By: Mike Kennedy March 26th, 2008 Category: Deep Creek Lake Market Update

We would like to take this opportunity to give our opinion and clear up a few misconceptions and misinformation about the condition of the real estate market in Garrett County.  The old adage “if it seems too good to be true, it probably is” used in the article of March 6, 2008 in The Republican may be applicable in certain situations. (Unfortunately this article is not online and can not be linked to.) The old adage “don’t believe everything you read” may also be applicable.  Contrary to the opinions of some, the real estate market in Garrett County is alive and well and quite frankly improving each and every day. 

There is no doubt that 2007 was a year for Garrett County real estate companies, as well as buyers and sellers of Garrett County properties, to re-evaluate strategies, do some belt tightening, and find innovative ways to market their properties.  The real estate market in Garrett County over the past 20 or so years has been nothing short of amazing.  National publications have called the Deep Creek Lake real estate market one of the hottest in the east. The last several years have continued that trend and we have been in a boom market since the early 1990’s.  Any downturn at all from those highs was bound to be a shock to buyers, sellers, real estate agents, and real estate companies.  While the number of transactions in Garrett County were down in 2007 from 2006, it would have been very difficult, in any market, to sustain those levels generated over the past three or four years.  Even though the total number of sales was down, listed below are some facts that we would like to share with you.

• According to our MLS, the Metropolitan Regional Information System, the average marketing time for properties in 2007 was roughly the same as the previous five years in both the Deep Creek Lake and the Garrett County residential markets.
• The average sales price for a residential property in Garrett County actually increased in 2007 over 2006 - and so far in 2008 has increased again, roughly 21% over the previous year.
• The average sales price for a residential property in the Deep Creek Lake area also increased in 2007 over 2006 - and so far in 2008 has increased again, roughly 19% over the previous year.

What does all this information tell us? It tells us that the market isn’t as bad as the “doom and gloom” people would have you believe.  There are hundreds of ways to look at statistics and manipulate them into what you want to believe.  At Railey Realty, we choose to believe that Garrett County and Deep Creek Lake real estate is still one of the best investments a person can make, no matter how hard the national news networks are trying to convince us otherwise.

In our opinion, 2008 is looking to be a great year for real estate sales in Garrett County.  Because there are so many “spin off” businesses that rely on the real estate industry, we hope and believe they will also have a banner year.  If the last couple of months turn out to be a good barometer of what will happen in 2008, everyone in the county should benefit from the increase in real estate activity.  Our agents have been very busy recently showing properties to prospective buyers.  They have been busy listing new properties.  They have been busy writing offers and contracts.  As an owner and the Broker of Railey Realty, I am extremely excited about what lies ahead in 2008.  We look forward to continuing our efforts to help hundreds of families each year realize the “American Dream” of home ownership.

Sincerely,

Kevin D. Liller

Railey Realty