April 2021
For the first time in the last several months, trends have started to shift slightly. April 2021 showed from deviations from the ‘norm’ of 2021. Closed Sales remained well above average for the month, with 59 in April 2021 compared to the 5-year-average for the month of 36. New Pending Sales were above the average, with 60 in April 21, but the gap has lessened from recent months. New Listings plateaued in April, which is one of the larger deviations from trends. April and May are generally the biggest months for new listings in our area, so we may expect to see flat numbers as we’ve experienced higher than average listings throughout the winter months. There were 80 New Listings in April 2021, compared to the 5-year-average of 81. Total Active Inventory remains lower than usual, but has picked up some as we head into summer, with 99 homes reported in April 2021 compared to the 5-year-average of 292 homes for sale. Average Days on Market remains quite lower than average, with homes selling in an average of 44 days in April 2021 compared to 109.
Year to Date
Garrett County has seen tremendous growth over last year, with 232 homes sold in 2021, compared to 137 in 2020. Homes are selling for an average price of $506,404 – which is greatly skewed by the luxury property market – and selling for 98.8% of the list price. There have been 25 $1M+ sales this year so far, including a record-breaking sale of $3,900,000 by Railey Realty.
The ‘hottest’ markets in Garrett County continue to be Lakefront and Lake Access. This time last year, there had been 23 Lakefront homes sold at an average price of $756,157. So far this year, there have been 46 Lakefront homes sold, at an average price of $939,291. Lake Access home sales may seem flat, with 36 this year compared to 33 last year, but average prices have risen nearly $300,000, settling at $749,750 in 2021. Lakefront and Lake Access properties have remained in high demand and usually garner multiple offers if priced according to the market.
Looking just at the general primary market, Southern and Northern Garrett County areas, the average price is $241,398. For these regions, excluding most of the lake and immediate area, there have been 103 homes sold. There is typically less buyer competition for primary homes – however, $130,000-$200,000 range has seen high buyer competition.
Buyers
Don’t let multiple offers keep you from your dream home! Choosing the right agent will make all the difference. Only an agent that works locally in our market, that has in-depth knowledge and experience, can help you truly make the most of a challenging market. We often seen agents from out of the area come into the lake to show property and they run into several issues that are easily preventable. One of the biggest is lack of knowledge about locations. Are they up to speed on DNR regulations? Do they know about the buydown? Do they know the rental changeover dates? Chances are, they do not. Your local hometown agent can always refer you to a Railey Realty agent so that you get the best service while still supporting your usual agent! The highest offer doesn’t always win – that’s why working with an agent experience in our local market is so crucial.
Sellers
Don’t wait to sell!! Buyer demand remains extremely high as inventory remains very low. We can’t promise how long this market will last! Average prices continue to rise, and buyers continue to look for homes that fit their criteria in all sections of our market. Selling your home, even in a seller’s market, requires experience and professionalism. That’s where Railey Realty comes in. It may be tempting to try to sell your home on your own, but did you know that for sale by owner properties actually sell for less than those listed with a brokerage? In addition, listing with Railey Realty offers your home unmatched exposure. Railey Realty has the highest trafficked real estate specific website in Deep Creek Lake and utilizes strategic and proven marketing methods. In the first quarter of 2021, Railey Realty increased market share, while our closest competitor saw a double-digit decrease.
Whether you’re looking to buy or sell, Railey Realty has the experience and knowledge to help you! Fill out this online contact form to talk to an agent today!
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