March 2022
Overall, the month of March was relatively ‘on average’ with the past 5 years. Closed Sales were flat, with 43 in March 2022 compared to the 5-year-average for the month of 45 sales. New Pending Sales were also right on average, with 56 in March 2022 compared to the average of 55. New Listings were up slightly, with 70 homes listed in March 2022 compared to the 5-year-average of 66. Active Listings (total inventory) remain lower than average, but slightly higher than past months, with 89 in March 2022. Average Days on Market continues to creep down as inventory remains low – with homes in March selling in an average of 61 days. We are beginning to see signs that the market is slowing down from the breakneck pace of 2021 and late 2020. While there were slightly more homes listed in March 2022 compared to March 2021, all other stats – New Pending Sales, New Listings, and All Pending Sales – were down 15-30%. This isn’t an indication of the market changing, just that we’re most likely slowly down to what will be the new normal. Last year was recording breaking in every way – the market will find a new homeostasis as it adjusts.
The highest demand continues to be for Lakefront and Lake Access homes that are priced competitively for our current market.
Q1 2022
Looking at the first quarter as a whole, we see some improvements over 2021, mostly those that are indicative of our current market. Average Prices still continue to slowly rise, with a 7% increase over Q1 2021. Average Days on Market for Q1 2022 was 54 days, down 18% from Q1 2021. Nearly 40% of homes sold in 10 days or less. Total Dollar Volume was down slightly, most likely due to the lower number of total units sold.
Buyers
Don't be intimidated by high buyer competition! While you may be tempted to wait for prices to come down, we don't see that happening any time soon, if ever. Mortgage rates are beginning to rise, and our current market prices will most likely maintain their current levels even if activity decreases. The key to buying in this market is having a competitive edge. The easiest way to do that? Be prepared and have a great agent. Connecting with an experienced and local agent early can help establish your relationship and make sure you're all on the same page, so you're ready when something comes on the market. The benefit of working with a Railey Realty agent? They're part of the largest and top producing team at Deep Creek Lake. Railey Realty lists more than 60% of all properties - that means your agent may find out about upcoming properties prior to them hitting the public MLS. The agents at Railey Realty meet every week for training and sales meetings. Does your Baltimore area know the turnover schedule for rental homes? Are they up to speed with the conservation easement that affects every Lakefront property? Working with a local agent covers all your bases and gives you the best professional in your corner for showings and negotiations.
Sellers
The market is beginning to slow down, and mortgage rates are on the rise. What we know is that buyer interest is still extremely high right now - there's no guarantee that it will last! If you're considering selling your home in the next 6 months, don't wait! Many buyers are actively searching right now so they can be closed and enjoying their new home for the upcoming summer season. The agents at Railey Realty live and work in the area - they've got your back in more ways than one. Not only will their comparative market analysis be more accurate, but it will also offer you price ranges to help you best price your home to be competitive. No matter how hot the market, buyers will still skip over homes priced too high.
Railey Realty
The agents at Railey Realty have had a tremendous first quarter! They represented 85% of all Lakefront Transactions and 85% of all $1M+ sales. This showcases not only the strength of our listing agents, but also our agents who represented the buyers on the other side of the transactions. Railey Realty agents improved their market share in key areas while other brokerage saw decreases. You can see more of the production statistics below!
Ready to get started? The team at Railey Realty is here to help! Have an agent back home? Our agents are happy to offer referrals! Remember that a local agent will be able to provide you with the best expertise and knowledge. Just like you wouldn't hire a landscape professional that doesn't work in your area, you shouldn't trust a person who doesn't live and work in an area to serve you best. This is a competitive market! Local agents can help you properly valuate a home's amenities and best represent you in a multiple offer scenario. Remember the highest price doesn't always win!
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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