August 2022
August saw slight changes from our 2022 trends. Closed Sales were down just slightly, with 46 Closed Residential Sales in August 2022 compared to the 5-year-average of 52. New Pending Sales were also down slightly, with 65 last month compared to the average for the month of 73. There were 66 New Listings reported in August 2022 compared to the 5-year-average for August of 75 new listings. Active Listings remain down from the 5-year-average, but are up over 2021, with 161 reported in August 2022. Days on Market continues to remain very low, coming in at 30 days in August compared to the 5-year-average of 96 days.
While this past August seems low when compared to the 5-year-average for the month, year-over-year showed several improvements and changes. There are 21% more homes for sale this year when compared to 2021, with a marked difference in home values. Dollar Volume was up 6% in August 2022 despite 24% less homes selling when compared to 2021. Comparing August 2022 to August 2021, New Pending Sales were actually up 4%, which is a great indication of market interest.
Year to Date
Overall, looking a January-August 2022, market trends have remained steady. Total units sold is down 25%, with 357 reported so far in 2022. Average sold price for residential listings is up 13%, though, with homes selling on average at $570,439. Days on Market continues to decline as well, with 48% selling in 10 days or less, and 68% selling in 30 days or less. This shows that market interest remains very high!
Buyers
New Listings will continue to hit the market through the fall, and price reductions will become more common, as sellers who missed a summer sale adjust price to sell before year’s end. Staying up-to-date with the market is the best way to be ready when that perfect property is listed! Your Railey Realty agent has several tools to help keep you as informed as possible. By setting you up on auto-alerts from the MLS, you’ll be notified at the frequency that fits your timeline and has all the criteria you’re looking for – plus it gives you a direct link to your agent! Another perk of working with a Railey Realty agent is the internal network! Your Railey agent is regularly meeting with more than 50 licensed agents and the highest producing team at Deep Creek Lake and in Garrett County, offering them the opportunity to voice properties their buyers are looking for. Your agent also serves as your expert negotiator, yours ‘boots on the ground’, and your resource for recommendations!
Sellers
The market is changing! Don’t miss out by waiting to sell until next summer. Buyers are still actively searching in all market sections and in all price ranges. Prices continue to increase, even with less overall sales! Fall is still a fantastic time to sell as buyers who missed out over the summer look to purchase before the new year and enjoy their home next year. It’s also a great time to do renovations or update a home prior to the busy rental season. Average home values have risen 53% in just five years – your home could be worth more than you think! The experienced and local agents at Railey Realty can offer you the best possible experience and real estate service. Local agents provide you with in-depth knowledge of our particular market and can help you decide on the perfect price according to those special amenities. Using an all-star in-house marketing team and proven marketing strategies, the Railey Realty team can take you from Just Listed to Just Sold!
Ready to get started? Whether you’re looking to buy or sell in Garrett County or Deep Creek Lake, the experienced agents at Railey Realty are here to help! Fill out this online contact form or call our office to get started!
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