November
November was a relatively quiet month, with minimal changes from 2022, and only small deviations from the 5-year-average for the month. There actually were more closed sales in November 2023 than in November 2022, with 35 homes selling this past month. While it’s down from the average, it does show we’re holding steady with last year. There were 30 New Pending Sales in November 23 compared to 31 in November 22, again showing little change. Active Listings were down slightly from last year, with 147 in November 2023 compared to 150 in November 2022. New Listings were also slightly down from last year, with 31 in November 2023 compared to 33 in November 2022. Comparing these stats to the 5-year-average for the month, we see November 2023 down between 18-30%. The biggest improvement we saw in November was that there were more homes sold than last year – which shows strong buyer interest despite lower inventory.
Year to Date – January-November
Year to date, we’re showing the gap between 2023 and 2022 lessening in most areas when compared to earlier parts of the year. Looking at total dollar volume, 2023 is only 1% lower than 2022. While the average sales price has increased 10% over last year, the median price has remained steady. The market has seen more sales over $2M+ this past year, which likely explains the jump in average sales price but a steady median price. Total homes sold is down 13% from last year. While average days on market is slightly higher than last year, 56% of homes are still selling in 30 days or less. This change most likely signifies that buyers are more cautious with offers and more educated with pricing – meaning they’ll wait for a property to come to a better price if they feel it’s too high.
Buyers
With low inventory and low new listings, new properties that hit the market are receiving more attention than ever. It’s important to start your relationship with a Deep Creek Lake real estate agent early so that you’re in the best possible place when the perfect property does hit the market. There is truly nothing to lose but everything to gain working with a local and experienced agent. Not only does buyer representation at Railey Realty come at no cost to you, but your agent is your expert in every way that matters: showings, contract negotiation, inspections, and everything in between. The agents at Railey Realty are full-time agents who live and actively work in this market. Aside from connections in the community, the internal Railey network is the largest and highest producing in the county – that means your agent has every resource at their fingertips. This also includes an inside scoop on properties yet to hit the market!
Sellers
New listings are down! Total inventory is down! It’s still a good time to sell your home – no matter which section your market is in. As always, pricing remains a key component when listing your property. The higher solds this past month shows that buyers are still active in the market, but the varied days on market is evidence that they’re more cautious than in years past. Working with a local deep creek lake real estate agent will make all the difference – who you choose to sell your property matters! Our market is very different, from easements to HOAs to vendors – the expertise you get from a local agent will be vastly different than an agent from out of the area. Railey Realty’s agents not only are full-time in the area, but they also meet regularly with the entire Railey team for training and sales meetings. Your property will get in front of the largest and highest producing agents in the county right from the beginning, just by listing with a Railey Realty agent. Having your home listed on the MLS isn’t enough in 2023! We can make sure your property stands out online and in our market.
Ready to get started? Get paired with a deep creek lake real estate agent today! Fill out our online contact form or call our office!
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