January 2022
The first month of 2022 provided an interesting outlook on what we might expect for the year moving forward. While we saw improvements in some sections, there were decreases for other sectors. Closed Sales for the month we up nearly 30%, with 40 homes selling January 22 compared to the 5-year-average for the month of 31. New Pending Sales for the month were up slightly, with 48 in January 22 compared to the 5-year-average of 45. New Listings were down 17%, with only 35 reported in January 2022 compared to the 5-year-average for January of 41. Active Listings fell well under 100, with only 84 reported for January 2022. Average Days on Market dropped to 62 for the month, compared to the average of 121.
When comparing January 2022 to January 2021, we can see some of the changes in the market. While inventory year-over-year was flat, New Listings were down 31% this year, and New Pending Sales were down 21%. So where does that leave us? The lack of inventory and higher priced listings are creating a gap in demand, where buyers are considering waiting for other options or unsure of the future home values. While we can’t predict the future, we can say that we don’t expect home and land values to decline like they did in the mid-2000s. The current market values seem sustainable given the increased tourism in the area. New Listings are desperately needed!
Sellers
Home values year-over-year are still increasing! We ended 2021 with a 23% over 2020, and prices in January showed a 4% improvement over 2021. While home values are up over years past – pricing your home strategically is important. Over-pricing your property, even in a competitive market, can cost you a quick sale. Multiple-buyer scenarios are still happening around the county – but only on properties that are priced well and have amenities buyers want in a home. That can be everything from location, access to the lake, in-home updates, or size of home. Working with an experience and local agent will only help you in this market!! Not only does your agent help you accurately decide the starting price for your home, but they help you navigate multiple offer situations – remember, it’s not always about the highest price! Our agents use professional photography and drone aerials to showcase your home perfectly online, too.
Buyers
Interested rates are expected to rise – don’t wait! While inventory does remain low, there are new homes coming on the market every day. Establish your relationship with your REALTOR now to be ready to go when your perfect home hits the market! As part of Deep Creek and Garrett County’s largest and highest producing team of agents, your agent has the inside ear for upcoming listings that might fit your criteria. Our agents regularly do virtual home tours, too! As a buyer, your agent acts as your expert negotiator and can help you make the strongest offer right out of the gate. Have an agent back home? Our agents are happy to work with your hometown REALTOR! Just like you wouldn’t ask a salesperson at Toyota dealership about the new Jeep Trucks, you wouldn’t want an agent to represent you out of their known service area. Deeded lake access, conservation easements, TVRU permits.. the list goes on! An experienced local agent will know the ins and outs better than anyone else.
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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