Pending Home Sales Up Slightly in Deep Creek Market
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By: BrianHomberg bhomberg@railey.com 301-501-0131 October 4th, 2011 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans |
There has been some recent good news in the Deep Creek Lake and Garrett County real estate market. In August 2011 there were 44 new pending sales which represented a 15% increase compared to the previous 5 year average. In fact, pending sales in August were at their second highest level since the height of the market in 2006. Other highlights of the local real estate market include;
In August 2011, 14 residential Deep Creek Lake water oriented (lake front, lake view, or lake access) properties sold with an average sales price of $426,711 and spent 277 days on the market. There are currently 36 Deep Creek Lake water oriented pending sales (35 residential sales and 1 lot/land).
36 lakefront homes have sold thus far in 2011, already equaling the total number of lakefront homes sold in all of 2010. There are currently 11 lakefront homes under contract. Those 36 lakefronts homes sold had an average sales price of approximately $819,000 and spent 228 days on the market. The average list price to sales price ratio of those homes sold was 81%.
Away from the lake in other areas of Garrett County, 16 residential homes sold in August 2011 with an average sale price of $170,341 and spent 142 days on the market. There are currently 47 non-lake area pending sales (40 residential sales and 7 lot/land).
Buyers take note that summer followed by fall is typically the strongest selling season in Garrett County. Sellers are generally more motivated this time of year with the prospect of having to carry their property through winter. There are some very good values out there right now with a good selection of inventory to choose from. Also helping are low interest rates which incredibly ended last week under 4%.
Garrett County is a very unique market. It is a beautiful, centrally located four season resort area. Six of the wealthiest counties in the country are located within less than a gas tank away.
Railey Realty continues to the leader in the Deep Creek Lake and Garrett County real estate market with 57% of total dollar market share in Garrett County and 64% of the Deep Creek Lake market.
As a full time salesperson at Railey Realty I can send you new listings as they hit the market that will show status changes from active listings to pending and closed sales in real time via email market updates. This is a state-of-the industry computer technology that I offer free of charge to you to follow and immediately see buying opportunities as they hit our resort market. I will be happy to let you know about “must see” properties and “great values.” Please contact me for all of your real estate needs as I promise to guide you through a smooth real estate transaction.
Brian Homberg is a full time Realtor and has represented buyers and sellers in the Deep Creek Lake market for nearly a decade now. Click here for a full bio.
A few key factors have contributed to the strengthening of our market. First, there have been a greater number of higher end lakefront residential sales in 2010 which has boosted the entire market. Second, historically low interest rates have created more buying opportunities. Lastly, some price reductions and corrections in certain segments of our market have enticed buyers to purchase their next home, vacation home, or rental property.
If the current trends continue, we can hopefully look back and note that 2009 was the bottom. Some trends we are seeing include: