July 2023
Despite a strong second quarter, the market stalled slightly in July. Closed Sales were down, with 39 homes sold in July 2023 compared to the average of 52 for the month. New Listings were also down, with 49 homes listed in July 23 compared to the 5-year-average of this month of 72 homes. New Pending sales were also down, with 50 in July 2023 compared to the average of 73 pending sales. While this may seem like all negatives, fluctuations in the market are common, and we normally see a rebound in the months before or after. Average Days on Market continues to remain low, with homes in July selling on average in 55 days, compared to the average of 76 days. Active Listings also remain lower than the 5-year-average of the month, with 158 reported in July 2023. While the last two years we’ve seen Active Listings rebounding slightly from the record lows of 2020 and 2021, Active Listings were lower this July than July 2022.
Year to Date – January to June 2023
Despite a bit of a slowdown in July, year to date, the market is showing signs of growth and improvement. Earlier in the year, home sales were down about 25%, but that gap has lessened to 15%. Dollar volume on the other hand is only down 4%, showing steady and slightly elevated home values over last year. While homes are not selling quite as fast, 55% of homes sold in 30 days or less.
Sellers
New Listings and Total Active Inventory have dropped and remain lower than normal and last year. Despite that, buyer interest remains high, as evidenced by the low days on market for the majority of homes sold. Home values have remained steady, if not slightly elevated, from 2022. While this can be attributed to higher than average $1M+ sales, it is still indicative of a stable and great market. While it may seem like selling in this market is as simple as listing your home, we can say from experience, it’s not that easy! Buyers are more savvy than ever – it takes a truly great digital presentation and strategic listing price to have your home stand out. Railey Realty has nearly 50 years of Deep Creek Lake & Garrett County specific real estate experience – that means we’ve got the tools and knowledge to sell you property better than any other brokerage.
Buyers
Don’t be discouraged if you’re currently looking for a home to purchase in the area! While New Listings and Inventory are lower than normal, there are still great properties being listed in all price ranges and areas. The best way to get ahead in this market is to start your relationship with your local REALTOR early. This will ensure they know exactly what you’re looking for and can better advocate for you. Not only that, but they’ll be able to set you up on auto-alerts for new listings or price reductions! They come directly from the MLS, which makes them more accurate than third party sites like Zillow or Realtor.com. Our agents are also part of the largest local brokerage – that means our internal network is second to none! Working with a Railey agent means you’re in the know and have the best resources at your disposal.
Ready to get started? Call our office seven days a week or fill out an online contact form!
Connect