August 2021
August was an interesting month! Looking at the statistics as a whole, compared to the 5-year-average, there are some key differences that follow our current market trends. Closed Sales were up 20%, with 61 in August 2021 compared to the 5-year-average for the month of 51. New Pending Sales, however, were below the 5-year-average of 74 for the month, coming in at 62. This is most likely an indicator of low inventory and sustained buyer interest. Whereas our market typically sees more contracts in August, September, and October, the demand has remained steady or above average during the typical ‘off season.’ New Listings for the month of August were up slightly from the average, with 83 this year compared to the 5-year-average for the month of 75. Active Listings remain well below the 5-year-average, with 133 reported in August 2021 compared to the average of 329. Average Days on Market has been declining more rapidly as the total active inventory keeps declining. For sales in August 2021, homes had an average DOM of 31 days, compared to the 5-year-average for the month of 113.
YTD 2021 vs. 2020
Last year (2020) saw record-breaking everything. Sales prices, total sales, dollar volume – you name it. Since the market took off in May of 2020, we’ve yet to see a slow down. So how are we stacking up this year compared to last year? Year to Date, 2021 shows improvements over 2020 across the board. There’s been a 65% increase in sold dollar volume, a 32% increase in average sales prices, and a 29% increase in total homes sold. Other key highlights are days on market and financing. Nearly 30% of all home sales are being financed with cash. For Average Days on Market, 48% of homes are selling in 10 days or less, with 66% selling in 30 days or less.
Looking at the year as a whole, we’re tracking ahead of 2020. However, when we look more closely at some data, 2021 is starting to lag behind 2020. This can almost wholly be attributed to the lack of inventory. Frequent multiple offers and incredibly low DOM show that buyer activity is still at an all time high. Residential Lakefront sales in 2021 are at 95 homes, with an average price just below $1M. Looking at only detached Lakefront homes, there have been 68 sold in 2021 at an average price of $1,273,409. In 2020, for the same time frame, there were 98 Lakefront homes sold. Of the 98, 79 were detached, with an average sales price of $897,585. Lake Access home sales follow a similar trend, with less overall homes sold in 2021, but increased average prices. In 2021, there have been 72 total Lake Access residential sales at an average price of $697,371 compared to 80 in 2020 at an average price of $490,221.
Million dollar sales in 2020 broke a 15 year old record, with 53 properties closing in 2020. Incredibly, 2021 has already surpassed this statistic, with 56 $1M sales so far this year. The highest recorded residential sale happened in the spring of 2021 at $3.9M. There have been three $3M+ sales and six $2M+ sales so far this year, too. Of those top sales, all but one was Lakefront.
Looking Forward
Buyers
Increasing average prices and multiple offers can sound disarming when you’re looking for the perfect getaway at Deep Creek or your next primary residence around the county. The perks to buying now? For one, mortgage rates are extremely low. So, whether you plan to keep this home forever, or might sell in a few years, you’re getting a good deal on your mortgage. Another reason to buy right now? You don’t want a missed opportunity! Despite higher prices, the property values are still fair to the area and market. Especially with homes on the lake, there’s hardly ever two of the same home, because the home and the lot will vary so much from property to property. No matter if you’re looking for a vacation rental home to purchase as an investment, a recreational secondary home, or a primary home, our advice is the same. You need to have a good agent!! Even if you don’t plan on purchasing in the next few months, establishing your relationship with your REALTOR now will allow them to better know you and your needs. In addition to setting you up on personalized alerts, your agent will also always be on the lookout for you. A perk of working with a Railey Realty agent is our internal network. Our agents meet every other week to discuss new listings, upcoming listings, and anything their clients are looking for. With more than 40 active agents, crowdsourcing for help is super beneficial in such a fast market! Not every agent is the same – do your research and interview more than one to see who is a good fit for you!
Sellers
This is your market! Inventory has never been lower and home values continue to rise! Buyer demand has remained steady and even increased over years past, including last year. No matter when you purchased your home or property, chances are, the value has changed. Our agents are happy to provide a free comparative market analysis to help price your home according to our market now!
You might be tempted to take advantage of this seller’s market by listing and selling your home yourself. Did you know that homes that sold with agents through the MLS sold for 16% higher sales price? Sixteen percent! Given that typical commission is 7% (but always negotiable!), you’d still make more money selling with a REALTOR than you would on your own. Plus, the vast majority of buyers are actively working with REALTORS because they want someone in their corner with experience, knowledge, and their best interests in mind. You can read more about the hidden costs of For Sale By Owner (FSBO) here.
The REALTORS at Railey Realty hold themselves to a higher standard! Professional interior photography, aerial drone photography, and strategic marketing strategies are just a few of the services they offer for each and every client. There’s a reason why 63% of sellers in 2021 have chosen Railey Realty! Our market needs inventory – your property may be exactly what someone has been waiting for!
Whether you’re interested in buying or selling at Deep Creek Lake or in Garrett County, Railey Realty is here to help! Fill out this online contact form or call our office seven days a week.
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