December 2023
The last month of the year showed a few shifts from the ‘norm’ that we saw for most of 2023. New Listings were up, with 32 in December 2023, compared to the 5-year-average for the month of 30. New Pending Sales were up slightly, with 35 in December compared to the average of 34. Closed Sales were down, with 38 last month compared to the average of 49 for December. Total Inventory remains well below average, with 126 homes for sale in December 23 compared to the 5-year-average of 150. Average Days on Market remains lower than the average, with homes in December selling in 63 days, but the Average DOM is rising when compared to the past few years.
Year End – January – December 2023
After a slow start to the year, 2023 ended with some surprising statistics. While the gap was larger in the first quarter, we ended 2023 with only 12% less home sales than 2022. Despite that gap, Dollar Volume actually settled higher than in 2022, with $309M in 2023 compared to $298M in 2022. Average Sold Prices were 15% higher than in 2022, coming in at $637,777. While this is a big gap, the Median Sold Price was just under 5% higher than last year. This shows us that we had quite a bit higher sales in the $1M+ sector, but not necessarily that home values have increased that significantly. For Days on Market, 54% of homes sold in 30 days or less. While this is down from most recent years, it’s still a great sign of an active market.
Looking more specifically at luxury homes, there were 80 homes sold at $1M+ in 2023, compared to 74 homes in 2022. Of those 74 $1M+ in 2022, 14 closed over $2M, whereas 25 homes closed at more than $2M+ in 2023. This is most likely why the average sales price shows a larger increase than the median sales price.
Looking at Lakefront and Lake Access Homes, we see slightly different trends comparing 2023 to 2022. Last year, there were 59 Lakefront Homes Sold (excluding fractional ownership & condos) at an average sales price of $1,895,687. In comparison, in 2022, there were 54 Lakefront homes sold at an average sales price of $1,422,585. In 2023, there were 48 Lake Access homes sold (excluding fractional ownership & condos) at an average sales price of $820,722. This is down slightly from the 2022 Lake Access sales, which saw 52 homes sold at an average sales price of $822,735. While they’re down slightly from 2022, it’s relatively flat in the grand scheme of market data.
Sellers
It’s still a good time to sell! We’re still seeing high buyer demand and multiple offers on well-priced and unique properties. Heading into 2024, we expect to see similar market conditions as 2023, with hopefully some improvements in key areas. With only 126 homes in our active inventory, the market desperately needs more listings! Well-priced and unique listings attract immediate attention and end up under contract quickly. No matter how low the inventory, though, pricing is a critical part of your listing strategy. Just like you know your hometown traffic, weather, and goings on best, the agents at Railey Realty know the Deep Creek market best. The additional forms, the added amenities, HOA rules, and everything in between – you need a local expert! Railey Realty has been the market leader since 1995 and is celebrating 50 years of business in 2024! Our agents are the most veteran in the area, as well as the top producing – that means they’ve got the skills and tools to get the job done.
Buyers
Mortgage rates are expected to continue gradually decreasing as we head into 2024. While prices aren’t expected to decrease, there is still great value in home ownership! Whether you’re looking for a primary or secondary home, getting started early is the best first step. Connect with a local agent now and be in the best place when the right home comes on the market! The agents at Railey Realty live and work in the area full-time – you can trust their expertise and experience. They’ll have the best recommendations for locations that best suit your lifestyle and future needs, lender/mortgage options that fit you best, and the best vendors and services to use long after you’ve purchased. Don’t gamble with one of the biggest financial decisions you’ll make!
Ready to get started? Call our office at 301-387-2000 or fill out an online contact form to get connected with an agent today!
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