July 2022
The market showed definite signs of change in July, but followed recent trends for 2022. Closed Sales were down slightly, with 45 closed in July 2022, compared to the 5-year-average of 54 for the month of July. New Pending Sales were also down, with 53 recorded in July 2022 compared to the average for the month of 73. New Listings were relatively flat, with 75 in July 2022 compared to the 5-year-average for July of 79 homes. Active Listings remain lower than the 5-year-average, but the gap is closing, with 162 reported in July compared to the average of 273. Average Days on Market continues to decline, although this is a positive, coming in at 30 days compared to 85.
Comparing July 2022 to July 2021, you can see differences in the current market conditions. There were 162 homes for sale in July 2022, compared to only 110 in July 2021. New Listings for the month were relatively flat, though. New Pending Sales and Closed Sales were down roughly 32% compared to last year. Despite the lower sale activity, days on market was still lower than 2021, which indicates that buyer interest is still very high.
Year to Date – January-July 2022
Overall, year over year, the market remains strong but is returning to a more ‘normal’ state. Average Sales Prices for homes are 8% higher than 2021, but there have been 25% less homes sold. Buyer interest for well-priced and desirable properties remains very high – 49% of homes were sold in 10 days or less!
Looking at Deep Creek Lake lakefront and lake access properties, we see less overall units sold, but increased values. So far in 2022, there have been 45 Lakefront Homes Sold at an average price of $1,227,656. In 2021, there were 75 Lakefront Homes sold, at an average price of $996,917. Those figures do include condominium and fractional sales. For Lake Access Homes, there have been 41 sold in 2022 at an average price of $762,634 compared to 58 homes hold in 2021 at an average price of $721,041.
Sellers
It’s still a great time to sell! While the market is slowing down, average sales prices continue to gradually increase, and days on market continues to decline. These are good indications that buyers are still actively searching and waiting for the perfect property to hit the market. Having the best possible first impression should be a priority! Our agents use a strategic and proven marketing strategy to make your property stand out and get noticed. Pricing remains the key strategy for an efficient sale. Only agents who truly live and work in the area will be able to help recommend the best price for your property based on location, updates, amenities, and market inventory. Don’t take a chance on the sale of your home! Start with one of our top producing and knowledgeable agents and take comfort in knowing your home or property is in the best hands!
Buyers
Don’t be intimidated by buyer competition! There are still plenty of good deals out there, and those who are ready to go when the right property comes on the market, can sometimes beat any ‘frenzy’ that could occur after a few days on the market. Establishing your relationship with your agent now will set you up for success! Our agents live and work in the area, and meet every week to discuss new listings, client needs, market trends, and more. As the area’s largest and top producing brokerage, that means your agent will have an unbeatable network to help find your perfect property. Having an experienced agent also is incredibly beneficial when it comes to contract and offer negotiations! Remember – the highest price doesn’t always win! Having a local agent means they know the area and can be available to be your literal boots on the ground if you’re not available to be in town.
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