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March 2021
Closed Sales, New Listings, and New Pending Sales all saw increases for the month of March. This follows the trends we’ve seen the last several months. Despite overall low inventory, new listing activity remains higher than average, which is important to note. There were 82 New Listings in March 2021, a 21% increase over the 5-year-average of 68 for the month of March. Closed Sales increased 55%, with 70 reported in March 2021 compared to the 5-year March average of 45. New Pending Sales were up 45%, with 80 in March 2021 compared to the 5-year-average of 55. Average Days on Market continues to swiftly decline, with homes selling in an average of 56 days, a 150% decrease from the 5-year-average of 140 days. Overall active inventory remains incredibly low, with only 81 homes for sale in March 2021 compared to the average of 266.
Deep Creek Lake Area
Through the end of March, there have been 31 Lakefront home sales in 2021 a 100% increase from last year. Lake Access sales are relatively flat, with 20 so far this year, compared to 18 last year during the first quarter. Average prices, however, have increased. The Lakefront and Lake Access markets have been the greatest activity in the last 12 months, and most new listings in these categories that are priced competitively are receiving multiple offers and selling quickly.
Q1 2021
Looking at Q1 as a whole, we’re comparing a moderate market to a hot market, and the proof is in the numbers. There were 43 additional homes sold in Q1 2021, with 152 selling this year compared to 109 in 2020, a 39% increase. Lot sales saw a 165% increase over last year, with 93 lots selling in Q1 2021. This can most likely be attributed to the lack of residential inventory. For Deep Creek Lake Area, there were an additional 72 homes sales, a 120% increase. Deep Creek Lake Area lot sales saw a 79% increase, with 52 lots sold in Q1 2021.
Perhaps the most telling statistic, in addition to double- and triple-digit increases, is the total increase in dollar volume. Average prices have increased more than 20% and total dollar volume increased more than 100% over Q1 2020. Another interesting statistic is Days on Market. For Q1 2021, 60% of homes sold in 30 days or less. This sheds a lot of light on how quickly new listings are going under contract.
Railey Realty
Railey Realty is so proud of our team of agents! Their performance in Q1 2021, given the difficulties with our current market, was nothing short of incredible. For Garrett County Real Estate, Railey Realty agents represented 64% of all transaction, a 1% increase over Q1 2020. For Garrett County Real Estate Dollar Volume, Railey Realty agents represented 69%, a 4% increase. Our closest local competitor saw a 10% decreased in their Garrett County Dollar Volume Representation.
For Deep Creek Lake Real Estate, Railey Realty agents represented 72% of all Deep Creek Lake transactions – a 2% increase over Q1 2020. For Deep Creek Lake Real Estate Dollar Volume, Railey Realty agents represented 73% - a 7% increase over Q1 2020! Our closest local competitor only represented 15% of the dollar volume, which was a 14% drop from Q1 2020.
Our agents are truly local, area experts. They not only work in the Deep Creek Lake and Garrett County Real Estate Markets, but they live here, too! That means they know the ins and outs better than anyone. Choosing who to represent you during your real estate transaction is an important decision! With multiple offer scenarios becoming more common-place, having an experienced agent to help you write the strongest offer, or consider the many offers, is crucial. The highest price doesn’t always win!
Whether you’re interested in buying or selling, Railey Realty is here to help! Fill out this online form or call our office to get paired with an expert, local agent today!
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