September 2022
Overall, September was a slow month for real estate in Garrett County. As October has been busy, we look for this to be just a slow month, and not indicative of any upcoming trends. Closed Sales were down 23%, with 56 residential sales closing in September 2022 compared to the 5-year-average for September of 69 homes. New Pending Sales were also down, with 51 in September compared to the average of 63 for the month. There were 50 New Residential Listings in September, compared to the 5-year-average of 60. Active Listings remain lower than previous years, with 158 reported in September, but the gap is lessening. Average Days on Market also continues to trend downward, with the average of 45 days for homes sold in September. Year over Year, September was well off the pace for 2021, which is to be expected. Inventory has rebounded, though, rising nearly 30% from last year.
Year to Date - January-September 2022
Looking at the market year to date, January - September 2022, we see key trends and signs of our markets' change. Overall, there have been 25% less units sold. Average prices remain steady and slightly higher in most sectors when compared to 2021. Nearly 29% of buyers are still closing with cash, with the large majority using conventional financing. Days on Market continues to remain very low as new inventory garners immediate attention. Forty-six percent of homes sold in less than 10 days, and 66% sold in 30 days or less. As we move into the fall season, we generally see days on market averages rise slightly, as property owners consider price reductions and buyers move to purchase before year-end.
There have ben 59 Lakefront homes sold so far this year, at an average price of $1,177,508, compared to 102 Lakefront homes in 2021 at an average price of $1,045,832. There have only been four lakefront lots sold so far this year at an average price of $687,500, compared to 12 lots last year at an average price of $561,667. Lake Access Homes and lots have seen less drastic changes, with 31 lots selling so far in 2022 at an average price of $149,834 compared to 30 last year at an average price of $130,175.
Buyers
Mortgage rates and mortgage trends have increased over the last several weeks. As this was expected, it's not entirely new information, but it's still certainly something to consider when looking at a property to purchase. It's more important than ever to work with an experienced and local agent! Not only will they help you consider all the possible purchase options, but they'll have your best interests in mind when it comes to current inventory and finding the right fit for your lifestyle and budget. While prices have increased, we do expect the market to remain strong and property values to remain steady. Your purchase now needs to still make sense in the future! Only local and experienced agents have the knowledge to help you make the best decision in our market based on past trends and history. Lucky for you, the agents at Railey Realty are here to help! Our agents average more than 20 years of experience and the majority are full-time agents who have made real estate their passion and career!
Sellers
The market is changing! Inventory has been slowly rebounding the last several months, and buyers are more savvy than ever. With increasing interest rates, buyers will be more particular than ever when it comes to purchasing a property. Pricing in this market is absolutely crucial! Correctly pricing your property to garner immediate attention and put your property in the best place to attract offers. Multiple-offer scenarios are still happening! Partnering with a local agent is key to correctly pricing your home in our market. Each home has particular amenities that will entice buyers, and it can be hard for agents who are not as familiar with the market to correctly gauge buyer demand and interest. The experienced and knowledgeable agents at Railey Realty are here to help make selling your property easy and effective! As the top producing agents in the entire county, our agents representing more than 60% of all buyers and sellers - start with the local experts!
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