February 2023
February was an interesting month for the real estate market. The market hit a bit of a lull, and many of the statistics saw a drop from the 5-year-average. Closed Sales were the only improvement over the average, with 38 in February 23 compared to the average for the month of 34. New Pending Sales dropped slightly, with 35 compared to 41. New Listings were also down, with 35 in February 2023 compared to the average of 42 for February. Active Listings remain lower than in years past, with 120 reported in February 2023. Average Days on Market remains lower, although this is a good thing, with February homes selling (on average) in 67 days.
Comparing February 2023 to February 2022, there are some encouraging statistics and interesting data from the reports. New Listings were actually up compared to last year, only by two homes, but still a good sign that inventory will continue to rebound. While the majority of homes are still selling in 30 days or less, there were quite a few in the 61-120 day categories. Overall inventory was higher than last year, with 120 homes for sale in February 2023 compared to 76 in February 2022. Pending sales and Closed sales were relatively flat. Attached homes increased over last year, and the large majority of residential properties sold in February 2023 were 3 BR.
Buyers
With spring on the way, new listings will begin to hit the market at a higher rate than in the winter months. While buyer competition isn’t quite as high as it was, we are still seeing some multiple offer scenarios with certain properties. Those certain properties are typically those in sought-after communities, with desirable amenities, and are well-priced. If you’re planning to purchase in the next 12 months, now is the time to contact a REALTOR! A local and knowledgeable agent will be able to help you navigate the ins and outs of purchasing in Garrett County and Deep Creek Lake. They’ve got great recommendations for local lenders, local vendors for home services, and everything in between! Have an agent back home? Our agents gladly take referrals! Just like your agent was great finding you a home or property where you live because they’re in expert in that area, our agents are experts in our area. They live and work here! That means they’ve available for virtual showings, can meet vendors or inspectors and be your boots on the ground. Working with a local agent will make all the difference!
Sellers
The market is changing! While overall sales have decreased from previous years, there is still plenty of evidence of high buyer activity. The key in this market is pricing! Depending on your property’s likely buyer – i.e. primary, secondary, investment – pricing strategy will need to be tailored to our local market and current conditions. While it may seem as easy as putting a sign in the ground and putting the home on the MLS, who you list your home with matters! Using a local agent makes all the difference from start to finish. The agents at Railey Realty utilize in-house marketing, professional photography, and are part of the largest and highest producing brokerage in the area. Our agents routinely list and sell more than 60% of properties in Garrett County and Deep Creek Lake. The results speak for themselves! Having a local agent will allow you to rest assured, especially if you live in a different location, because you will have an engaged agent that has eyes on your property at any given time. Problem with the lockbox? Key not working? Imagine your agent being 3 hours away! Our agents gladly take referrals from out-of-area brokers and agents.
Ready to get started? Our agents are available 7 days a week! Call 301-387-2000 or fill out this online contact form to get started!
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