May 2020
May was an interesting month! As the restrictions surrounding COVID-19 began to lift, and light at the end of the tunnel was imminent, the real estate market responded.
As expected, new listings and active listings are down considerably. New Listings for the month of May 2020 came in at 59, a 63% drop from the 5-year May average of 96. Active Listings were down 62%, with only 247 reported in May compared to the average of 401.
Closed Sales were only down slightly – with 36 last month compared to the 5-year-average for May of 40. Average Days on Market fell considerably for the month of May, averaging 104 for the month compared to the 5-year May average of 153.
Where we saw the most dramatic change was in New Pending Sales – shooting up 30% above the average for May. May is typically a listing-heavy month and we’ve seen fewer new listings and much higher buyer activity and competition.
Year to Date – January-May
Despite the stall in the economy, our real estate market for the year as a whole hasn’t been greatly impacted. Across the board sales are relatively flat – which is an encouraging sign! Overall residential sales for Garrett County from January through the end of May are right in line with last year. For 2020, there have been 174 homes sold in Garrett County with 6 $1M+ Sales compared to 172 homes sold in 2019. Dollar Volume is down slightly but this is most likely due to the $3M+ sale in 2019 – without that sale, dollar volume is fairly even.
For the Deep Creek Lake area in particular, sales remain steady with last year’s numbers. There have been 27 Lakefront sales through the end of May in 2020 compared to 26 during the same time frame in 2019. Lake Access home sales are down slightly for 2020, with 33 sold so far this year compared to 35 last year.
Lot sales are up slightly from 2019, with 54 lots sold so far in 2020 compared to 47 last year. We would expect lot sales to remain higher than years passed given the lack of inventory.
Buyers
If you’re interested in purchasing a property at Deep Creek Lake, it’s crucial that you choose your REALTOR carefully! In this market, where multiple offers are becoming more common, having an experienced and knowledgeable local agent is a necessity. Your agent acts on your behalf during negotiations to make sure your interests are protected. They will also set you up on automated listing searches that come straight to your device and are the most accurate. This keeps you in the ‘know’ without hours of searching. Our agents are also able to show you property remotely through virtual tours via FaceTime or video platforms. We’ve seen multiple contracts be written in the last few weeks after a virtual tour! As many of our lake-oriented homes are vacation rentals, showing during the summer can be difficult, and only a local agent is going to be able to best assist you in navigating the best time to visit to see the homes you’re interested in.
Sellers
If you’re waiting for the right time to list your home – it’s RIGHT NOW! We have never seen such high buyer competition and so many multiple offer situations. Pricing remains a crucial step to your home getting the most attention. An experienced local agent will be able to provide you with an area specific, FREE comparative market analysis, to help you price your property. Overpriced properties continue to be overlooked and can become a concern during appraisals, even with an offer.
Who you choose to list your property matters! Railey Realty remains the #1 brokerage in Garrett County and Deep Creek Lake for a reason – we have the tools, the knowledge, and nearly 50 years of experience. Our proven marketing tactics combine traditional methods with strategic digital advertising for maximum exposure. Top tier professional photography, drone photos, and video tours are available and utilized to give your home its best digital first impression. Trust the experts to get your home sold!
Whether you’re looking to buy or sell – now’s the time to make your move! Contact us 7 days a week at 301-387-2000 or fill out an online contact form to have an experienced agent get in touch with you today!
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