1st quarter 2013 real estate market update
Continued stabilization characterized the overall Deep Creek Lake and Garrett County real estate market in 2012. Both total sales and dollar volume sold in the Deep Creek area increased 10% last year with most of the growth concentrated in the $250,000-$500,000 market segment. Both indicators have now increased for 3 consecutive years. The upward trend in sales can be attributed to the improving national economy, low interest rates, and the lowest prices experienced in the past several years. However, a few market segments, including the higher-end properties continued to experience corrections. Some trends we are seeing include;
- Total Deep Creek Lake area residential sales were up 15% – 205 in 2012 versus 178 in 2011.
- In the $250,000-$500,000 market segment dollar volume sold grew by 41% last year and sales increased 37%.
- The average lakefront sold price decreased approximately 10% in 2012.
- There were 6 fractional sales in 2012 versus x in 2011. Fractional properties are relatively new to the area but very popular in other resort markets. They are expected to grow in our market.
- Eight (8) sales over $1 million in 2012 versus seventeen (17) in 2011.
- Current total sales for the first few months of 2013 are tracking nearly the same as the first few months of 2012.
Posted on 04/17/2013 in deep creek lake, real estate for sale # market update
