October 2020
October was a great month for Garrett County real estate! Closed Sales were up 66%, with 93 homes sold in October 2020 compared to the 5-year-average for October of 56. New Pending Sales were also up, rising 21% with 70 New Pending Sales in October 2020 compared to the 5-year-average of 58. Encouragingly, New Listings finally saw an increase, with 53 new homes listed in October compared to the 5-year-average of 45, an 18% improvement. Active Listings remain lower than ever, falling to 123 this past month compared to the 5-year-averge for October of 353. Average Days on Market for homes sold in October was 73 days, a 75% decrease from the average of 128.
Year to Date
So far this year, there have been 821 properties sold; among that total, 220 lots and 585 homes. At this point last year, there had been 425 homes sold, 108 lots – with 541 total properties. Luxury home sales, those exceeding $1M+, have increased 100% over last year – with 41 so far this year compared to only 19 at this point last year.
Average prices continue to inch upward, too. Average sales price for homes in Garrett County is $430,787, compared to $336,003 last year. In addition, homes are selling for 96.1% of their list price – a 2% increase over last year.
Lakefront Home Sales have increased by 51%, with 139 Lakefront homes selling so far this year at an average sales price of $795,558. Lake Access Home Sales have increased by 36%, with 101 Lake Access Homes selling in 2020 compared to 74 in 2019. The average sales price for a Lake Access home in 2020 has risen to $509,487, compared to $355,403 last year.
Sellers
We cannot stress it enough – inventory is drastically low – there has NEVER been a better time to sell. For example…there are currently only 9 Lakefront homes active on the market. Even fewer if you remove the fractional ownership options. As interest rates remain low, and buyer demand remains high, it’s a fantastic time to sell your property. From a secondary residence Lakefront home to a primary residence in Grantsville – there are ready and motivated buyers at every corner of our market. Your property could be just what they’re looking for!
Choosing the right brokerage and REALTOR to list your home is as important as ever. With high buyer demand, increased market prices, and multiple-offer situations becoming frequent, it’s a delicate landscape in the real estate industry. An experienced, professional, and locally knowledgeable agent is crucial! Even with today’s demand, and over-priced home will still be overlooked. Your agent is the key to your selling success! Lucky for you, Railey Realty agents are 2x more productive than agents at other local brokerages, and average 20+ years of experience in our local market.
Buyers
Don’t let a competitive market keep you from purchasing! Mortgage rates are very low and homes that have been on the market for several months may be more open to negotiating their sales price to help get their home sold faster. With so many new listings going under contract within days of hitting the market, most with multiple offers, staying in the loop with homes for sale is essential. While you may already be signed up for updates from a third party, like Zillow.com, you may not always get the most accurate information, and it will not be as real-time as the MLS system. Many agents are also taking advantage of the ‘Coming Soon’ option for new listings, which allows you a leg up on properties that are about to hit the market.
The thought of competing in a multiple offer situation can seem daunting. Choosing the right agent to help represent you and guide you during your buying process will help make you feel more confident purchasing in a competitive market. Let our qualified and experienced agents work for you!
Whether you’re buying or selling, we’re here to make that happen! Fill out this online contact form to get in touch with an agent today!
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