By: Mike Kennedy|
October 13th, 2014
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate
Total sales and dollar volume thru the first 9 months of 2014 in our resort market continue to show improvement from the previous year. In the Deep Creek Lake area, total sales were up to 217, which is an increase of 34 sales compared to last year. Total dollar volume increased to a little over $83.4M compared to $69.6M last year. If this trend continues, it will mark the 5th straight year since 2009 that both total sales and dollar volume have increased slightly in our market.
The average residential sales price in the lake area thru the first 3 quarters of 2014 was up about 4% to $445,846. Even with these positive sales trends, this still does not mean values are appreciating or prices are going up. The reason for the increase in our average sales price is mainly due to 11 sales over $1 million this year compared to only 5 last year at this time. Certain segments, which include our lakefront and lake access markets, continue to see values that remain flat.
Another trend in our market is that new listing inventory is generally down compared to years past. This has made it more difficult for buyers to find the property they want and more competition for the good deals. As a buyer it is more important than ever to work with a REALTOR who will keep you informed of new listings that fit your criteria and be ready to act. Even with apps like Zillow and Trulia readily available, the best source of accurate data and new listings is still our MLS. Our agents can easily set you up to receive automatic emails of new listings from our MLS. This can put you at a real advantage when the good deal or property with the really nice lakefront setting comes along.
If you are a seller, correct pricing and good condition are still critical. What a neighbor’s house sold for last year, or a bank appraisal you got a few years ago does not matter. What matters is making sure your property is in the best condition it can be and making sure it is properly priced compared to other recent comparable sales. Recent means the past few months at most. A property in good condition that is properly priced will sell. We are currently working with many buyers willing to pay a fair market price for your property. But because a vacation home is a discretionary purchase most buyers will wait until they believe a property is correctly priced - or the house and/or setting are just too good to pass up. If the condition of your house or setting do not compare favorably with other properties currently for sale you must adjust your price accordingly.
Whether you are buying or selling, the professional assistance of an experienced REALTOR is still very important. Railey Realty agents are the most experienced and productive in the area involved in nearly 70% of all Deep Creek Lake area sales. Please contact us for a free market appraisal of your property or a free tour of homes for sale. We look forward to assisting you with all your real estate needs.