August was a busy month for real estate! Closed Sales for the month were up 14%, with 48 sales August 2019 compared to the 5-year-average of 42. Pending Sales were also up, with 61 Pending Sales in August 2019 compared the 5-year-average of 59 for the month of August. New Listings were flat, with 69 New Listings in August 2019, matching the 5-year-average of 69. Average Days of Market for sales in August was 115 days, down 35% from the 5-year-average of 155. Active Listings remain low, with 425 reported in August 2019 compared to the 5-year-average of 499. Overall, average prices are up across the board, and homes are generally selling for 94% of their listing price at the time of contract.
Lakefront home sales have remained healthy in 2019, with 56 total Lakefront Homes YTD compared to 54 homes during the same time last year. Average price for Lakefront Homes is up slightly at $649,638. Lake Access sales are down slightly, with 50 total so far this year compared to 56 during the same time frame last year. Average Price for Lake Access homes is up, though. Million dollar homes sales are up so far in 2019, with 10 $1M+ sales YTD compared to 6 $1M+ sales for the same time frame last year. There are currently 7 $1M+ homes under contract, and 20 currently active.
Buyers – Fall is a great time to buy! Sellers typically become more motivated as the end of the year approaches, resulting in price reductions. With the summer season behind us, it’s also much easier to get into many vacation rental homes that may not have been available if you were looking at property over the summer. There is also typically less buyer competition as we get into late fall and early winter. Mortgage rates remain low, too! Our expert area agents can help get you started with local lenders and sign you up for automatic property updates from the MLS system.
Sellers – It’s still a great time to sell! Serious buyers are still stilling in all sectors of the market and new listings and inventory both remain lower than previous years. Our comprehensive marketing plan and unbeatable team of agents can help your property sell faster and for the most money. Wondering what your property is worth? Fill out this form for a FREE Comparative Market Analysis by one of Deep Creek’s top agents.
We’re looking forward to the Fall season after a busy Summer!