Here is your market update for January 2021. In 2020, the real estate market in Garrett County & at Deep Creek Lake was impacted by the adverse conditions that affected the world at large. Our area grew quite a bit and the local market was transformed. This was due, in large part, to the demand for the rural aspects of the area as well as the lake/mountain lifestyle. Let’s look at a year over year comparison. There are lots of stats to consider, but these are two overwhelming numbers:
69% – The % change in sold dollar volume increase year over year.
26% – The % change in average sold price increase year over year.
In a nutshell, nearly 1/3 of a billion dollars transferred in 2020. Demand was, and still is, at an all time high. Prices rose accordingly. Clearly, it is a sellers market and inventory is low. Below, you can see details on everything that sold. After that, we can recap December 2020 month/month numbers.
December 2020 Recap:
-30 new listings in December 2020. Big increase over (76.5%) December 2019. This number was down from November (16.7%)
-Pending sales (homes that went under contract) up 46.4% compared to 2019. Down 4.7% from Nov 2020.
-Closed sales (homes that actually sold) up 35.4% when compared to 2019 and up 14% from Nov 2020.
-The total number of active listings decreased every month through 2020. We normally have 275~300 homes for sale in December. We ended December with 95 active listings for sale.
-The average sold to original listing price (OLP) ratio was 91.4%, this is up ~6% from December 2019 (85.5%)
-The median sold price was up 31.1% compared to December 2019.
-The average days on market (DOM) dropped to 113 DOM versus 273 in Dec 2019.
Finding a property at Deep Creek Lake is a challenge right now. If you see something you like consider that there could be multiple offers, often at or above asking price. This trend is expected to continue. With good conditions at Wisp Resort this winter, we are seeing an influx of winter buyers too.
If you are interested in buying or selling in the Deep Creek Lake area, contact one of our agents today! They can help you navigate the complexities of the market.