mind and are working for you! 

Sellers - it's a great time to sell your property! Buyers are actively searching in all sectors of the market, from primary homes in Oakland to vacation homes on the lake. Our experienced and knowledgeable agents can help you price your property perfectly for your particular market and can help present your property in the best light possible. Our proven marketing strategy gets your home in front of buyers and gets you from listed to sold! Using the highest quality professional photography, drone photography, and videography, our agents put together a stunning digital portfolio for online home shoppers to browse. In a market where more than 90% of all home buyers start online, this digital presentation is very important! Find out how much your home is worth with a free comparative market analysis by one of the area's top agents - just fill out this online form!

Whether you're thinking about buying or selling, our agents have the skill and knowledge to help you achieve your real estate goals. Fill out an online contact form or call our office to start today! 

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