July 2024
July was a busy month for real estate in Garrett County and Deep Creek Lake! There were 10 more New Listings last month than in 2023, and Total Active Listings are 40% higher than they were last year. While this seems like a big jump, it’s important to remember that low inventory has been an issue since mid-2020, and we’re now coming back to a more ‘normal’ market of inventory. Homes Sold in July was up slightly, and New Pending Sales were also up marginally compared to July 2023.
Year to Date – January – July
Looking at the year as a whole, many of the trends haven’t shifted too much, but we look for that to change as we see more months like June and July. Overall home sales are down slightly, with 8% less selling in 2024. Average prices and median prices remain slightly elevated over 2023. The majority of homes are still selling in 30 days or less, but we are continuing to see more homes selling in 30-60 days and 90+ day range. As we saw in 2023, the luxury market – homes that are $1M+ - is growing as average prices remain steady. Currently, the average price for a lakefront home is $1.8M, while the average price for a Lake Access home is $833,218. Whether you’re buying or selling, it’s important to consider that location, water access, and other amenities are key factors in price.
Sellers
As total inventory continues to increase, how your home is marketed and priced will make a huge difference. Your home or property will be competing with similar properties on the market! Using an experienced and local agent who is familiar and knowledgeable with our unique area will make the biggest impact on your property’s presentation and likelihood of selling quickly. Think about it like your vehicle mechanic – while any skilled mechanic can help fix a car, a mechanic who works on only VWs will have more experience and expertise when it comes to that particular car brand. Similarly, while any real estate agent can list your property here, a local agent who lives and works inside our market will have better insights and valuable information needed to get your property from listed to sold.
Buyers
Fall is a great time to purchase! As we head into the fall season, many homeowners will consider price reductions to sell their home before the end of the year. Our market also usually sees an uptick in New Listings after the summer season for a few reasons; Some homeowners want to enjoy one more summer before selling, some realize they just don’t use it as frequently, and some were busy making renovations while the weather was nice. No matter the reason, the best path forward when looking to purchase at Deep Creek is to work with a local agent. You’ll get inside knowledge only a true full-time agent in our area can provide, ‘boots on the ground’ during inspections and appraisals, and an expert negotiator during contract negotiations. Don’t take a great agent for granted!
Ready to get started? Call our office seven days a week or fill out an online contact form to get in touch with an experienced and local Railey Realty agent!
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