September 2021
The real estate market for Garrett County remained steady and fairly flat in September 2021. There were 70 Closed Residential Sales in September 2021 compared to the 5-year-average for the month of 69 homes. New Pending Sales were up slightly, with 71 in September 2021 compared to the average of 65. New Listings were relatively flat, with 66 this September compared to the 5-year-average for the month of 64. Active Listings remains very low, falling 161% off the 5-year-average of 319 to 122 reported in September 2021. Average Days on Market also continues to drop from the average, with homes in September 2021 selling on average in 41 days, compared to the 5-year-average of 99.
Comparing September 2021 to September 2020, however, there are noticeable differences. While average sold prices have increased 23% year-over-year, total dollar volume is down 23%, and units sold has decreased 37%. This time last year, our market was still moving incredibly fast and properties that had been on the market for longer durations were selling. The lack of new and total inventory is starting to slow down the pace of our market.
Year to Date - January to September
Looking at the year as a whole, 2021 still shows major improvements over 2020 in many key sectors. Total dollar volume has increased 38% over 2020, and average residential sales prices for Garrett County homes settled in at $525,658, a 24% increase. These gaps, though, are slowly decreasing as the lack of inventory through the second half of the year becomes more apparent. There have been 554 homes sold so far in 2021, compared to 486 in 2020, a 14% increase. Looking at only detached homes, units sold is only up 7%, with 453 sold in 2021 compared to 423 in 2020. Attached homes (condos/townhomes) continue to see marked progress over 2020, with 101 sold so far in 2021, a 60% increase. Lower inventory has pushed new listings to sell much quicker as buyer demand remains high. Year to date, 49% of homes sold in 10 days or less, with 67% selling in 30 days or less. Of the homes sold so far this year, 31% settled with cash.
Deep Creek Lake
Demand has been highest for Deep Creek Lake lakefront and lake access homes. This is where we really see an impact from the lack of inventory. In 2020, there were 116 total lakefront homes that sold for an average price of $779,341 from January to September. So far in 2021, there have been 102 homes sold at an average price of $1,045,832. If you separate the homes from the condos/townhomes, you’ll see increased values in both sections. The average price for a detached lakefront home in 2021 is $1,348,620, compared to $895,417 in 2020. Total detached units sold, though, is down from 94 in 2020 to only 70 in 2021. There have been more lakefront condos and townhomes sold in 2021, with 29 sold so far this year at an average price of $390,431. In 2020 for the same time frame, there had only been 19 lakefront condos and townhomes sold at an average price of $281,942.
Lake Access homes and condos have seen similar trends, with less total units sold in 2021 but for higher average prices. There have been 78 total Lake Access residential properties sold in 2021 at an average price of $733,901, compared to 89 in 2020 sold at an average price of $533,819. Lake Access communities like Sky Valley and Blakeslee have seen tremendous buyer interest as they allow for a smaller price tag while still offering access to Deep Creek Lake. Lake Access homes are most often also located within an HOA, which provides other benefits to homeowners.
Sellers
Inventory is critically low. Values remain high, and continue to increase, as buyer demand remains stronger than ever. There has never been a better time to sell your home! Despite the great market conditions, though, who you choose to list your property is more important than ever. Navigating multiple offers, strategic pricing, and professional marketing are crucial for a quick sale. Only an experienced, local agent can provide those services to you! The agents at Railey Realty meet weekly to discuss market trends, undergo training, communicate with their peers. As the largest and highest producing brokerage in Garrett County, Railey Realty provides value to their agents no other office can! Let our experience and reputation work for you! Other local brokerages have continued to lose market share, even during this busy market, and we are proud to share that our agents have worked hard to increase our market share and production in 2021!
Buyers
Don’t be intimated by the seller’s market! Working with a skilled and local agent will take all of the stress out of a making an offer in a market with high buyer competition. The agents at Railey Realty are experienced in our local markets. They know exactly how much properties are worth and the best way to make your offer stand out! As a buyer, you can only benefit from the experience and knowledge a REALTOR can offer you. In addition to being your expert negotiator, your agent can set you up on fully customized email notifications that will keep you in the loop! From price reductions to new listings, you’ll be tuned in to all of the updates to properties that fit your criteria.
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