April 2023
The real estate market has leveled out as we head into the summer season. Closed Sales were down slightly, with 31 in April 23 compared to the 5-year-average for April of 37 homes sold. New Pending Sales were down with 39 in April 2023 compared to the average of 44. Compared to 2022, though, Pending Sales were flat, only 5% down. New Listings were down from the 5-year-average, with 56 in April 23. Compared to April 2022, though, New Listings were flat, and only down one transaction. Active Listings remains lower than the 5-year-average, but the gap is lessening, with 133 reported for April 2023. Compared to just last year, there were 30% more listings this past April. Average Days on Market continues to remain below average, with homes selling in April 2023 in an average of 52 days.
Year to Date – January to April 2023
Looking at the year so far, we see some small shifts leading us to a more stable market. Looking just at home sales, there have been 25% less homes sold so far in 2023 than in 2022. Average prices, however, have remained steady, and total dollar volume is only down 19%. While most homes are still selling in 30 days or less, we are beginning to see more homes selling in the 60-90 day range, and even 91+ days. In recent years, we’ve seen many homes selling at list price or over list price, but that number is also dropping as the market calms down. So far this year, homes are selling on average at 92% of their list price.
Buyers
Ready to purchase? Late spring is typically the busiest season for new listings in Deep Creek Lake and Garrett County, MD. Now is the time to start looking! Connect with one of our agents today to make sure you get started on the right foot. Our agents live and work in the local market – they’ve got all the local intel you need to feel confident in your purchase. They can recommend lenders, service providers, things to do, and so much more. No one knows the area like we do! Our agents are also the largest and highest producing brokerage in the area – that means your agent is the best connected around.
Sellers
Early summer means activity around the lake is picking up! It’s a great time to list your property! It can be easy to downplay the importance of using a local REALTOR or having top-tier marketing – because it’s a hot market, it will sell no matter what, right? We take the sale of your property much more seriously than that! The ins and outs of the Deep Creek market are something you can only know when you live and work here every day. Making sure you have the correct disclosures, the right addenda, a functioning lockbox, and eyes on the property are critical. Our in-house marketing team also provides the best exposure, photos, and presence for your listing right from the start. Being an experienced local agent is also the only way you can feel confident when selecting your listing price. Knowing what unique features make your property more valuable than others is what our agents know best! Don’t sell yourself short on such an important decision – who you choose to list with matters!
Ready to get started? Fill out an online contact form or call our office 7 days a week to get connected with an expert local real estate agent in Garrett County and Deep Creek Lake, MD!
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