December 2021
The Garrett County residential market saw improvements over both the 5-year-averages and 2020 in December 2021. Closed Sales for the month came in at 56, a 6% improvement over the 5-year-average for the month of December. New Pending Sales for December 2021 were up 22%, with 39 in December 2021 compared to the average of 32. New Listings were above average for the second month in a row, with 41 in December 2021 compared to the 5-year-average of 29. Average Days on Market came in at 52 days for December 2021, compared to the 5-year-average for the month of 138. Total Active Listings reported in December 2021 came in at 103, compared to the average of 235 homes. This is the first time Active Listings have dropped this low in many months.
Year End 2021
When we ended 2020, many records were broken as we saw historic sales numbers following the high buyer demand. Year over year, 2021 saw big increases over the historic 2020 year. Dollar Volume for the year increased by $85M for residential sales, despite there only being 30 more homes sold in 2021. Average Prices settled in 24% higher than 2020, with the average home price at $544,215. Condo and Townhome sales were 36% higher than in 2020, with 128 sold in 2021. With the total existing inventory very low, its no surprise that lot and land sales surged in 2021. There were 362 lots sold in Garrett County in 2021, compared to 284 in 2020 – a 27% increase!
There were 53 $1M+ homes sold in 2020, smashing the previous record from 2006. In 2021, there were 92 $1M+ homes sold, including a record breaking $6M sale for a home and adjoining lots. The high demand for lake properties carried over into 2021, with many lakefront properties receiving multiple offers and selling above asking price. Even including condos and townhomes, the average price for a lakefront home in 2021 was $1,104,833, a $300,000 jump over the 2020 average price for lakefront residential properties.
Nearly half (48%) of homes sold in 10 days or less in 2021, with 66% selling in 30 days or less. Another rising trend in home purchasing from 2021 came from financing – or lack there-of. In 2021, 30% of homes were settled with cash.
Buyers
Mortgages rates are beginning to slowly rise – but remain relatively low. The time to buy is now!! New Listings will continue to hit the market as we head through the new year. The best time to buy a summer house? Winter and Spring! Even if you’re looking for a primary home, now is the time to start looking for your next home. Spring is less than two months away, with summer right on its heels. Working with the right agent is critical in a competitive buyer market. The agents at Railey Realty go through weekly trainings to stay up to date on any local issues, the real estate market, and peer support. As the largest network of agents, the Railey team help each other to find properties for their buyers. That’s an advantage you can’t get anywhere else! Our agents will also set you up on email alerts right for your stage – whether it’s the moment something is listed or once a week – so you can keep up the market at your pace. Sites like Zillow are notorious for incorrect and lagging information. Our MLS system is as up-to-date as possible!
Sellers
There are barely 100 homes on the market – lot sales are up 27% - what are you waiting for?! This has been the best seller’s market in more than 20 years! Buyers are actively searching for homes in every section of our market, mountaintop chalets, primary homes in Oakland, Lakefront cottages – we have buyers for them all! Despite the great market conditions, though, who you chose to sell your property can make all the difference! From helping you calculate the best price based on your home’s amenities, location, and condition to negotiating multiple offers, you need an expert agent in your corner. Your agent is so much more than a sign in your yard! At least, the agents at Railey Realty. Professional photography, aerial drone photos, and premium website placing is standard!
Ready to get started? The expert agents at Railey Realty are here to help! Fill out the online contact form or call our office 7 days a week.
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