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Deep Creek Real Estate Market Update | December 2019

November

November was a busy month for Garrett County real estate! New Listings for the month came in at 47, compared to the 5-year November average of 32. New Pending Sales for the month were up 7%, with 44 this November compared to the 5-year average of 41. Closed Sales were up 5%, with 41 Closed Sales in November 2019 compared to the 5-year November average of 39. Active Listings is down 17% compared to the 5-year average as we continue to see reduced inventory. Average Days on Market for the month was up slightly, most likely due to homes selling that have been on the market for quite some time.

Year to Date

Looking at the year as a whole, we’ve seen mostly growth and improvements over last year. Through the end of November 2019, there have been 468 total homes sold, up from 445 in 2018 for the same time frame. There have been 21 $1M+ homes sold, including two sales over $3M, compared to 15 $1M+ homes sales last year during the same time frame.

Lakefront home sales through the end of November are down slightly from 2018, with 84 Lakefront homes sold so far compared to 87 last year. Average price is up, though, rising from $685,203 to $770,862. Even without the two $3M+ sales, the average sales price is $706,127, showing improvement over last year. Lake Access homes sales are even with last year, with 74 Lake Access homes sold so far in 2019. Average prices for Lake Access homes is up from $374,030 last year to $425,032 this year.

Buyers

Winter is a great time to look at property! Believe it or not, the bleak conditions of winter are actually great for viewing lots and homes because you tend to focus on the property itself instead of anything superficial. The lack of foliage also can reveal a filtered, seasonal view in some places, too. Winter is a popular time for mountaintop and ski-area homes to come on the market, but we’ll continue to see properties in all areas and locations coming onto the market. Purchasing a home in the winter also means you can be settled in your new home by summer! With such low inventory, many well-priced or updated new listings are going under contract immediately. Establishing your relationship with an experienced local agent now can make all the difference in snagging the perfect property when it hits the market! Especially for second home buyers, your local agent is your go-to source for new listings. They can tour homes on your behalf and help you make your decision easier, even from a distance. Start your home search today and be ready when you perfect property hits the market!

Sellers

Inventory is still low – and decreasing more as properties come off the market during the winter months. Now is a great time to sell!! No matter where your property is, there are active buyers searching in your area – from Grantsville to Swanton. Don’t let the winter weather keep you from selling your property! Get your property listed and sold while inventory remains low. Our expert local agents can help you price your home competitively for our specific and unique market. Railey Realty’s proven marketing plan gives your home maximum exposure and puts your property in front of buyers. Our agents are twice as productive as any other local brokerage – let their experience work for you! Fill out this online form for a FREE comparative market analysis.

As we approach the new year, we look forward to a strong December and an overall great end to 2019. Happy Holidays and Happy New Year!

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