March 2020
Despite the trickle-out effects of COVID-19, March was still a fairly solid month for real estate in Garrett County. Closed Sales were higher than the 5-year-average, with 39 in March 2020 compared to 37. Pending Sales were slightly down, with 46 this past March compared the 5-year-average of 50. New Listings were also down for the month, with 52 this March compared to the average of 69. Active Listings remain lower than previous years, with 259 in March compared to the average of 332. Inventory remains very low, especially after a month of low new listings. So far this year, there have been 118 total homes sold in Garrett County, compared to 103 during the same time frame last year.
Lakefront home sales are slightly down from last year, with 18 sold so far in 2020 compared to 23 during the same time frame last year. Average prices, however, are up - with Lakefront homes selling at an average of $747,422 compared to $656,576 last year. There were 5 $1M+ sales both this year and last year at this point. Lake Access homes sales are up, with 23 homes sold so far this year compared to 18 at this point last year. Average prices for Lake Access homes are up slightly, with homes selling at an average of $485,235 this year compared to $426,000 last year.
Q1 2020
Looking at the first quarter of 2020, the market had a great start to the year. Total Dollar Volume is up 22%, with $36.4M sold so far in 2020. Total units were up 25% over last year and Average Days on Market continues to decline. Townhome sales were down slightly for the first quarter while detached sales were higher. About 43% of homes have sold in 90 days or less, with roughly 29% of homes selling in 30 days or less. All in all, the market was very healthy prior to the current situation. We do forsee the market resuming normal or higher than normal activity once some of the travel restrictions in place for COVID-19 are lifted.
Railey Realty
Railey Realty had a great first quarter! Our agents increased their transactions sides by 42, for a 30% increase over Q1 2019. That also increased Railey Realty's market share of total Garrett County transactions to 63%, a 2% increase from Q1 2019. Railey Realty's total dollar volume for Garrett County in Q1 2020 also increased over last year, with Railey agents representing 65% of the total market. For the Deep Creek Lake area specifically, Railey Realty agents increased their transaction sides by 29, for a 30% increase over Q1 2019. Railey Realty represented 70% of all Deep Creek Lake area transations. Railey Realty also represented 66% of all Deep Creek Lake area dollar volume.
Buyers
Get in touch with an agent today to get ahead of the curve! Even if you don't plan on purchasing in the next 1-3 months, creating a solid relationship with your agents now will make sure you're ready to go when the time is the right time for you to purchase. Our agents can set you up on automatic alerts as frequently as you wish, giving you the latest updates for properties meeting your criteria right to your inbox! This portal also allows for you to favorite properties you're interested in and help communicate what you're looking for to your agent. Worried about viewing homes? Do a virtual showing! Your agent can virtually walk you through the home, answering questions in real time, showing you specific in-person details, and giving you a one-of-a-kind and personal tour of the home. Our agents are still able to show you homes in person, too. Taking extra precautions and following new safety guidelines, they can safely show you homes. New properties that are well-priced, updated, and in great locations are selling immediately, many times with multiple offers. Choosing who to represent you during multiple offer situations is important! Our agents are area experts and pros at contract negotiation - they're here to work for you!
Sellers
Don't wait to list your home! As the economy slowly reopens, we expect to see a large influx of new listings. Getting ahead of the curve will put your home in front of buyers actively searching. Spring is an active time for new listings. Our proven marketing strategies help set your home apart! Using profressional in-house photography, drone aerial photography, and video walk-throughs, your home is given the best possible digital presentation. With more than 90% of all home searches starting online - your home's digital first impression is important! Our expert local agents are able to conduct virutal listing appointments and get your property listed without any in-person contact.
As a secondary housing market, we're already greatly experienced in working with buyers and sellers from a distance. Whether you're interested in buying or selling, we're here to work for you! Click here to fill out an online form to have an agent contact you.
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