By: Mike Kennedy|
February 5th, 2015
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Deep Creek Lake Seller Info, Garrett County Real Estate, News
Last year was once again encouraging for the Deep Creek Lake and Garrett County real estate markets. Last year ended on a very positive note as total county home sales in the 4th quarter were up over 40% compared to the previous year. For the entire year, total dollar volume and closed transactions once again improved now making it 5 straight years these leading indicators have increased. The upward trend in sales can mostly be attributed to the improving economy, lower interest rates, and lower prices. The excessive inventory problem in our residential sector also lessened last year. The local market may see more favorable conditions for sellers in the near future with both lower inventory levels and the new operators of Wisp continuing to invest in ski area improvements. Building lot inventory and demand still remain a problem and more than likely will stay soft for the foreseeable future. Other trends and highlights of our local real estate market last year include;
- Total Deep Creek Lake area residential sales were up 14% in 2014. Total Garrett County residential sales were up 13% for the year.
- Total sales over $1M doubled in 2014 to 16, up from 8 the previous year. However, there was only 1 sale last year in the $1.5M-$2M segment.
- There were 3 lakefront sales over $2M in 2014 with one of those sales being over $3M.
- The average residential sales price in the Deep Creek area was $450,734 for 2014, which was up a little over 4%. However, factoring out some of those very high dollar sales showed that overall property values in the lake area and rest of the county basically remained flat last year.
Experts predict interest rates will increase by the end of the 2015. If you are actively buying, now is a great time to consider your options and lock in a rate. Currently, many local lenders are offering 3.50%-3.75% for a 30 year fixed conventional loan. Waiting for prices to drop further can be risky and could potentially lead to more costs later if rates rise.
New construction housing starts continue to remain slow and have been for the past several years now. This has limited newer house options for buyers. If you are considering or actively trying to sell now, newer or updated houses have a definite advantage. Painting both inside and out - or updating a bathroom and kitchen will help increase appeal and lead to more favorable selling terms.
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.