August 2020 Garrett County Statistics
We had another phenomenal month for real estate! There were 72 Closed Sales in August 2020, up 47% from the 5-year-average for the month of 49. New Pending Sales were up 60%, with 117 in August 2020 compared to the 5-year-average of 72. New Listings finally saw an increase over the average after several months below average, with 85 New Listings in August 2020 compared to the 5-year-average of 74. Despite a slight rise in New Listings for the month, Active Listings are down more than 200%, with only 172 reported in August 2020 compared to the 5-year-average of 406. Average Days on Market remains relatively flat, coming in at 132 days in August 2020. As buyer competition continues to remain high on new listings, we look for this number to continue to decline.
Year to Date
So far in 2020 (through 9/15), there have been 430 homes sold, totaling $176.4M in Dollar Volume. For the same time frame in 2019, there had been 346 homes sold. Average home price is at $410,423 – an increase from the 2019 average of $335,872. Homes are also selling closer to their listing price this year, with homes selling for an average of 95.6% of their list price compared to 94.5% in 2019. Pricing correctly for our market is still essential, though, no matter how competitive the buyer landscape is – overpriced properties will always be overlooked.
The luxury market has been tremendous activity so far this year! So far in 2020, there have been 27 $1M+ home sales compared to only 13 at this point last year. We haven’t seen activity this high in the luxury market since 2006, when 30 homes sold for $1M+. With 14 $1M+ homes under contract at this point, it seems safe to assume we’ll surpass the record from 2006.
Lakefront home sales are up nearly 50% from 2019, with 96 homes sold so far this year at an average price of $781,110. Lakefront homes are certainly the most competitive landscape for buyers. Out of the total 64 Lakefront homes for sale, there are only 22 Lakefront homes on the market not currently under contract. Lake Access homes sales are also up over last year, with 79 sold so far in 2020 compared to 54 in 2019.
More than half of all homes on the market are under contract.
Typically, as we move into early fall, seller who have not yet sold their property will begin considering price reductions to help them sell before the end of the year. If you’re looking at properties around the lake, considering coming to tour homes during the week, when properties that are vacation rentals are more likely to be open, and you have less pressure from other buyers who typically view homes on the weekend. Your agent can also virtually tour a house with you through Skype, FaceTime, or another video streaming app. As multiple offer scenarios continue to be common, touring a home as soon as it’s listed instead of waiting for the weekend can make all the difference!
While a competitive market can be daunting, choosing a good agent can help make purchasing a home less stressful. Establishing your relationship with your REALTOR now will help keep you on their radar when new listings hit the market that fit your criteria. They can also set you up to receive automatic updates for listings that fit your criteria at the frequency of your choosing. As the largest network of local agents, averaging more than 20 years of experience, you can feel confident in your agent’s ability to represent you!
Inventory is at historically low levels while buyer demand remains high – now is the time to sell! Now that the summer season has ended, we anticipate buyers who have missed out on purchasing will begin more seriously considering all available homes. New Listings are receiving more attention than ever! Let our marketing team help your home stand out!
Pricing still remains crucial – even with such high buyer interest. Because our agents are local and working in this industry, they’re the best tool for assessing the current value of your property. The Deep Creek market is very unique in terms of property value. Agents who don’t typically work in this market will have a harder time properly evaluating and marketing your home. Local knowledge and experience can’t be beat!
Ready to get started? We’re here to help! Fill out an online form or call us at 301-387-2000 to start your real estate journey!