December 2022
Overall, December was a quiet close to a year of market adjustment. There were 38 closed residential sales compared to the 5-year-average for the month of 49 homes. New Pending sales were down slightly, with 26 in December 2022 compared to the average for the month of 32. New Listings were up, with 31 in December compared to the 5-year-average of 29. Active Listings remains lower than previous years, but the gap is lessening, with only a 32% deviation off the 5-year-average. Average Days on Market continues to remain much lower than previous years, with homes in December selling in an average of 56 days.
2022 Year End
This year has certainly been a year of change in the Deep Creek Lake and Garrett County real estate markets. After two historic years, 2022 would seem like a step down, but it’s more of a return to normal. When looking at 2022 compared to 2019 and 2018, the market shows steady growth in most areas, and large growth in others. There were 532 homes sold in 2022 compared to 734 in 2021, a decrease of about 27%. Average prices held fairly steady for detached homes, and were up 14% for attached homes. In comparison, in 2019, there were 516 homes sold. While prices remained steady and interest rates increased, we did still see marked buyer interest. The best indicator for buyer interest is Days on Market. In 2022, 44% of homes sold in 10 days or less, with 65% selling in 30 days or less. So, while we can all agree the ‘boom’ is over, there are still active buyers ready to purchase. Last year, 30% of buyers paid with cash, too.
Deep Creek Lake Properties
Lakefront and Lake Access properties continue to remain in high demand. The difference between 2022 and 2021 seems to be in urgency and scarcity. Even in a hot seller’s market, pricing remains critical. As 2022 saw a shift in the market, buyers were more cautious when it came to pricing. While the average price for a lakefront property increased to $1,122,413, days on market also increased. While some lakefront properties sold in less than 10 days, quite a few were on the market for 100+ days. With less of a buying frenzy, pricing and timing are key factors. Lake Access properties saw a slight drop in average prices, but a decrease in average days on market. In 2022, the average price for a Lake Access property was $549,785, compared to $573,511 in 2021.
Buyers
Interest rates are starting to settle, and more properties will begin to hit the market as property owners look towards summer and beyond. Winter is a great time to purchase! Purchasing during the winter gives you time to make any changes to your property before the summer season. If you're planning to use your home as a vacation rental home, it also gives you plenty of time to make updates and market your home for maximum summer season exposure. While the market is shifting into a grey area between a seller's market and a buyer's market, there is still buyer competition on well-priced and unique homes. Working with an experienced and local agent will make all the difference in this market! Our agents live and work in the area, that means they're here and available to show you properties, negotiate your contract with expertise, and be your boots on the ground for anything needed during the contract period. Trust us when we tell you, work with a local agent! They know the ins and outs of the local businesses, real estate market, and everything else you need to know about purchasing property in the area. Have a hometown REALTOR you love? Our agents are happy to take referrals!
Sellers
Curious if it's still a good time to sell? Our agents can provide your property with a comparative market analysis that takes our current market conditions into consideration. As we said earlier, the post-pandemic 'boom' is over, and the market is returning to homeostasis. But that doesn't mean it's not still a good time to sell your property. Buyers are still very active in the market and we are still seeing multiple offer scenarios every week on new listings. Pricing, however, is absolutely key to garnering immediate interest and offers. Our agents live and work locally in Deep Creek Lake and Garrett County - that means they understand the market and selling process here better than agents who primarily work in other areas or are only part-time agents. Railey Realty agents use strategic marketing methods, utilize top of the line photography practices including aerial drone imagery, and are backed by one of the best known brands in Garrett County and Western Maryland.
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