Unlike the wonderful winter weather we’re having, the real estate market in Garrett County is as hot as ever. Other than Active Inventory, all other 2021 January statistics showed improvements over January 2020. Closed Sales were up 34%, with 39 homes selling in January 2021 compared to the 5-year-average of 29 for the month of January. New Pending Sales were up 42%, with 61 in January 21 compared to the 5-year-average of 43. New Listings were also up for January, with 51 new homes listed compared to the average of 43, a 19% increase. This is an interesting statistic, as New Listings have been slightly above average the last several months - but Active Inventory remains critically low. With only 84 reported homes for sale in January 2021, Active Listings are down a startling 216%, falling from the 5-year-average of 266 for the month of January. Average Days on Market for January 2021 was 91 days, a 67% drop from the 5-year-average of 152 days.
Even though we’re only one month in, comparing January 2021 to January 2021 shows several major improvements. Most notably, homes in 2021 were selling for 97.3% of their listing price - a 3% improvement over last year. Only four more homes sold in 2021 than in 2020, but average prices and dollar volume both saw increases.
As mentioned above, there were 51 homes listed in January 2021. Forty of those homes - a startling 78% - are already contract. Lakefront homes continue to be the most active segment of the market. There were nine Lakefront homes/condos listed in January 2021, all went under contract in an average of 6 days, the longest taking 11 days.
Inventory isn’t just low - it’s at an all time low. Buyer demand has remained incredibly high, as you can see from 78% of the homes listed in January already having contracts. No matter where your home is located, there are buyers actively searching for a home just like yours. As with any market, there are no guarantees - we can say right now with certainly, though, that it’s the right time to sell. Waiting a few months or a year could make a difference on the price you’ll get and the time in which it takes to sell your property. Despite the high buyer demand, buyers are still very savvy, and pricing remains an important part of your listing strategy.
More than ever, who you choose to list your property matters. With multiple offer scenarios, competitive pricing, and a unique market - only an experienced, local agent will be able to help you make this process as smooth as possible. Multiple offers can be overwhelming, and the differences between each offer can be confusing, and that’s where your agent’s experience is critical. Our agents are also active in this particular market - which means their pricing recommendations will be specific to your home. Agents that don’t normally work in our market struggle with pricing, understanding unique property values, correctly adding unique fields to the MLS for the best search results, and providing access for showings.
There’s a reason that Railey Realty represents 70% of all Deep Creek Lake area transactions! Our agents are the best at what they do, work and live in the area, and have the tools and skills to make your home stand out. Fill out this contact form for a FREE comparative market analysis to find out how much your home is worth in our current market!
Don’t be intimidated! The low inventory and strong buyer competition may be worrisome at first, but your agent is there to make sure your best interests are represented. Mortgage rates remain low - it’s still a great time to buy. So how can you make sure you don’t miss out on a new listing? No matter if your purchasing window is 0-3 months or 8-12 months from now - building your relationship with your REALTOR now is important!! Helping them understand your lifestyle preferences, home needs, and ideal areas can help them find the perfect home for you. As the largest local brokerage, Railey Realty also can have some in-house listings - which will not be advertised, but are still for sale. Just as you’re in the buying process, there are also always sellers in the beginning stages of the ‘selling’ process - which means that your agent may be able to reach out to other Railey agents and learn about upcoming listings before the hit the mainstream market.
Your agent is also your expert negotiator - and trust us - in this market, you need that! The highest price doesn’t always mean it’s the best offer. Our agents are working in this particular market and environment every day.
Whether you’re buying or selling, working with an experienced, local agent is critical to set yourself up for success. Our agents are the experts - let their experience work for you! Fill out this online contact form or call our office to get started today!