November 2020
November was another great month for Deep Creek & Garrett County Real Estate! Most statistics continue their upward trend, even New Listings, while total Active Inventory remains lower than ever. Closed Sales for the month were up 24%, with 57 homes sold in the month compared to the 5-year-average for November of 46 homes. New Pending Sales were up slightly, with 43 for November 2020 compared to the average of 41. New Listings were up 6%, with 36 New Homes listed in November 2020 compared to the 5-year-average of 34. Average Days on Market continues to decline (which is a positive statistic!), falling to 102 Days for November 2020 compared to the average for the month of 161 Days – a 58% decrease. Active Listings continue to decline to record-breaking lows, with only 118 in November, a 175% drop from the 5-year-average for November of 325 homes.
Year to Date – Through November 2020
There have been 643 homes sold so far this year – a 37% increase over 2019. We’ve seen average prices continue to tick upward, partly from the increase in luxury home sales and partly from the additional 173 homes sold. Average prices for Garrett County homes is currently at $437,212 compared to $346,001 in 2019. Homes are also selling for 96.2% of their listing price – a 2% over last year.
For Deep Creek Lake, there have been 153 Lakefront homes sold far this year, at an average price of $805,261. There have been 109 Lake Access homes sold, at an average price of $512,622.
Buyers
Lower inventory has created higher buyer competition on new listings. Don’t be intimidated!! When you choose the right agent to represent you, you’ll feel confident and comfortable making an offer on the right property – even in a multiple-offer situation. It’s truly imperative to have a local agent representing you, as our market is unique in appraisals, property values, and current trends. Have an agent back home? Our agents are happy to provide your ‘at-home’ REALTOR with a referral. Working with a Railey Realty agent also puts you in the center of the area’s largest and top producing agents – it’s a network that’s unmatched! Our agents listed 60% of the properties for sale in Garrett County in November – let our network help you find your new home faster!
Sellers
Take advantage of the low inventory!! Buyers are actively seeking properties in all sectors of the Garrett County market, from secondary homes on Deep Creek Lake to primary residences in Grantsville – homes are needed. More than ever, your home’s online presentation is incredibly important. Our in-house marketing team provides professional ground and aerial photography, videography services, and strategic digital & traditional marketing. Our real-estate website also provides more than 3M+ pageviews – something no other local real estate company can match! As one of the largest and most established brokerages at Deep Creek and in Garrett County, Railey Realty has the tools and proven methods to help you get your home from listed to sold.
Whether you're interested in buying or selling, we're here to help! Click here to get in touch with an experienced local agent today!
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