The weather may be cooling off but the real estate market in Garrett County & Deep Creek Lake is not! September saw several great improvements over the 5-year-average for the month. Closed Sales were up 26%, with 63 in September 2019 compared to the 5-year-average of 50. Pending Sales were also up 6%, with 54 in September 2019 compared to 51. Following the trends we’ve seen so far this year, News Listings, Active Listings, and Average Days on Market all declined. Active listings fell 17% from the 5-year-average of 482 to 411 in September 2019. New Listings were down slightly, with 52 in September 2019 compared to the 5-year-average of 55. Average Days on Market in September 2019 was 116 days, a 39% drop from the 5-year-average of 161. September followed the usual early fall trend of higher closed sales and pending sales and lower new listings and active inventory. When comparing this September to the averages from past Septembers, though, the trend is amplified as we continue to experience low inventory and a lack of new listings.
Lakefront Homes Sales have now matched 2018, with 71 homes sold so far in 2019 with an average sales price of $692,217. For the same time frame last year, there were 71 Lakefront homes sold with an average sales price of $656,988. The increase in sales price is most likely attributed to the increase in $1M+ sales this year, with 13 Lakefront homes selling for more than $1M compared to only 10 $1M+ Lakefront sales last year. There are currently 77 Lakefront Residential Properties for sale with 18 homes currently under contract.
Lake Access Homes Sales are lower so far in 2019, with 59 homes sold far this year with an average sales price of $422,642. Last year, there had been 65 Lake Access homes sold with an average sales price of $369,635. The large difference in sales price despite the lower total number of units sold is most likely due to a few high sales this year in Lake Access communities. There are 65 active Lake Access residential listings and 17 currently under contract.
Buyers, fall is a great time to buy! Motivated sellers will begin reducing prices on stagnant listings and will be more open to competitive offers as they try to sell before year’s end. Having an experienced and trustworthy agent in your corner is critical when it comes to negotiating the terms of a contract. Our team of agents is the most experienced and producing in the county for a reason – they’re great at their jobs! Let your agent work for you and help you find your perfect home or property and protect your best interests through the contract process.
Sellers, take advantage of the low inventory! Motivated buyers are still actively searching in all segments of our market. If you’re considering selling or interested in finding out the value of your home, our experienced agents can provide you with a free comparative market analysis to help you gauge the value of your home or property in today’s market. With average days on market continuing to drop, and average sales prices rising, it’s a great to sell!
Whether you’re considering selling or interested in buying, we’re here to help! Fill out an online form or give us a call at 301-387-2000.