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Deep Creek Lake Real Estate Market Update | November 2019

October 2019

October was a great month for real estate in Garrett County! Against the trends of the year, October actually had an increase in New Listings, with 48 in October 2019 compared to the 5-year October average of 44. Closed Sales for the month were flat, with 47 in October '19, matching the 5-year-average for October. New Pending Sales were down slightly, falling 4% with 49 New Pending Sales this year compared to the 5-year-average of 51 for the month. Average Days on Market remain lower than past years, with the October 2019 average being 107 days, compared to 148 days. Active Litings also remain low, with 361 in October compared to the 5-year-average of 441. Average Sales Prices are up across the board, and properties are selling for an average of 94.1% of their list price. Total homes sold is up, with 444 homes sold so far in 2019 compared to 420 during the same time frame last year. Dollar Volume is up nearly $20M so far in 2019, with $156M in residential sales so far this year compared to $137M last year. 

Lakefront home sales are up over the same time frame last year, with 84 sold in 2019 compared to 84 in 2018. Average sales price for a Lakefront home this year is $770,862 compared to $669,002 last year. Some of this can most likely be attributed to the high number of $1M+ sales so far in 2019, including two Railey Realty listings selling for $3M+! Lakefront homes are selling for an average of 94.6% of their list price, which is up from 94.1% this time last year. Lake Access home sales are also up this year, with 69 Lake Access homes sold so far this year compared to 67 during the same time frame last year. Average price for Lake Access homes so far this year is $423,629, compared to $368,750 last year. This increased price can also be attributed to a few high-end sales in the Lake Access segment of the market, but it's still an encouraging sign. 

Buyers - It's still a great time to buy property at Deep Creek Lake or around Garrett County! Sellers still on the market at this time of year are typically more motivated and will begin dropping their listing price to increase activity on their property. An experienced local agent can make all the difference when it comes to contract negotiations! Our agents are the top selling agents in the region for a reason - they know Deep Creek & Garrett County! Let their expertise work for you. Late fall and early winter are also great times to buy because you can be in your new home and settled in before summer starts up again. If you're interested in renting your property, purchasing during winter gives you plenty of time to get your home on the rental market and get summer reservations on the books. 

Sellers - Inventory is low and the winter market is here! Motivated buyers are still looking for properties in all sectors of the market. Pricing remains key in our market. Of the new residential listings that hit the market in the last two weeks, 20% are already under contract. Only an experienced, local agent can help you price your property competitively  for our specific market. Updated homes are also a motivating factor for buyers - consider talking to an agent for a free comparative market analysis of your home to evaluate the market price of your home and get suggestions on how to improve your property's appeal to buyers. Fill out this form online or call our office to get started!

Whether you're buying or selling, Railey Realty is here to help! Fill out this contact form online or call our office 7 days a week to speak to an agent today!

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