June 2021
It was a busy month! In what is typically the tail-end of our ‘listing season,’ June New Listings came in at 81, a 4% drop from the 5-year-average of 84 for the month of June. Active Listings (total inventory) remains very low, dropping 184% from the 5-year-average of 336 to the total inventory of 118 in June 2021. There were 66 Closed Sales in June 2021, a 32% increase over the 5-year-average of 50. New Pending Sales were also above the 5-year-average, with 73 reported in June 2021 compared to 62. Average Days on Market continues to decline, with homes selling on average in 49 days in June 2021, compared to the 5-year-average of 145 – a 195% drop.
Year to Date – January -June 2021
Looking at the year-to-date statistics, the real estate market in Garrett County and Deep Creek Lake shows dramatic improvements over the same time frame in 2020. Last year, the market began to pick up in May and June, following an active start to the year and a minor plateau during March and April 2020. In contrast, the market in 2021 started off incredibly strong and has maintained throughout the first half of the year. We will look for the statistics to level off as we head into the end of 2021.
Overall, Dollar Volume YTD has increased 97%, with $166M sold so far in 2021 compared to $47.7M in 2020. Average sales price is $481,286, a 35% increase over $355,824 in 2020. Units sold have increased 51% with 343 YTD in 2021 compared to 227 in 2020. One of the biggest increases this year over last year is the number of attached units (condos, townhomes, etc.) sold. YTD in 2021, there have been 60 attached units sold, compared to 27 in 2020, which is a 122% increase! Another great statistic from the YTD statistics is Days on Market. YTD in 2021, 66% of home sold in 30 days or less. Last year for the same time frame, only 28% of homes sold in 30 days or less.
For Deep Creek Lake properties, 2021 has seen big improvements over 2020 year-to-date. So far in 2021, there have been 59 Lakefront Residential properties sold, 38 of which are detached homes, with an average price of $1,249,634. Lakefront lot sales also increased over 2020, with 10 sold so far this year with an average sales price of $575,000 – a big jump from 4 lots sold last year at an average price of $274,125.
There have been 8 more Lake Access homes sold so far in 2021, selling for an average of $699,050. In 2020, Lake Access homes sold on average for $450,995. Interestingly in this sector, there have been more luxury sales than in years past, with 6 Lake Access homes selling over $1M, with one selling at $2.3M.
The luxury market, properties selling for $1M+, has seen tremendous growth over 2020. That is saying something, considering 2020 was a record-breaking year with 58 $1M+ sales! So far in 2020, there have been 33 $1M+ properties sold, compared to only 9 this time last year. Of the properties sold this year, 31 have been within the lake area, the other two were an apartment building complex and a farm, located in Southern Garrett County.
Railey Realty
The end of June also means the end of Q2 2021! The agents at Railey Realty have done a tremendous job during this hectic market – and their hard work is showing! For Garrett County, Railey Realty agents represented 63% of all transactions – a 2% increase over Q2 2020. For Garrett County Dollar Volume, Railey Realty agents represented 68% of the total dollar volume, a 3% increase over last year! For the Deep Creek Lake area, Railey Realty represented 70% of all transactions – a 1 % increase over Q2 2020. Railey Realty represented 71% of the Deep Creek Lake Area Dollar Volume, a 3% increase over Q2 2020!
We are so incredibly proud of our hardworking agents and staff!!
Buyers
In a competitive seller’s market, your agent representation matters more than ever. New Listings have been slightly above average or flat, and coupled with low inventory, properties new to the market are getting more attention than ever. Who you choose to represent you and your investment matters!! Our agents are the most experienced and top producing in the area for a reason – they know their stuff! In addition to being your local go-to for everything from landscaping recommendations to area intel to starting your home as vacation rental, they’ve got your covered. Our agents are able to set you up on personalized notifications straight from the MLS system to keep you as up to date as possible. In addition, as the largest network of agents, the Railey team is a collaborative and open forum and they often outsource to each other when helping buyers find properties. Since Railey Realty lists more than 60% of all properties, the odds are one of our agents will be listing your perfect home!
No matter what your time frame is for buying, building your foundation with your agent is the best first step. The more they know about your needs in a home or property, the better they can help find the perfect property for you. That way, when that perfect property does hit the market, your agent will know it's exactly what you need! Can't make it for a showing? They'll do it virtually! Showing homes that are currently vacation rentals can also be tricky to show during the busy summer months, as they're usually only open once a week between guests. Working with a local agent who understands and is used to these kinds of showings will save you time!
Sellers
Average prices have increased 35%, inventory is low, new listings have plateaued, average days on market is less than 60 days– what else can we say? The time to list is right now!! There is never a guarantee for any market – strike while the iron (and weather) is hot. Buyer competition remains very high, with strategically priced properties receiving multiple offers. We can say with certainty that buyers are actively searching in all sectors of our county – from lakefront to a primary home in Grantsville.
So how do you get top dollar for your property? For starters, an experienced local agent. Our county, and especially the Deep Creek Lake area, are unique. That means that certain amenities or features will add or lessen value. Who can you trust to know the ins and outs? Unless your agent lives and works here (like the agents at Railey Realty), you’re starting at a disadvantage. Our agents use data and experience to help you price your property for today’s market. Our in-house marketing team, top-notch staff, industry specific and exclusive photographers, and 45+ year reputation sets up apart for a reason!
Whether you’re considering buying or selling, it’s never too early to get started. Fill out an online contact form or call us seven days a week to get paired with an expert local agent!
Connect