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June 2022
While we’re experiencing the warm weather of summer, the market cooled off in June. Closed Sales for the month were down slightly, with 47 in June 2022 compared to the 5-year-average of 51 for June. New Pending Sales were down 43%, with 42 reported in June 2022 compared to the average for the month of 60. New Listings were also down, with only 63 listed in June 2022 compared to the average of 79. Active Listings remain down, with 149 reported, however they are up from 2021. Average Days on Market, one of the only statistics that’s good when it’s low, came in at 35 days in June 2022 compared to the 5-year-average of 118.
June 2022 compared to June 2021 showed clear signs of the market softening that we’ve seen for the last several months. Active Listings are up 25% compared to last year, despite New Listings being down 22%. The only statistic that shows improvement over last year are average sales prices, which remain 19% higher than June 2021.
YTD – January -June 2022
Looking at the first six months of the year, we see signs of the market changing. The breakneck pace of 2020 and 2021 has lessened, and the market is beginning to return to homeostasis and what our ‘new normal’ may look like. Average residential sales prices remain 8% higher in 2022 than 2021. There have been 23% less residential sales, though. Less units selling in total means less overall dollar volume, although the increase in sales prices lessened the gap. Demand has remained very high, with 54% of homes selling in 10 days or less, with 68% selling in 30 days or less.
Comparing access types, similar trends can be seen with Lakefront and Lake Access properties. There have been only 37 Lakefront properties sold this year, compared to 69 last year. The average price for a Lakefront property in 2022 is $1,121,270 – this includes condos and lots. Only three lakefront lots have sold this year, compared to nine last year. Lakefront properties remain the highest sought after in our current market, and the scarcity of lots make them even more valuable. Lake Access properties follow a similar trend, with less overall sold in 2022, but at a higher sales price. The average price for a Lake Access home is $767,333, while the average price for a Lake Access lot is $131,343.
We’ve seen tremendous growth on top of the mountain, where the majority of new construction homes are being built and then sold. Just year over year, home prices on top of the mountain have increased nearly $300,000, with the average price in 2022 coming in at $1,074,833.
Buyers
The good news? We’ve seen a large spike in New Listings so far in July, and mortgage rates have steadied. Multiple offer situations are not happening as frequently, but they are still happening on desirable properties that are well priced. The best thing you can do is partner up with an experienced local agent! While your agent in Baltimore County is awesome, they don’t the area, and will struggle to help you with your home purchase from 3+ hours away. Finding a local agent is crucial! Deep Creek and Garrett County have unique markets. Each jurisdiction or access type will have its own type of paperwork and things to be cautious about. As New Listings continue to come on the market, we think it's still a great time to buy!
Sellers
Average sales prices remain higher, but demand is starting to soften. The market is changing! It’s not a bad sign, just a sign that the ‘rush’ is coming to an end, and the market is leveling off. Pricing is absolutely critical in our market. Scarcity, mixed with varying amenities, means that your property will have a unique price point within the Deep Creek market. The agents at Railey Realty meet every week to discuss current market trends, share listings, and openly communication amongst the top producers in the area. That means they know how to help you best! By providing a data-drive CMA, your agent can give you a competitive price range for your home, making your decision on price that much easier. Railey Realty offers in-house professional photography, drone aerial photography, and videography to help fully capture every facet of your property. In addition to being listed on the second largest MLS system in the country, your home is also immediately pushed out to all major real estate sites, including Zillow, Realtor.com, and Trulia. Our proven marketing strategy gets you from listed to sold quickly and for the most money!
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Railey Realty
Wow! Our hardworking agents continue to lead the Deep Creek Lake and Garrett County markets with their incredible work ethic, focus on their clients, and knowledge of the market and industry. The results speak for themselves! Congratulations to all of our agents on a job well done!
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