The month of December showed some slight fluctuations compared to the 5-year-average for the month. For December 2019, there were 48 Closed Sales, up 9% from the average of 45. New Pending Sales were flat, with December 2019 matching the average of 28. New Listings took a big hit in December 2019, with only 17 for the month compared to the 5-year-average of 30. Active Listings remained lower than past years, with 277 reported in December 2019 compared to the 5-year-average of 365. Average Days on Market spiked a little bit, but this is most likely due to the lack of inventory. Homes that have been accumulating days on market are now top options for buyers and those numbers will skew the overall picture of the market as those homes sell. Overall, the market was strong for Garrett County as we closed out 2019!
Year End 2019
Looking at the year as a whole, 2019 was a very strong year for the area and exceeded many of the statistics from 2018. Dollar Volume was up 16% with $190M reported for 2019. Average sold price came in at $348,960, which is up 3% from 2018's average price of $336,123. These numbers will be slightly inflated from the high number of luxury home sales, but we've seen moderate improvement for prices across the board, even without the highest sales skewing the averages. This past year saw 93 condo/townhomes sell, compared to only 60 in 2018 - a 55% jump! Detached home sales were actually down one home in 2019 compared to 2018, with 423 sold this year. The luxury market saw several improvements over last year, with 22 $1M+ sales, including 2 sales over 3M, both listed by Railey Realty agents. The low inventory has rattled the numbers for Average Days on Market - with more stagnant listings now selling as inventory continues to decline. For 2019, 27% of listings sold in less than 30 days, 29% sold between 2-3 months, and 44% of listings sold had been on the market for 121+ days. The good news is that the majority of listings are selling within the three month timeline. While price remains the key in our market, updated/renovated homes also seem to be one of the biggest selling points for buyers. This past year saw a large increase in multiple offer situations!
Railey Realty's 2019
Railey Realty had another record breaking year in 2019! Our agents had a fantastic year - closing record sales and increasing their statistics from 2018 across the board. For Garrett County, Railey Realty increased total percentage of transactions to 59% and dollar volume to 66% of the market! For Deep Creek Lake, Railey Realty increased total percentage of transactions to 70% and total amount of dollar volume to 71% of the market! We were the only local brokerage to gain marketshare in both Garrett County and Deep Creek Lake markets. Our agents, staff, and all our local service providers have truly outdone themselves with this incredible year. As always, our success wouldn't be possible without our amazing clients and customers - their trust in our abilities and our brand means the world to us! We're blessed and thankful for another record breaking year in 2019 and look forward to what 2020 has to offer!
Winter is a great time to purchase! Interest rates remain low and it's a great time to buy. Purchasing durnig the early part of the year gives you time to make any changes or upgrade to your home and be enjoying the finished product by the time summer rolls around. Winter is also a great time to look at homes because you tend to focus more on the house and land itself rather than anything cosmetic that would negatively affect the 'curb appeal' aspect of viewing property. If you're interested in putting your home in the vacation rental market, it's also great to have that up and running before April or May so that your home can get plenty of summer bookings. Even if you're not thinking of purchasing for a few months, establishing your relationship with a qualified and experienced agent now will only benefit you later in the process. We are continually seeing more multiple-offer situations on new listings that come on at a great price or in a great location. Our market is very different from other real estate markets or resort areas - that's why working with an experienced local agent is so important! Our agents live and work in the area. They can give you the best possible advice when it comes to purchasing a home, putting it in the rental pool, and how to pick the perfect location for your needs. They're your expert negotiater when it comes time for the contract and keep your best interests in the forefront during all of the inspections and negotiations. Contact us today to get started!
Inventory is VERY low - do not wait for spring to list your property!! It is an excellent time to sell your property - there are buyers actively searching in all sectors of the Garrett County and Deep Creek markets that are unable to find the perfect fit given the low inventory. Pricing does remain key, even with lower inventory, but your experienced local agent can help you price your property perfectly for our particular market. Meeting with an agent can also help you decide what you may need to do prior to listng your home, too. Small interior or exterior fixes can make a big difference for buyers - local agents can tell you what buyers are looking for in homes to help make your property as desirable as possible! Click here to fill out an online form for a FREE comparative market analysis by one of our expert local real estate agents!