January 2020
The new year is off to a strong start in Garrett County! The real estate market had a great month - with stats up across the board after a fairly flat end to 2019. Closed Sales in January 2020 were up 31%, with 34 this year compared to the 5-year average of 26 for the month of January. New Pending Sales were also up, with 45 in January 2020 compared to the 5-year-average for the month fo 36. New Listings were up slight, with 41 in January 2020 compared to the 5-year-average of 40. Active Listings remain low, dropping 30% off the 5-year-average to 257. Inventory has been consideraly lower than previous years and this trend has continued into the new year. Average Days on Market was down 11% for January 2020, coming in at 164 days compared to the 5-year-average of 182 days. Compared to January 2019, January 2020 was especially high, with 16 more homes sold this past January than last year. Lakefront sales and Lake Access sales are up slightly from 2019 despite the low inventory in those markets. All in all, 2020 is off to a great start for the local real estate market!
Buyers
The Spring Market is on the way! If you're considering purchasing in the next 6-8 months, now is the time to start your search. Getting acquainted with your local real estate agent and the area now will benefit you later when the perfect property hits the market. Our agents can set you up on automatic alerts that show you relevant listings as soon as they hit the market - usually 1-2 days faster than they hit Zillow. Multiple offer situations are becoming more and more common with such low inventory. Many new listings that are priced well, unique, or updated are going under contract immediately. Laying your foundation and building your relationship with your REALTOR now will ensure that you're ready to move when that hot new listing hits the market. Our agents frequently work with buyers out of the area - if you can't make it for a showing, they can tour the home for you, show you additional pictures, take videos, and help you virutally view new properties if needed. Working with a Railey Realty agent opens up the largest local network of agents and listings - let our team work for you!
Sellers
Don't wait for spring to list your property!!! Inventory is very low - now is the time to list. Many new listings that are priced well or updated are immediately going under contract, some with multiple offers, especially primary residences between $100-$150,000. Buyers are actively searching for properties in all sectors of the market. If you're considering listing in the next year, talk to an agent now to help you get your house ready to list! Experienced local agents are familiar with what buyers are looking for and they can help you price your home according to our specific market and current demand. Your home's first impression is very important in our market! That's why our agents stress professional photography and use proven marketing strategies and tactics to get your home sold quickly. Ready to find out home much your property is worth? Fill out this form to be connected with an experienced local agent and get a FREE comparative market analysis of your property!
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