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May 2020 Deep Creek Lake Real Estate Market Update

Summer has officially landed! As expected, the real estate market for Garrett County stalled in the month of April, with all stats falling below the 5-year-average for the month. Closed Sales were down 50%, with 22 closed in April 2020 compared to the 5-year-average for the month of 33. New Pending Sales for this past April came in at 30, falling 43% from the average of 43. Active Listings continued their downward trend, with 258 in April 2020 compared to the 5-year-average for the month of 364. New Listings were significantly down, with only 42 new properties listed in April 2020 compared to the 5-year-average for April of 87. This can certainly be contributed to the COVID-19 pandemic restrictions that were in place for the state of Maryland and surrounding areas. Generally, April and May see the highest number of listings for the year. We'll likely see New LIstings rebound slightly for May, however, we still expect Active Listings to be much lower than years past as this has been a continued trend. 

So far in 2020, there have been 152 homes sold in Garrett County compared to 142 for the same time frame last year. Average price remains even for primary homes. For Lakefront Homes, sales are down slightly, with 22 Lakefront Homes sold so far in 2020 compared to 26 last year. Average price is up, though, coming in at $773,482 for Lakefront Homes sold in 2020. Lake Access homes are relatively flat, with 30 sold so far this year compared to 31 last year, and average prices around $477,980. 

Buyers

More than ever, choosing who to represent you when purchasing a home is crucial! As more and more new listings recieve multiple offers, you need to be ready and able, with a knowledgeable agent. Even if you don't plan to purchase for 3-6 months, establishing your relationship with your REALTOR now will put you in a better position down the road when the perfect property hits the market. Your agent is also your expert negotiator during the contract phase. Putting your best offer in the mix from the start is vital. Only trust an experienced, local agent to represent you! Our agents are the most experienced and highest producing in the area. They have the tools to keep you as up-to-date as possible and work within the largest local network of agents. You couldn't be in better hands! Get started on your home buying process!

Sellers

There has never been a better time to list! Our market is in desparate need of listings in all locations and price ranges. In the last few weeks, we have seen more multiple offers on new listings than ever in years past. Buyers are actively searching our market - your home may be just what they're looking for! Working with an experienced local agent can help you better price your home for our particular market, with comps to back it up. Using the latest technology in professional photography and video tours, your home is presented in its best possible digital format. Who you choose to list your property matters! For a FREE comparative market analysis from an experienced local agent, fill out this online form. 

Whether you're interested in buying or selling - the real estate market in Deep Creek Lake and Garrett County is strong! Fill out an online contact form or call our office to get started!

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