By: Mike Kennedy|
November 8th, 2013
Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Interest Rates and Loans
What’s trending in the Deep Creek and Garrett County real estate market? Here is what we are seeing as we head out of our busy months and towards the end of this year.
1. Total Deep Creek and Garrett County sales continue to go up. Thru the first 9 months of 2013 total sales increased by 11% and dollar volume sold in Garrett County increased 10%. If these numbers hold up through the end of the year as expected, these two leading indicators will have trended upwards in our market for 4 consecutive years. Construction starts and lot sales are still down as some buyers are purchasing newer homes instead of building.
2. Our $250,000-$500,000 residential market continues to grow. This segment is our largest and accounts for most sales. In 2013 there have been 10 more sales in this price range compared to 2012.
3. Sales over $1 Million. There have been 5 sales over $1M thus far in 2013 with 2 currently under contract. In 2012 there were 8 total sales over $1M.
4. Values remain flat. While sales are going up, the average sold price in Garrett County declined slightly. The average sold price thus far in 2013 decreased about 2%. However, short sales and foreclosures are still rare in our area, and the type of sales causing small value declines appear to be lessening.
5. Tourism is growing. Garrett County has collected more local accommodation tax this year. More property owners are making their vacation homes available for rent to help offset holding costs. As more rental houses become available, more visitors are filling them up to enjoy all this area offers.
6. Big events planned in 2014. The Canoe Slalom World Championships are coming to ASCI and Deep Creek Lake next September. The event organizers are predicting that 20,000 people will attend this event! Also being planned is a series of new events in the spring and summer of 2014 leading up to the World Championships.
As always, the professional assistance of a local, knowledgeable REALTOR is crucial in today’s market. If you are a Buyer, there are still some great purchasing opportunities. Some prices are back down to pre-boom levels and interest rates are low. Please contact us for the largest selection of Deep Creek and Garrett County properties available for sale.
If you are a Seller, pricing is still crucial! Prospective buyers are still cautious and knowledgeable of recent sales. Houses or town homes that are in good condition and updated are selling faster and for better terms. Please contact us for a free, no obligation comparative market analysis and suggestions that will improve the value of your home. Railey Realty agents list and sell nearly 70% of all Deep Creek properties. We look forward to assisting you with all your real estate needs.