The Garrett County and Deep Creek Lake real estate markets continue to see high demand, despite the typically slower winter season. February 2021 followed suite with recent market trends. Closed Sale were up 37%, with 37 homes sold in February 2021 compared to the 5-year-average for the month of 27. New Pending Sales were up 36%, rising from the average of 42 to 57. New Listings also were higher than average for February, with 57 for February 2021 compared to the 5-year-average of 46 – a 24% increase. A positive statistic for sellers, Average Days on Market continues to decline, with homes sold in February average 63 days, a 179% drop from the February average of 176 days. Active Listings – total available inventory – remains extremely low…with only 80 homes reported for February 2021, a 227% drop from the 5-year-average of 262 homes.
Year to Date
In 2020, there had been 66 homes sold in January and February. This was prior to the threat of COVID reaching the greater United States and prior to any state-wide mandates. At that time, the average residential sales price was $364,501, and homes were selling, on average, for 94.6% of their list price. For 2021, there have been 80 homes sold so far in January and February, with an average sales price $443,550 – selling for 98.1% of their list price. While the increase in average prices could be due to five $1M+ sales this year, total units and list/sale price statistics provide a clear picture of our current market. Lakefront and Lake Access homes continue to be the most desired property types, with the majority of new listings going under contract almost immediately with multiple offers.
Don’t be intimidated by low inventory – New Listings has been steadily increasing the last several months. One of the best first steps you can take during your buying process is to connect with an experienced local agent as soon as possible. Not only can your agent alert you to any new or coming soon listings, but they’re your best resource for staying updated on the current market and happenings in the area. Choose your agent carefully! When it comes time to place an offer on a property, especially if it’s a multiple offer situation, your agent is your expert negotiator. It’s more than just who has the best price! The agents at Railey Realty go through continued training on current topics and trends so that they’ve got the tools and knowledge to help their clients.
Don’t wait to list your property! New Listings have been above average the last few months and we expect to see the spring market bring more new listings in a short amount of time. Listing your home now gets you in front of ready and willing buyers with less competition from other sellers. No matter how high buyer demand is, though, pricing remains key. Only a qualified, local agent can help you accurately estimated the current market value of your home or property.
Whether you're interested in buying or selling, we're here to help! Fill out this online contact form or call out office at 301-387-2124 to get started!