July 2021
While Summer may be in full swing, the real estate market has cooled off slightly. Closed Sales were up 31% for July 2021, with 68 reported, compared to the 5-year-average of 52 for the month of July. New Pending Sales were up slightly, with 78 this July compared to the average of 71, a 10% increase. New Listings were down 5%, with 76 reported in July 2021 compared to the 5-year-average of 80 for July. Active Listings are lower than last month, with 110 reported in July 2021 compared to the 5-year-average of 336 for the month of July. Average Days on Market continues to remain well below the 5-year-average of 123, coming in at 41 days this past July.
Year to Date
Given that 2020 was a record-breaking year for real estate in Garrett County and Deep Creek Lake, the statistics for 2021 are that much more impressive. We’re now more than halfway through the year and seeing significant jumps across the board. Dollar Volume alone is up 88% over 2021 YTD, and the Average Sold Price is now 40% above 2021, coming in at $508,577. Despite the lower inventory, there have still been more units sold this year, with 414 homes so far this year compared to 297 this time last year. Another statistic to point out is the increase in ‘cash’ settlements, with 31% of sales so far in 2021 happening without financing. Lot sales have also seen a big jump – with 213 selling so far in 2021 compared to 97 for the same time frame in 2020.
So far in 2021, there have been 75 Lakefront homes, totaling $74.7M, with a median DOM of 8 days. In 2020, there had been 54 Lakefront homes sold, at a median of 108 days on market. Quite an improvement! This is also mirrored for Lake Access homes, which are selling on average in 17 days, compared to 198 in 2020. The average price for a Lake Access home in 2021 has been $721,041, compared to the 2020 average sales price of $448,271.
Buyers
It’s no secret that this can be a challenging market for a prospective buyer. Prices are increasing and homes are selling the moment the hit the market. So why purchase a home now? Properties around the lake will always be in high demand. Vacation rental numbers have maintained their elevation from 2020, and as referenced previously, buyer demand has remained steady for the lake. Mortgage rates are also very low at the moment. So while you may be paying a higher sales price, your interest rate will be much lower than buyers who purchased at a lower price.
Given the competition in the market, and the average days on market being so low, having the right agent is critical. We don’t say that lightly! The highest offer doesn’t always win the bid. The use of specific forms, clauses, and addenda can make all the difference for your offer. Only an experienced and local agent can represent you to the fullest potential. Imagine transferring to work in a new office in a different city. While some things may be the same, there are sure to be small nuances that are different. This is also true for selling real estate. There are specifics that only local agents are up to speed on! Our agents live and work in the Deep Creek Lake area – they know the inside details you need to know. Let us work for you! Remember, if a property is listed on the MLS system, the seller traditionally pays the full commission. You, as a buyer, get an experience and qualified agent for no additional commission or cost!
Sellers
Still on the fence about selling? With average prices reaching 40% above 2020, we’re looking at one of the best markets ever for selling at Deep Creek Lake. Your property could be just what someone is looking for! Don’t mistake a busy sellers market for an easy market, though. Buyers today are more savvy than ever. How you present your home, and who represents you, can make all the difference. Pricing strategy is still a key element in selling your home. Understanding current market values is something our agents do well! They can make sure you’re pricing your property perfectly for this market now. With nearly all buyer journeys starting online, your home or property’s presentation is also crucial in the selling process. The agents at Railey Realty use top-notch photographers who are industry-specific to best capture your home for a flawless digital presentation. You only get one first impression! Our agents can make sure your property stands out and gets maximum attention right from the start.
Railey Realty has represented 63% of seller so far in 2021! There’s a reason that the majority of sellers choose us to list their properties. Our agents are hardworking, experienced, knowledgeable, and honest! That makes all the difference in the hectic world of real estate.
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!
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