Garrett County
July was a busy month for the real estate market! The market trends have further solidified, with pending sales continuing to increase while total market inventory remains at an almost record low. Closed Sales for July 2020 were up 49%, with 70 homes sold this past month compared to the 5-year-average in July of 47. New Pending Sales were up 57%, with 105 reported in July 2020 compared to the 5-year-average of 67. For the first time in a few months, New Listings finally saw a slight increase, rising 8% to 89 New Listings in July 2020 compared to the 5-year-average of 82. Active Listings came in at 209, a 100% decrease from the 5-year-average of 418 for the month of July. The increased demand from buyers and decreased new inventory from sellers has further widened the divide.
So far this year, there have been 301 homes sold with an average sold price of $361,543. The luxury market has seen 15 $1M+ sales through the end of July this year. Homes are selling for an average of 95.1% of their original list price. We do expect this number to slowly continue climbing as multiple-offer scenarios are pushing sales prices over the original list price.
For the same time frame last year, January-July 2019, there were 261 homes sold for an average price of $325,065. There had been 8 $1M+ sales during that time frame, including one home sold for more than $3M. Homes were selling for an average of 94.7% of their original list price.
Deep Creek Lake Area
So far in 2020, there have been 54 Lakefront homes sold with an average price of $726,019. In 2019 for the same time frame, there were 49 Lakefront homes sold with an average sales price of $670,799. While average sales prices can fluctuate with specific outlier sales, 2020 remains above 2019, even with the $3M+ Lakefront sale in 2019.
Lake Access home sales are also up from last year, with 53 sold so far in 2020 with an average sales prices of $448,271. In 2019, there had been 43 Lake Access homes sold with an average sales price of $428,233. So far this year, there have been no Lake Access home sales over $1M, and there had been 2 $1M+ sales during the same time frame in 2019.
Buyers
As interest rates remain very low, it’s still a great time to purchase, whether for a primary home, a vacation home, or even an investment property. Don’t let the buyer competition scare you! There are still great deals currently on the market, and new listings that come on every day. Our best advice is to build your relationship with your REALTOR early so that they can help you stay in the know with the market and can give you advice and tips to make sure you’re ready to go when the perfect property comes on.
Our market has seen the most buyer competition with Lakefront and Lake Access homes. There are currently 73 Lakefront homes for sale, 63% of which are under contract; and 48 Lake Access homes, 66% of which are under contract. If you’re in the market for a home with these access types, working with an experienced local agent is absolutely crucial. Not only can your agent make sure you don’t miss out on a hot new listing, but they’re going to be your best resource when it comes to presenting your best offer and throughout negotiations. As the highest producing and largest sales team in the area, the team of Railey Realty agents is an unbeatable network.
Sellers
Lack of inventory has created a hot market for sellers! No matter where your property is located, there are active buyers searching for their perfect home. Strategically pricing your home to be competitive is still important – that’s where an experienced local agent comes in! Our agents live and work in this market – let their experience and knowledge work for you to sell your home! To get a free comparative market analysis of your home, fill out this online form, and we’ll pair you with the perfect agent.
On the fence about selling? It never hurts to talk to a REALTOR about your concerns. As the market is constantly changing and adapting, an agent can give you an accurate and real-world point of view. They can also suggest any updates/upgrades that can create a higher return on investment.
Whether you’re considering buying or selling – we’re here to help!! Fill out an online contact form or call us at our office at 301-387-2000 to get started with an agent today!
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