May 2024
Looking at May, we see that the market is beginning to shift as we move into summer. Active Listings was up 42% over May 23, with 15% more new listings this year compared to last. This is a good indicator that the market is beginning to even out and move away from a ‘seller’s market’ and into a more neutral space. Closed Sales were down in May, but remain flat year-to-date.
Year to Date – January to May
Looking at the full year, there are only marginal shifts compared to 2023. There have been 168 homes sold so far this year compared to 171 in 2023, less than a 2% difference. Average Sold Prices and Median Sold Prices have both increased over last year. This is most likely attributed to the large number of homes sold for more than $1M – but the median price increasing does show that property values are still increasing. Most homes are still selling in 30 days or less.
Looking at Deep Creek Lake properties more specifically, there have been 33 Lakefront properties sold so far in 2024. The average price of a Lakefront detached home is $1,790,162, while the average price for a Lakefront condo or townhome is $464,650. For the same time frame last year, there had only been 21 Lakefront properties sold. In 2024 so far, there have been 29 Lake Access properties sold, compared to 36 for the same time frame in 2023.
Buyers
With New Listings and Total Active Inventory increasing, there are more options for sale than there has been since 2020. We’re seeing properties come onto the market in all sections and areas of the lake and county! If you’re considering purchasing in the next 12 months, getting started with agent now will put you in the perfect position to purchase when the time is right. Working with a local and experienced agent will offer you guidance and knowledge about local communities, real estate trends, pros and cons of certain areas, and more. Do you know which coves are more shallow? Do you know what area does best for vacation rentals? That’s why working with a local agent matters! They not only know the answers to these questions and more, but they’re there to work for you and with you to get you in the perfect home for your lifestyle and needs.
Sellers
Don’t wait to list your property! The summer season is one of the busiest in terms of active buyers in the market. Listing your property is only one small piece of the selling process, though. Don’t settle for the bare minimum when it comes to selling your property! The experienced and local agents at Railey Realty go above and beyond to market your property and be your ‘boots on the ground’ during the selling process. Pricing your property is absolutely key in garnering maximum attention from buyers and ultimately an offer that you’re happy with. Only an agent that works full time and is local to our market will understand how to appropriately price your home or property based on the unique market conditions and your property’s specific amenities. It’s never a one size fits all in real estate!
Ready to get started? Call our office 7 days a week or fill out an online contact form to get paired with an experienced agent today!
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