January 2023
January was a quiet month for residential real estate in Garrett County. Active Listings remained lower than previous years, with 124 in January 2023. Compared to January of 2022, however, Active Listings were up 47%. New Pending Sales were relatively flat, with 44 in January compared to the 5-year-average of47 for the month. New Listings were also down, with 26 in January 2023 compared to the average of 41. Closed Sales dropped to 17 in January 2023, compared to the average of 29 for the month of January. Average Days on Market continues to remain lower than the average, coming in at 75 days for homes sold in January 2023.
Just for reference, in January of 2019, there were 335 active residential listings. In January of 2020, there were 257 Active Listings. So, when comparing our ‘increase’ over 2022 to 124 Active Listings in January 2023 to those earlier years, you can see that overall inventory is still much lower than years past. February has already been busier than January, so we’re looking forward to seeing the data next month!
Buyers
It’s still a great time to buy! Inventory continues to grow and new properties hit the market every day. For primary home buyers, are several mortgage programs that provide adjustable rate options or down payment assistance options. If you’re considering purchasing a lakefront or lake access property, start your search now! Getting paired with an agent now will put you in the best position to make an offer when the perfect property hits the market. There are still some multiple offer scenarios happening on well-priced or desired properties – it pays to be ready! Our agents can set you up on auto-alerts from the MLS that will alert you based on your preferences and criteria.
Sellers
Thinking about selling? With the weather providing us with an ‘early spring’, many buyers are looking ahead to the warmer months and focusing on finding their perfect property. Pricing is absolutely key in this shifting market. Home values have remained steady, but buyers are not willing to overpay for a property, and are more savvy than ever with current market conditions. The experienced agents at Railey Realty are able to use your home’s unique features and attributes and provide a detailed comprehensive market analysis to show the market-supported price range for your property. Our proven marketing strategies and high-traffic website provide the best possible exposure right from the start.
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