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.