What a finish to the year! The last month of 2020 reflected the same trends we’ve seen throughout the third and fourth quarters of the year. New Listings were up slightly, with 30 for December 2020 compared to the 5-year-average for the month of 28. Closed Sales were up 27%, with 65 this past month compared to the average of 51. New Pending Sales also were above the 5-year December average, with 41 in December 2020 compared to the average of 31. Active Listings continues to remain remarkable lower than past years – a 200% drop for December 2020, with only 95 homes reported active compared to the 5-year-average of 292. Average Days on Market continues to decline, with the average for homes sold in December coming in at 113 days, a 45% decrease.
Year End 2020
This past year was one for the record books! Our year started strong, running along the same trends as 2019. After quarantine lifted in April, the market shifted very quickly – with many buyers purchasing all current inventory in quick succession. Our market saw less new listings during the spring because many second homeowners were using their homes as a getaway from the city. High buyer demand and low inventory continued through the summer and into the fall. New Listings have rebounded slightly in the last few months, coming above the normal averages, but inventory is still critically low.
For Garrett County as a whole, there were 703 total sales, a 36% increase over the 2019 total of 516. Average prices for Garrett County real estate rose 23% to $456,905. There were 609 detached homes sold, and 94 attached units sold.
In 2020, 40% of homes sold in 30 days or less – with 60% selling in 90 days or less. The luxury sector of the market saw a record shattering year, with 53 $1M+ homes selling in a year – besting the previous record of 30 from 2006.
Lakefront homes saw a 70% increase in sales this year, with 166 Lakefront Homes selling in 2020 compared to 97 in 2019. Not only that, but Lakefront homes in 2020 sold for 96% of their list price, a 1.5% improvement over last year, with an average price of $814,364. They also sold in an average of 119 days – the median DOM being 40 – compared to average 214 days on market in 2019. While the average price was surely pushed upward due to the high number of homes $1M+, the days on market gives a clear indication of demand.
Lake Access homes sales also saw large increases over last year, with a 45% increase in homes sold. Prices in 2020 for Lake Access homes averaged $511,046, compared to the 2019 average of $425,659. An encouraging statistic, Lake Access homes are selling for 96.3% of their listing price, a 2% increase over 2019.
New Listings are beginning to rebound – but buyer competition remains strong. Purchasing a home in these market conditions doesn’t need to be intimidating, though! Working with an experienced and knowledgeable local agent will make all the difference. Understanding how to make your offer stand out for the seller is important. An agent with little experience or not from the area will not be familiar with things such as escalation clauses.
Another advantage of working with an agent, and building that foundation early, is that you’re in the loop like never before. Our agents can set you up for alerts set to your preference – whether it’s instant, once a day, or once a week. Since these come from the MLS system, you know that they’re accurate and up to date! Another perk of building your relationship with your agent while you’re in the beginning stages of your home search is that they can keep an eye and ear out for any listings about to hit the market. Railey Realty has the largest and highest producing team of agents – they often lean on each other and use the internal network to help find homes for their clients. You should never settle when it comes to your representation! There’s a reason that Railey Realty represents 70% of all Deep Creek Lake area buyers!
At this moment, there are less than 100 homes for sale in Garrett County, and less than 50 in the Deep Creek Lake area. Your home has incredible potential to not only stand out among the increasingly low inventory, but also sell quickly and for a higher value than years past. Average sales prices have increased 25% over last year! Don’t wait for the typical spring ‘selling season’ to list your home – list now and be closed by spring!
No matter how great the market conditions are for sellers, who you choose to list your property matters now more than ever. With more than 92% of home searches starting online, your home’s online presence is paramount. The agents at Railey Realty use a combination of professional interior photography and aerial drone photography to showcase your home in its best light. The Railey brand websites see more than 40,000 website views weekly and 11M+ pageviews annually.
In addition to simply listing your home, your agent is the expert you need in your corner. Negotiations are being increasingly difficult to maneuver as multiple offer scenarios become more and more frequent. Your agent and our broker will be able to walk you through the pros and cons of each offer to allow you to make the best decision. The highest price doesn’t always win! Our local market is also very unique – having a local agent makes all the difference. If you have a local agent you use where you currently live, they can still get a referral commission if they refer you to a Railey Realty agent!
How can we sum up the year other than – WOW! In what has been an unusual and constantly varied year, we’re very fortunate that Deep Creek Lake and Garrett County were a safe haven. We saw a large increase of second homeowners working remotely from their homes here, and a large increase in buyer demand for those looking to have an escape from the cities and populated areas.
Our agents truly outdid themselves this year! In what was a banner year for real estate in our area, Railey Realty also had a record-breaking year for market share and total volume. We listed 61% of all properties in 2020, our highest market share ever! Watch the video below to see how we stacked up against our competition!
Ready to get started? Our agents are here to help! Call us at 301-387-2000 or fill out an online contact form to get started today!