February 2022
As we head into the spring market, we’re seeing recent trends settling in. The lack of inventory is being felt across the board. While Closed Sales in February 2022 were up 29% compared to the 5-year-average for the month, New Listings and New Pending Sales saw decreases. There were 33 New Residential Listings in February 2022 compared to the 5-year February average of 45 homes. New Pending Sales were down 14%, with 36 reported this past February compared to the 5-year-average of 41. Total Active Listings is reaching historic lows, with only 76 homes reported for sale in February compared to the average of 213 homes. Average Days on Market also continues to decrease, with a 42 day average in February 2022.
In comparison to February 2021, we still see improvements in 2022, particularly with average prices. Despite only selling 3 more homes in 2022, average sold prices are 12% higher this year. In February 2021, there were 57 new homes listings, a stark difference to the 33 in February 2022. Inventory continues to be the largest issue facing the housing market for Deep Creek and Garrett County.
Year to Date
Looking at 2022 compared to 2021, two months in, we see surprisingly good numbers for 2022. Dollar Volume is up 20% with only five more sales over 2021, and average sales prices have increased 12% over 2021. In the past five years, sales prices have risen in total 53% - so it is encouraging to see them continue to increase. We’re still seeing great numbers for townhomes and condos, showing a 36% increase in average sold prices over 2021. There have been fewer attached units sold so far this year, but of the ones that have been listed, they tend to sell very quickly. The majority of homes are still selling within 30 days, but 38% of all homes sold in 2022 sold within 10 days.
The overarching theme of the market is drastically low inventory. Buyer demand remains very high, and prices continue to increase, as demand far outweighs current supply. The lack of inventory trickles in lower numbers for all other statistics.
Sellers
With average prices still increasing, and inventory at a historically low point, there has truly never been a better time to sell. Whether you were holding out to see what happened with the market, or unsure what you’d like to do with your home, we can say with certainty that this is the market to SELL and sell quickly. There are less than 20 lakefront properties for sale. Buyer demand remains very high with multiple offer scenarios still very prevalent.
With a market this strong, you may be tempted to list your home yourself, or use a discount broker to service your property in Deep Creek or Garrett County. If you’re considering either of these routes, we’d strongly encourage you to read our cautions for FSBO and discount brokers. Saving on commissions could cost you down the road! Nothing beats the exposure of the area’s largest and most productive brokerage. Have a REALTOR from your hometown you’d like to use? The agents at Railey Realty are happy to take referral clients! Selling in an unfamiliar market can be a dangerous gamble – especially when Deep Creek and Garrett County have many specific rules and governances that an out-of-area REALTOR wouldn’t know about. Local, experienced agents have that covered!
Buyers
If you’re considering purchasing in the next six months, start looking now! Building your relationship with your REALTOR now will help you feel more prepared when you are ready, and you know that your REALTOR is already working on your behalf to find the perfect property for you. As a Railey agent, your REALTOR meets once a week with the top listers and producers in the area. Their internal network is unbeatable! Other advantages of starting your search early is that you’ll be ready to go when the time is right. This is a very fast moving market with high buyer competition – but the highest offer doesn’t always win! Having an experienced and local agent working as your expert negotiator will make all the difference. Plus, it usually costs nothing to work with a REALTOR as a buyer!
Just like with listings, the agents at Railey Realty are happy to take referred clients from out -of-area agents. An agent working elsewhere is Maryland most likely isn’t up to speed on the conservation easement, building requirements, TVRU permits, sprinkler laws, or many of the other things specific to our area. The last thing you want is a preventable issue arising from poor buyer representation.
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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