June 23
The real estate market is starting to see some small shifts as we make it to the halfway point of 2023. For June 23, Closed Sales were right on the 5-year-average of 52 homes sold. Compared to June 2022, Closed Sales were actually higher this past June. New Pending Sales were down from the 5-year-average, with 38 in June 23 compared to the average of 57 homes. While that’s a large drop from the average, New Pendings were only down 9% compared to June 2022. New Listings remain lower than the 5-year-average for June, with 58 in June 23. There were 63 new residential listings in June 2022. Active inventory remains low but slowly rebounding, with 162 homes for sale in June 2023 compared to the 5-year-average of 221 homes in June. Compared to June 2022, there were 13 more homes for sale in June 2023. Days on Market continues to remain low, with homes in June selling in 55 days or less.
Year to Date – January -June
As a stalled start to the year, the market seemed to jump-start back in life with spring and summer. The gap between 2023 and 2022 has closed considerably in many areas. As of June, there have been 15% less homes sold in 2023 – this percentage has decreased from the 24% we saw earlier this year. Total Dollar Volume is only down 2%, which speaks to the strength of home values despite external factors in the economy. Of the homes sold in 2023, 52% sold in 30 days or less. We are seeing more homes selling in 30-90 days than we had in 2021 and 2022, but many homes are still selling quickly as buyer interest remains high.
Deep Creek Property
Looking at Lakefront and Lake Access property statistics, total properties sold is relatively flat, but prices have shifted. In 2023, there have been 3 lakefront lots sold so far this year at an average price of $949,967, compared to 3 lots for the same time frame in 2022 at an average price of $691,667. Lakefront Condo and Townhomes sales are up from last year, with 8 sold so far in 2023 at an average price of $452,813 compared to 5 sales last year at an average price of $463,200. These are still one of the best ways to get on the water for a fraction of the price! Lakefront Homes sales are down slightly from last year in terms of quantity, but the average price has shifted. There have been 23 Lakefront homes sold in 2023 at an average sales price of $1,897,170, compared to 29 Lakefront homes sold through June in 2022 at an average sales price of $1,279,172. There have been nine lakefront home sold in 2023 for $2M or more which has likely skewed the average price. There were only 10 total home sales at $2M or more at year end for 2022.
In comparison, Lake Access properties have seen less activity than last year, and values have dropped slightly. There have been 22 Lake Access detached homes sold in 2023 at an average price of $797,643, compared to 25 detached homes in 2022 at an average price of $915,332. There was a $2M+ Lake Access sale in 2022 that likely elevated that sold price. There were seven Lake Access condo/townhomes sold so far in 2023 at an average price of $354,857, compared to 11 sold in 2022 at an average price of $430,973. There have been 15 Lake Access lots sold so far this year at an average price of $114,500, compared to 20 lots in 2022 at an average sales price of $131,343. The majority of Lake Access properties are located in communities that offer additional community amenities, making them a great investment.
Buyers
Great deals are still out there and hitting the market nearly every day! Inventory has slowly been rebounding, but being prepared is your best strategy for purchasing in Garrett County or Deep Creek Lake. That way, when the perfect property hits the market, you’re ready. Your first steps? Connect with a local and knowledgeable agent! Have a REALTOR you love at home? Our agents are happy to take referrals! Working with a local agent means you’ll have all the insider knowledge you need paired with in-depth real estate experience specific to our area. They know the communities, the area, how vacation rentals work and perform, and best of all – they’re working for YOU! They’re your A+ negotiator when it’s time to write a contract, and they’re your boots on the ground for anything you need eyes on. It’s never too early to start your home-buying process!
Sellers
Home values have remained steady and inventory is down – it’s the perfect time to finally list your property! So far, summer has been very active, and we anticipate that will remain steady and continue into the fall season. The experts at Railey Realty will help you find the perfect price for your home in our specific market for less time on the market and the most money. Buyers are more savvy than ever and use the internet to preview homes. The in-house marketing and media team at Railey Realty combines professional photography, aerial photography, and videography for every listing to create the most dynamic and effective online presentation. Your agent is here to work for you!
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