e k a L k e e r C p e e D e ThRESORT REPORT Volume 7 Issue 1, Fall 2014/Winter 2015 301.387.2000 301.387.5472 www.Railey.com www.DeepCreekLake.com
In This Issue... Deep Creek Lake Real Estate Market Update Deep Creek 2014 Recap USARA Adventure Race National
Championship
Introducing Deep Creek Lake.com Introducing Deep Creek Lodging Company Local
Happenings and
News…
Deep Creek Lake Real Estate Market Update Total sales and dollar volume through the first 9 months of 2014 show improvement from 2013 during the same reporting period. In the Deep Creek Lake area, there were 217 sales, which is an increase of 34 from 2013. Total dollar volume increased to a little over $83.4 million compared to $69.6 million last year. If this trend continues, it will mark the 5th straight year that both total sales and dollar volume have increased in our market. The average residential sales price in the lake area through the first 3 quarters of 2014 was up about 4% to $445,846. This is not necessarily an indication that prices are rebounding. The primary reason for the increase is due to 11 sales over $1 million this year compared to only 5 last year at this time. One of the sales closed at $2.35 million and the other closed at over $3 million. All in all, values remain flat. One promising trend to the market is listing inventory, which is down compared to previous years. If this trend continues, values could improve as supply and demand fundamentals will eventually come into play. Understanding the market, along with staying informed on the various trends, makes it more important than ever to work with a REALTOR. While websites and apps like Zillow and Trulia have certainly made
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it easier for consumers to access information, these sites are usually limited in the data they provide for specific market features. Even the best multilist system available often leaves out important data that an informed REALTOR will likely know through experience and local knowledge. If you are considering the sale of your property, it is more important than ever to price your property competitively from the start. The term ‘days on market’ is not a Seller’s friend, and can easily be accessed by any Buyer or agent. In fact, it is often used by Buyers to determine how realistic the Seller’s list price is. Furthermore, relying on what a neighbor’s house sold for or a bank appraisal from more than a year ago will almost never impact what a Buyer will pay for your property. What matters most is making sure your property is properly valued when compared to competing properties and
similar recently sold properties. Recent means a sale within the past 6 months. In addition, it is important to make sure your property is offered in the best condition possible. Things like painting, new floor coverings, and removing clutter can have a dramatic impact on how your property will show and be perceived. In the end, a property in good condition that is competitively priced will almost always sell. As the area’s market leader for nearly 20 years, Railey Realty continues to dominate the Deep Creek Lake market. We have been a part of nearly 70% of all closed transactions over the past 12 months. Our proven web presence and extensive referral network continue to attract highly qualified Buyer prospects. The Railey inventory of properties is the most comprehensive in the area, making it easy for many Buyers and Sellers to complete the entire transaction with one real estate firm.
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