October 2021
While the temperatures are cooling off, the market isn’t! October actually saw increases in some areas for the first time since early Summer. New Listings saw a 22% increase in October 2021, with 60 homes listed compared to the 5-year-average for the month of 49. Closed Sales increased 10%, with 67 in October 2021 compared the 5-year-average of 61. New Pending Sales increased slightly, with 64 in October 2021 compared to the average of 61. Active Listings remain lower than recent years, although the gap is closing, with 116 in October 2021 compared to the 5-year-average of 284. Average Days on Market for homes sold in October 2021 took a big drop, with homes selling on average of 26 days, compared to the 5-year-average of 99. While average prices remain higher than 2020, many of the statistics comparing October 2021 to October 2020 show the market is beginning to slow down.
Deep Creek Lake Properties
As we’ve seen the past 18 months, lakefront and lake access properties continue to be in high demand, with very low inventory. There have been 120 residential lakefront sales this year, compared to 144 in 2021. Of those 120 in 2021, 89 were detached homes (not fractional), selling at an average price of $1,335,985. This is a $400,000+ increase over Lakefront detached homes sold in 2020. Lakefront lot sales remain lower than last year, but have seen increases in sales prices. So far in 2021, there have been 15 lakefront lots sold at an average price of $573,667 compared to 27 sold in 2020 for an average price of $444,778. Lake Access homes and lots followed a similar trajectory, with less total units sold in 2021, but increased prices. So far in 2021, there have been 95 homes sold for an average price of $734,403 compared to 106 homes in 2020 at an average price of $513,398. There have been slightly more Lake Access lots sold this year, with 37 selling so far in 2021 at an average price of $144,412 compared to 35 in 2020 at an average sales price of $90,296.
One of the biggest statistics for 2021 is the number of $1M+ sales. Last year the record was broken, with 58 properties closing for $1M+, with two sales over $2M. So far in 2021, with 6 weeks left to go, there have been 86 sales $1M+, with 13 sales over $2M. There are currently 15 properties under contract with a listing price over $1M, so we’ll see if we hit 100 total properties in 2021!
YTD
Overall, the market is seeing less dramatic statistics when compared to 2020, a sign that it’s potentially slowing down or reaching a new equilibrium. This is certainly expected, given the low inventory, and huge numbers from 2020. Dollar Volume is up 27% over 2020, and average prices settled in at $526,265 – a 21% increase. Total units sold is up 7%, with 623 sold so far in 2021. Average Days on Market is where we’re seeing the apparent demand in the market, with 49% of homes selling in 10 days or less, and 68% selling in 30 days or less.
Buyers
With a bump in new listings last month, your perfect home could hit the market any time! Late fall and early winter is still a great time to buy – especially when looking at second homes!! You have plenty of time to make any modifications to the home and enjoy it for the upcoming summer season. With strong buyer competition in some areas, choosing your agent is important. You want to find a knowledgeable, local agent who can best represent you in a multiple offer scenario. Remember – the highest price doesn’t always win! Our agents undergo weekly training and meetings to stay as up-to-date as possible on the current market. Have an agent back home? Our agents gladly accept referrals!
Sellers
We are beginning to see signs that the market may begin to level off. Selling now while demand remains extremely high is your best chance for a quick and profitable sale! Our agents live and work in the local markets. They can help you price your home according to current conditions so that it gets attention right from the start. Our strategic and data driven marketing provides maximum exposure for your property, too. Homes in good condition and with recent updates tend to attract more attention and sell faster. Your agent can assess your home and let you know if it’s worth fixing or updating certain areas for a higher profit!
Whether you’re buying or selling – now’s the time to get started! Click here to fill out an online contact form to be paired with an expert agent, or call us at 301-387-2000!
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