February 2020
The Garrett County real estate market had a relatively flat month, with only slight deviations from the general 5-year-average for the month of February. There were 46 New Listings this part month compared to the 5-year-average of 41. New Pending Sales were flat, at 38, matching the average for the month of February. Closed Sales were down slightly, falling from the average of 24 to 26 for February 2020. Active Listings came in at 257, falling from the average of 326. Active Listings - or inventory - remain much lower than previous years, a continued trend we've seen the past two years. Average Days on Market decreased in February, coming in at 134 days. Overall residential sales were up for Garrett County as a whole, with 10 more homes selling this year compared to the same time frame last year. Average prices remain steady.
For Deep Creek Lake homes, the market has been more stagnant. There have only been 8 Lakefront homes sold so far this year compared to 16 sold during the same time frame last year. One encouraging statistic from the Lakefront sales this year is that homes sold for 97% of their list price - an improvement from 93% last year. Lake Access homes sales are flat compared to last year, with 10 homes sold so far this year.
Buyers
Multiple offer situations are occuring much more frequently as inventory remains very low. Well priced listings in desirable neighborhoods or areas are selling very quickly. If you're considering purchasing in the next 6-8 months, we strongly suggest you pair up with an agent now! Establishing your relationship with your local REALTOR early on will only benefit you. Not only can your agent get to know more about what kind of property you're looking for, but they're also usually the first to hear about upcoming listings about to hit the market. As the highest producing brokerage, Railey Realty agents have an unmatched inner-network that benefits you as a buyer! Our agents can also set you up on personlized listing notifications that come directly from the MLS system. These updates can be customized to your preferences and provide the most up-to-date listing information - unlike Zillow, which can take days to update. Mortgage rates also continue to drop - making it a great time to buy. Our local lenders are experts when working with our specific types of properties, whether you're purchasing a second home or a primary residence. Your agent can help give you recommendations for the best lending institutions to fit your purchasing needs.
Sellers
Do not wait to list!!! The Spring Market has arrived - get your property in front of buyers now before the late spring listing rush. No matter where your property is located, there are active buyers searching in that section of the market. Primary homes in the Oakland area are especially desired - as many new listings have immediately went under contract with multiple offers. Your agent can help you decide the best listing price for our particular market and your specific property. Your agent is also your best resource and greatest ally when it comes to contract negotiations and making sure your interests are protected. For second homeowners, having a local agent ensures that there are eyes on your property when you can't physically be in the area during inspections or showings. Railey Realty using a comprehensive marketing program that gives your listing maximum exposure and the best digital presentation possible. Our agents offer a FREE Comparative Market Analysis for any property - find out how much YOUR property is worth!
Whether you're interesting in selling your property or purchasing your perfect home or building lot, Railey Realty is here to help! Fill out an online contact form to get connected to an experienced, local agent or call our office at 301-387-2000!
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