May 2021
May was a busy month, following our current market trends for the most part. After a drop below average for New Listings in April – the first time this was below average in several months despite low inventory – May 2021 closed a gap a bit, with 91 new listings compared to the average of 95. Active Listings remain well below average, with only 115 homes for sale reported in May 2021 compared to the 5-year-average of 325 for the month of May. Closed Sales for May were above average, with 55 in May 2021 compared to the 5-year-average of 43. New Pending Sales were also up, with a 33% increase over the average with 73 in May 2021. Average Days on Market continues to remain very low as new inventory attracts immediate offers. The Average Days on Market in May was 45 days, compared to the 5-year-average for the month of 132.
Year to Date – January-May 2021
So far this year, there have been 277 homes sold, compared to only 174 for the same time frame last year. The total dollar volume sold so far this year is $135M, compared to $57.5M last year. Quite a big increase! Lakefront home sales have more than doubled since last year, with 56 sold so far in 2021, compared to 27 in 2020. In 2021, the average sales price for a detached Lakefront home is $1,054,615, up from $865,529 in 2020. Lakefront Homes are selling for an average of 100.2% of the listing price!! That’s nearly a 4% increase over 2020. The average days on market for a Lakefront home is 38 days. Lake Access Home Sales have seen a similar trajectory, with higher average sales prices and sale to list prices. In 2021, detached Lake Access Homes are selling for an average of $730,154 and selling for 101.8% of the list price. In 2020, the average price was $461,830, selling for 95.5% of the list price.
Sellers
The market remains very hot – it’s a great time to list! As with everything, there’s no guarantee how long buyer demand will remain this high – don’t wait! No matter how high demand, though, strategic pricing is crucial for a quick sale at top dollar. Only an experienced, local agent, who is actively working in our market, can help you price your home accurately. Not only is our market unique in the types of locations and amenities your home will offer, but as a secondary market, demand is different for homes in the Deep Creek Lake area. The agents at Railey Realty live and work in this market!! They know all the ins and outs of selling during this seller’s market. In addition to just having your home on the Multiple List System, our agents use professional photography (including aerial photography), strategic marketing, and their internal network to get your home sold. As the top website for Deep Creek real estate, your home also gets higher exposure than any other local brokerage! Considering selling your home on your own? Read this article first!
Buyers
Want to know the secret to finding a home in a competitive seller’s market? Working with the right agent! Yep, it’s really that easy. In a market where multiple offers are very common on hot new listings, your offer needs to not only stand out, but be the best for that seller. That doesn’t always mean a higher price, though! Working with an agent who isn’t from this area, or doesn’t have experience, could make a big difference when it comes to forming your offer and working through negotiations. Knowing when and how to use escalation clauses, which inspections are best for that property, the ability to have that home become a vacation rental – there are a lot of moving parts! The agents at Railey Realty meet weekly to discuss market trends, new listings, and other important topics! They stay on top of everything so that they can provide their client the best service.
Not quite ready to buy just yet? That’s okay! Reaching out now, even if your timeline is 6-8 months, will get you set up for success later. You’ll have time to form a relationship with your agent and get acquainted with different areas of our market, sales prices, and the flow of inventory. That way, when you’re ready, you and your agent can make the strongest offer to get you your perfect home.
Whether you’re thinking about buying or selling, Railey Realty is here to help! Call our office 7 days a week at 301-387-2000 or fill out an online contact form to get started with an expert local agent today!
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