By: Mike Kennedy|
March 15th, 2013
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate
Continued stabilization characterized the overall Deep Creek Lake and Garrett County real estate market in 2012. Both total sales and dollar volume sold in the Deep Creek area increased 10% last year with most of the growth concentrated in the $250,000-$500,000 market segment. Both indicators have now increased for 3 consecutive years. The upward trend in sales can be attributed to the improving national economy, low interest rates, and the lowest prices experienced in the past several years. However, a few market segments, including the higher-end properties continued to experience corrections. Some trends we are seeing include;
- Total Deep Creek Lake area residential sales were up 15% - 205 in 2012 versus 178 in 2011.
- In the $250,000-$500,000 market segment dollar volume sold grew by 41% last year and sales increased 37%.
- The average lakefront sold price decreased approximately 10% in 2012.
- There were 6 fractional sales in 2012 versus x in 2011. Fractional properties are relatively new to the area but very popular in other resort markets. They are expected grow in our market.
- Eight (8) sales over $1 million in 2012 versus seventeen (17) in 2011.
- Current total sales for the first few months of 2013 are tracking nearly the same as the first few months of 2012.
The problem of excessive inventory and the uncertainty surrounding the future of Wisp Ski Resort both dissipated near the end of 2012. Current inventory is about 30% lower now than last year at this time. In December, 2012 the Wisp Ski Resort was bought by a publicly traded real estate investment trust that operates other ski resorts. This will put to rest any doubt about one of the area’s largest recreational amenities.
If you are a prospective buyer, interest rates have remained very low but may increase slightly in the upcoming months. While values continued to soften and correct last year in a few segments, this trend may reverse as overall sales continue to show improvement. Now is a good opportunity to take advantage of the lowest prices seen in several years as the current buyer’s market seems to be losing steam. Property values appreciated in other parts of the county last year and are predicted to start appreciating here in the northeast again in 2013.
As a seller it is still imperative to accurately price your property based on recent comparable sales. Buyer interest remains steady in our market for well maintained, quality lake properties in good condition. Prospective buyers are still searching for values but are becoming more realistic with values as they correct closer to pre-bubble levels. Inventory in certain segments is currently at the lowest levels experienced in several years. Now is a good opportunity to list your property for sale with overall less active properties on the market for sale. If you would like an opinion of the current value of your property please contact us for a free, no obligation market evaluation.
The professional assistance of a REALTOR is still very critical in today’s market whether you are buying or selling. Railey Ralty has the area’s most professional and experienced team of sales agents. As Deep Creek’s leading brokerage we have the largest selection of properties for sale. Our agents list and sell nearly 70% of all Deep Creek Lake properties and look forward to assisting you with all your real estate needs.