By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 18th, 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

For the first time in several years the total number of real estate sales in the Deep Creek Lake and Garrett County market increased from the previous year. The current year is also getting off to a better start than the last few as the total number of residential sales thus far in 2011 is slightly higher.

Overall, there were 381 total real estate sales in 2010 with $118,847,832 in total dollar volume sold (according to our MLS). Total sales include all residential, building lots/land, commercial and multi-family properties. Total real estate sales in Garrett County improved about 10% in 2010 and total dollar volume sold increased 14% from the previous year.

In the Deep Creek Lake market, there were 154 residential sales in 2010 compared to 143 the previous year. Total dollar volume sold increased 19% as well in the lake area. A significant part of this increase in the lake market was due to additional higher end lakefront residential sales in 2010. Lower interest rates and price reductions also boosted the entire market.

Real Estate Market Snapshot - Deep Creek Lake

Dec 31, 2009                   Dec 31, 2010

#               $ Vol                     #         $ Vol

Res              143         $72.9M                 154         $86.0M

Lots              46          $9.3M                    25          $8.3M

Comml          3           $1.1M                      2          $0.4M

As a buyer, there are many options and properties to choose from in this market. Inventory continues to be higher than normal in most of our market segments. Plus, interest rates on second homes and investment properties are still low but have risen slightly in the past few months. A strategy of waiting for price corrections can sometimes result in more overall costs if rates continue to rise. A good portion of our sales normally occur later in the year so purchasing now before demand increases usually results in more favorable conditions for a buyer.

Correctly pricing your property within the market continues to be critical if you are selling your lake house or lot. An over-priced listing will sit on the market and not get much activity, showings, or even get any web inquiries. As a seller it is imperative to base your price on recent comparable sales! Buyers are able to review recent sale prices and most will then determine how much they are willing to pay from that information. Property condition features, and amenities also play an important part of a successful real estate sale. If you are thinking about selling please contact us for a free competitive market analysis that will help determine the value of your property.

Whether you are buying are selling, working with an experienced Realtor is critical. We continue to be Garrett County and Deep Creek Lake’s leading real estate company in properties sold and have the biggest selection of homes for sale. Contact us if you would like to schedule a showing for any property listed for sale in the Garrett County or the Deep Creek Lake area. As a cooperating broker we can assist and show you properties listed for sale with other real estate companies as well.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 October 21st, 2010 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

Leading indicators and trends in the Deep Creek Lake and Garrett County real estate markets continue to strengthen. Thru the first nine months of 2010;

• Lakefront residential sales are up 31% - 47 total sales thus far in 2010 with an average sold price of $822,179 - versus 36 sales in 2009 with an average sold price of $711,315.
• Total number of sales in Garrett County is up 10%.
• Total dollar volume sold in Garrett County is up 22%.
• Total residential dollar volume sold in the Deep Creek Lake area is up 26%.
• The average residential sold price in Garrett County is up 9%.

(All data collected from Metropolitan Residential Information Systems (MRIS). All data is believed to be accurate but not guaranteed.)

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.

Higher inventory levels and inflated list prices continue to be a problem. Over priced listings are being ignored as buyers have a healthy selection of properly priced homes, condominiums, townhomes, and vacant land to choose from. If you are selling it is more critical now than ever before to competitively price your property in the market. If you are unsure of the value of your property please contact us for a free, no obligation, competitive market evaluation.

If you are actively buying, it’s still a great time to evaluate your purchasing options. The Deep Creek Lake area is a true four season resort that offers historical stability and more importantly activities and attractions the whole family can enjoy. Those factors plus low interest rates and a large selection of properties to choose from right now provides buyers an ideal environment to purchase a vacation or second home.

As Deep Creek’s leading brokerage we look forward to helping you with all your real estate needs.

By: Mike Kennedy mkennedy@railey.com 301-616-6106 July 2nd, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized, Wisp Real Estate

If you are thinking about buying or selling a house at Deep Creek Lake or in Garrett County Maryland - one real estate statistic you may want to pay attention to now is known as the Absorption Rate - a market indicator that hasn’t been used much locally but should get some consideration to get a better feel for current conditions.

Absorption Rates at Deep Creek Lake and Wisp

What is the Absorption Rate? Basically, it’s the amount of time it will take the current inventory of homes on the market to sell based on the most recent pace of sales. For example, if 5 lakefront homes sold on average per month for the past year - and the current inventory of lake front homes for sale is 100 - then the current absorption rate would be 100/5 - or 20 months. In other words it would take about 20 months to deplete the current inventory based on the recent sales pace. Since we have many specialized segments of real estate in the Deep Creek market - here are the current absorption rates for the most popular segments;

Lakefront homes with private Type A boat docks - 89 currently on the market divided 2.5 average sold per month (30 sold in the past 12 months) = 35.6 months of inventory…or in other words there is around 3 years of inventory on the market at this current pace.

Lakefront homes with single slips -  38 currently on the market divided by .4 average sold per month (5 sold in the past 12 months) = 95 months of inventory.

Lake Access homes with single boat slips - 72 currently on the market divided by 1.33 average sold per month (16 sold in the past 12 months) = 54 months of inventory.

Lake Access homes without boat slips - 39 currently on the market divided by .58 average sold per month (7 sold in the past 12 months) = about 78 month of inventory.

Wisp Real Estate (residential atop Wisp Mountain) - 37 currently on the market divided by 1.25 average sold per month (15 sold in the past 12 months) = 30 months of inventory. Includes Villages of Wisp town homes.

Lake Area homes (meaning not “water oriented” - just homes in the general Deep Creek Lake area) - 71 homes currently on the market divided by 1.66 average sold per month (20 sold in the past 12 months) = 42 months of inventory.

Please keep in mind the absorption rate statistic is somewhat flawed by it’s own nature - it only takes into consideration recent past performance - it only looks backwards. It tends to underestimate the market going forward and the quickness of how fast things can turn around. Use this statistic carefully when evaluating your real estate opportunities.

However, this number does have some significant meaning for both potential buyers and sellers.

For buyers - a higher number means inventory is up and serious sellers will be competing for your business - thus your chances of getting a “better deal” increases.

For sellers - a higher number usually means more competition and you better make sure both the price and condition of your house compare favorably to your competition! - especially if you want to sell your house to sell in a normal marketing time frame.

Selling a house is both science and art. It’s part science because numbers and statistics are used to come up with a value based on recent selling prices of comparable homes, days on market, absorption rates, number of homes currently on the market, etc. It’s partly an art  because in a specialized resort market like Deep Creek each vacation property is unique in it’s own way - whether it’s the topography (steep vs. flat), orientation (northwest for late afternoon sun or east for morning sun), views (filtered lake views or wide open expansive lake views), boat dock (private Type A vs. single slip), condition of the house (newer vs older), etc…the list can go on and on. It’s extremely hard in this market to find two properties that are nearly identical so rarely can your compare apples to apples - except for town homes and condos.

Whether you are buying or selling Garrett County or Deep Creek Lake real estate - give us a call or drop us an e-mail - we are the experts on the local resort and vacation home market - we can guide you thru the entire process. Nobody has helped more buyers and sellers than us over the past 30 years!

By: Mike Kennedy mkennedy@railey.com 301-616-6106 February 19th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate

In 2008 Railey Realty was once again the leader in market share for the Deep Creek Lake and Garrett County Maryland areas.  In fact, we sold more real estate in 2008 than all other area brokerages combined! Below is a chart showing the number of transaction sides and total dollar volume for 2008. These statistics include all residential, lot and land, commercial, and multi-family transactions tracked by our MLS.

Railey Realty has been the number one ranked real estate company in the Deep Creek area since 1995 - a streak that now stands at 13 years!  So if you are thinking about buying or selling property at Deep Creek Lake or in Garrett County please give us a call or shoot us an e-mail - you can be assured you will be working one of the area’s most productive and knowledgeable Realtors who will expertly guide and advise you each step of the way.

 Deep Creek Lake Market Statistics

Garrett County Maryland Market Statistics (Includes Deep Creek Lake Area)

*All data obtained by MRIS. Figures are believed to be accurate but not guaranteed.