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Deep Creek Real Estate Market Update | July 2020

June 2020

After a stalled market this spring, real estate in Garrett County surged forward in June. Closed Sales were up 25%, with 55 in June 2020 compared to the 5-year-average for June of 44 closed sales. New Pending Sales also saw a big increase, with 86 New Pending Sales in June 2020 compared to the 5-year-average for the month of 56 – a 50% increase! New Listings for this past June were down slightly, falling 18% with 72 New Listings this year compared to the average of 85. Active Listings fell quite a bit, with an 85% drop off the 5-year-average for June. With only 226 homes for sale, compared to the average of 417, lack of inventory has become the largest issue facing buyers in our market.

Buyers 

Working with an experienced local agent is more important than ever! With multiple offer scenarios becoming more and more common, having a knowledgeable local agent can be the difference between you getting the home of your dreams or missing out. Our agents also work exclusively in our market and are able to make the best recommendations for lenders, contractors, and any other services you may require during the contract period and long after you purchase the property.

Many properties are also active vacation rental homes, and scheduling showings can take patience and good timing. Most out of town agents are unaware of showing restrictions and will be unable to help you plan your showing schedule to be the most efficient for your visit. Your hometown agent can always refer you to one of our expert agents! 

Sellers 

Inventory is very low – buyers are actively searching for listings in all sections of our market! If you have considered selling in the past, or we considering selling in the upcoming months, now’s the time! Interest in our area is very high as buyers are looking for a safer, mountain escape from nearby cities. Demand is also high for primary homes, specifically in Oakland and Grantsville. Fill out this form to get a FREE Comparative Market Analysis of your property!

Who you choose to sell your property matters! Railey Realty offers the area’s largest selection of properties on Railey.com – that means buyers come to our site for their searches! Our site is focused only on real estate and is specific for the area locations and access types that are desired in our market. Our agents also use professional photo and video services to make your listings pop online. They can help you strategically price your property specific to our unique market and get your property sold. An experienced agent is what you need in your corner during multiple offer situations and throughout negotiations.

Q2 2020

Even with a few weeks of a stalled market, Q2 2020 and the YTD statistics for the Garrett County real estate market saw improvements over 2019. There were 19 more homes sold this year compared to last, with a 23% increase in dollar volume. Average Days on Market is down 14% - coming in around 147 days. In fact, 47% of homes sold in 90 days or less, with 28% selling in less than 30 days. As inventory remains low, we’ll continue to see more homes selling quickly with multiple offers. Average Prices have increased slightly over last year, with the average home in Garrett County selling for $372,906.

Deep Creek Lake Area

So far this year, there have been 40 Lakefront Homes sold at an average price of $726,965. For the same time frame last year, there had been 37 Lakefront homes sold with an average price of $689,885. Lake Access homes sales are also up, with 40 selling so far in 2020 at an average price of $450,995, compared to 37 homes last year at an average price of $445,338.

Inventory for Deep Creek area homes that are waterfront or have water access is very low. Many of the new listings with these access types are receiving very high market activity and receiving multiple offers.

Railey Realty

Our agents had a tremendous first half of the year! Our agents represented 77% of all the luxury $1M+ homes sold so far this year, representing all nine buyers for these homes! For Garrett County, Railey Realty agents represented 61% of all transactions, up 3% from Q2 2019! For the Deep Creek Lake area, Railey Realty represented 69% of all transactions through Q2 2020, up 3% from Q2 2019.

Wondering what sets our agents apart? Our agents average more than 20 years of experience and live and work around the lake area and throughout Garrett County. Their knowledge of the local areas and real estate market is second to none! Our agents not only take updated courses on Maryland Real Estate law and practices, but also have several in-house training and legal update classes. Using the latest technology for digital photography and aerial photos and videos, our listings get their best possible digital first impression. With more than 90% of all home searches starting online, this is more important than ever. As the area’s top producers and largest network of experienced REALTORS, the Railey team’s internal network is truly second to none.

Railey Realty celebrated 45 years last summer and we looked forward to many more years of helping our clients and customers buy and sell real estate in the Deep Creek Lake area and throughout Garrett County.

Ready to get started? Click here to fill out an online form or call our office 7 days a week at 301-387-2000 to get in touch with an agent today!

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