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May 2023
While it might be cliché to say – the weather isn’t the only thing heating up. May saw a shift from the previous 2023 months, with a rise in Closed Sales and New Pending Sales. Closed Sales were relatively flat compared to the 5-year-average, with 44 in May 2023 compared to the average of 45. New Pending says were up just slightly, with 62 in May 2023 compared to the 5-year-average in May of 61 homes. The last few months have been both Closed Sales and New Pending Sales below the 5-year-average. Active Listings remain lower than the 5-year-average, but are starting to rebound. New Listings, however, were well below the average, with 66 in May 2023 compared to the 5-year-average of 84 for May. May and June are typically the highest new listing months, so we’ll see if this evens out in June. Average Days on Market dropped well below the average, coming in at 28 days compared to the 5-year-average of 85 days.
Looking at May 2023 compared to May 2022, we see that total Active Inventory was higher, with 146 in May 23 compared to 128 in May 22. New Listings, however, were much lower in 2023, with only 66 homes listed in May 2023 compared to 91 in May 2022. Closed Sales were relatively flat, and home value has remained steady. The large majority of homes sold in 30 days or less.
Year to Date – January -May
As we approach the halfway mark in 2023, the market has remained steady and settled. Home sales have picked up slightly, but 2023 is still 20% less than 2022 in terms of homes sold. Dollar Volume is down 12%, showing that home values have indeed remained steady. Average Days on Market has continued to creep up when judging 2023 to 2022. While many homes are still selling in 30 days or less, there is more activity in the 30-360 day range than there has been in years past.
Buyers
We’re in the thick of listing season! That means new homes and properties are hitting the market more frequently than other times of the year. If you’re interested in purchasing a primary home, it’s more critical to find an local REALTOR and start your relationship early. The competition for primary homes has remained high, especially in the northern Garrett County region. Secondary and vacation home buyers will still see competition on well-priced or unique properties, but we aren’t seeing as many multiple offer scenarios as we did in years past. As Deep Creek properties are all different and have different amenities, working with a local REALTOR will make sure you’re getting the right property for your lifestyle. From making sure you have all the necessary easements and permits to helping you find a dock slip for an off-lake property, your agent is your personal expert in Deep Creek Real Estate.
Sellers
Don’t miss the summer season! Buyer activity has picked up in the last 6 weeks and New Listings and total inventory remain low. Take advantage of this market! Working with a local agent to sell your home is one of the best decisions you can make when you decide to sell your property. Not only do the agents at Railey Realty live and work here full-time, but they also know the market and vendors better than anyone else. They are your literal boots on the ground when you can’t be there. Not only that, but they’ll make sure all of the specific and necessary paperwork is taken care of and included. The team at Railey Realty uses professional photography, aerial photography, and video to highlight your home, as well as strategic and proven marketing methods. Railey Realty has represented 61% of all new listings so far in 2023 – there’s a reason more sellers choose the expert agents at Railey Realty!
Ready to get started? Fill out this online contact form or call our office to get paired with an expert agent today!
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