Summer is over but the real estate market is still as hot as ever! September 2020 showed continued trends of drastically low inventory and higher than average demand. Closed Sales for the month were up 78%, with 112 selling in September 2020 compared to the 5-year-average of 63. There were 86 New Pending Sales recorded in September 2020 compared to the 5-year-average for the month of 59, a 46% increase. An encouraging sign, New Listings were up 23% for the month with 75 listed in Sept. 2020 compared to the average of 61. Average Days on Market is down 11% to 113 days compared to the 5-year-average for the month of 125 days. Active Listings has fallen to a new low of 156 in September 2020, a 253% decrease from the typical volume of 395 for the month of September. In addition to a booming residential market, lot sales are also up over last year, with 196 sold so far in 2020 compared to 140 in 2019.
We’re halfway through October and have already seen 51 additional residential sales – a high number for an ordinary month – and there are 118 homes currently under contract, most of which will close before year-end.
Deep Creek Lake
Lakefront home sales are up 63% over last year, with 116 sold so far this year compared to 71 for the same time frame last year. This has certainly been the most impacted section of the market during the surge of buyer demand the past few months. Average price is up from $692,217 in 2019 to $779,341 in 2020. Lakefront lot sales are up slightly over 2019, with 18 sold so far in 2020 compared to 14 in 2019. Lake Access home sales have also seen increases over last year, with 89 sold so far this year compared to 57 in 2019. Average price for Lake Access homes in 2020 is $503,822 compared to $428,737 in 2019. Lake Access lot sales are up 58%, with 30 sold so far in 2020 compared to 19 in 2019. This year has certainly been a record-breaking year for real estate in Garrett County and Deep Creek Lake. There have been 39 $1M+ home sales so far in 2020, blowing by the record of 30 set in 2006, and there are currently 8 homes $1M+ under contract.
Dollar Volume in Q3 2020 is up 145% compared to 2019, totaling $129.6M compared to $52.8M. Condo sales saw a significant increase this past year, with 36 selling in Q3 2020 compared to 18 through Q3 2019 - a 100% increase. Detached unit sales are up 60%, with 223 reported in Q3 2020 compared to 139 in Q3 2019.
For the first time in quite a while, the majority of homes sold are selling in 30 days or less, and 60% of homes are selling within 90 days. As inventory continues to decrease, we’ll begin seeing more stagnant listings selling, which slightly evens out the high number of sales occurring in less than 30 days.
Traditionally, listings in late fall and winter remain lower than the usual high points in April and May. The already low inventory coupled with the fall season will mean new listings are more scarce and may bring higher buyer competition. Whether you’re ready to purchase now or looking to purchase next spring, getting your relationship established with your REALTOR now is important! It’s crucial to be acquainted with current inventory, area locations, community amenities, and lifestyle needs to know when you’ve found the home that checks all your boxes. Your REALTOR can set you up on automatic alerts that will keep you informed when properties you’re interested in come on the market. In addition, the large and experienced network of Railey Realty agents often provides a benefit to buyers and sellers.
Have a REALTOR local to you that you would normally use? They can refer you to one of our agents here! Agents not locally based often have a very difficult time gaining access to the homes, understanding vacation rental schedules, navigating the lake, and answering questions about local regulations. We can’t stress enough the importance of working with an experienced and local REALTOR!!
Our market needs inventory!! No matter where your property is located, there are buyers willing and ready to purchase. Today’s buyers are very well informed. They not only are familiar with property values, but also can be very discerning when it comes to their second home purchase. Even in a seller’s market, something too far overpriced will continue to be overlooked. In this market, given the high interest, it’s against your best interest to price too high and miss a potential buyer to a comparable property at a better price.
Who you choose to list your property matters. Railey Realty has the highest trafficked, real estate specific website, our agents are two times more producing that agents at other local brokerages, and we have the right tools to present your property in its best light. With top-notch photography, drone photography, and video marketing, your property is displayed at its highest level online. Our premier placement on sites like Realtor.com also means your property will be seen more frequently. Let our experience and reputation work for you!
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