Annapolis Maryland Luxury Real Estate

This Is Why I Live On The Water In Stevensville Maryland

The sunset on the Chesapeake Bay this past Thursday was nothing less than spectacular.  Driving east from Annapolis, crossing the Bay Bridge, the sun glowed yellow in the rear view mirror.  Traffic was moderate crossing the bridge, but, it was after rush hour.  At the foot of the Bay Bridge where it touches down on Kent Island, I exited Rt. 50 to stop and bask in the golden glow as the sun sank lower into the sky and then finally vanished in a green flash.  Myth or fact, it is commonly thought when watching the sun set that there is a momentary green flash just after it sinks below the horizon.

It's no wonder we're obsessed with all things gold.  It is really special to watch the day slip away, turning the water inky dark so that it shimmers gold in the reflection of the setting sun.  No wonder the ancients were obsessed with both the sun and the precious metal.  As a boy I once stood atop the Inca hitching post of the sun in Machu Picchu, a place of peace and power.  Inspired and awestruck, I've searched the world for over for the best beaches and places to watch the sunset.  I've found one of those peaceful places here on Kent Island located a quick 50 minutes from the center of power, Washington DC.

There are many more reasons why I live on the Chesapeake Bay other than just for the pleasure of watching some of the most incredible sunsets on the East Coast.  If you think you might want to call the Bay your home too, there are many excellent waterfront homes to choose from around the Chesapeake Bay.

This is why I live on the water. This is why I call the Chesapeake Bay home. And you can too.

This Is Why I Live On The Chesapeake Bay In Stevensville Maryland

This past Saturday was the convergence of the "supermoon", Cinco de Mayo, and the very best day of the year for catching the Maryland State Crustacean, better known as a Maryland Blue Crab.  The biggest full moon of 2012, a so-called "supermoon," rose into the night sky on May 5th, otherwise known as Cinco de Mayo, to the delight of crabbers up and down the Chesapeake Bay.  Myth or fact, it is commonly thought that crabbing on the high tide is when you'll have the best catch, so you'll want to be ready about an hour before the peak of high tide when the water will still be moving.

So it was no surpise on Saturday morning when Rocky and I walked down Thompson Creek Road past the public boat ramp to find it crowded with crabbers launching their boats in the early morning just as the morning sun rose over Cox Creek on the other side of the road.  The day was going to start off cool with a mist giving it a grey start, but the sun was sure to break out and warm up the day.

The Maryland Blue Crab (aka "Callinectes sapidus Rathbun") is designated as the State Crustacean. The scientific name for a Blue Crab translates as "beautiful swimmer that is savory."  Blue crab meat is often sweeter than lobster meat and is eaten by cracking steamed hardshells or feasting on softshells.  Crabs can be steamed, sauteed, severed as Maryland Crab Cakes, as Crab Imperial, or in soups or dips - all good ways to enjoy fresh Maryland Blue Crabs.

There are many more reasons why I live on the Chesapeake Bay other than just for the pleasure of eating fresh caught Maryland Blue Crabs.  If you think you might want to call crab country your home too, there are many excellent waterfront homes to choose from around the Chesapeake Bay.

This is why I live on the water. This is why I call the Chesapeake Bay home. And you can too.

Piney Orchard 1st floor level entry 2 bedroom 2 bathroom condo is available 6/1 or maybe sooner. This spacious unit backs to open space and offers plenty of light. Close to Rts. 32/97 for easy commuting to NSA, Fort Meade, Annapolis, Baltimore, and Washington DC. Take advantage of Piney Orchard community amenities this summer including rec center, pool, tennis, basketball, walk/jog/bike paths.

View FULL DETAILS and additional PHOTOS here.

What has happened to the supply and demand for housing in Annapolis Maryland and Anne Arundel County Maryland real estate market place over the last year?  In order to explain the current situation, an understanding of the four basic laws of supply and demand that are at operation in the real estate marketplace at all times is necessary.  Unlike natural laws - like gravity, which cannot be broken - these laws are subject to use, abuse and misinterpretation by buyers, sellers and housing pundits alike.  The four laws of housing can be expressed as:

1. If the demand for housing increases and the supply of homes for sale remains unchanged,
   then housing prices will rise.
2. If the demand for housing decreases and the supply homes for sale remains unchanged,
   then housing prices will fall.
3. If the supply of homes for sale increases and the demand for housing remains unchanged,
   then housing prices will fall.
4. If the supply of homes for sale decreases and the demand for housing remains unchanged,
   then housing price will rise.

Illustrated by the chart "Annapolis and Anne Arundel County Housing Demand" (below) demand as measured by "sold listings" is up slightly from this time last year for both Annapolis and Anne Arundel County as a whole.  The seasonal nature of demand for housing is clearly seen in the chart as the trend line turns sharply down in December then turns sharply up in June.  In March of 2012 the number of properties sold in Annapolis was 103, up 27.2% from 75 in March of last year.  There were 430 Anne Arundel County properties sold in March, up 8.4% from 394 this time last year.

Illustrated by the chart "Annapolis and Anne Arundel County Housing Supply" (below) supply as measured by "active listings" is down dramatically from this time for Anne Arundel County as a whole but down only slight for Annapolis Maryland.  In March of 2012 the number of active listings in Annapolis was 632, down 14.2% from 722 in March of last year. There were 2,650 Anne Arundel County active listings in March, down 24.3% from 3,295 this time last year.

So what happens when demand goes up and supply goes down or the other way around?  If the inventory goes down and the demand rises, prices will tend to rise to a new balance point.  Buyers may not be willing to buy at the higher price point and sellers may not be able to sell until either new buyers enter the market willing to purchase at the higher price point or new sellers enter the market willing to sell at a lower price point, thus tipping the market one way or the other.  If the inventory goes up and the demand goes down, prices will tend to fall to a new balance point.  Again buyers may not be willing to buy until they're sure the market has bottomed out and sellers may not be able to sell unless they're will to lower their sales price to meet buyer expectations of lower prices.

Therefore we turn to the classic Month-of-Inventory explanation of current real estate market conditions.  Illustrated by the chart "Annapolis and Anne Arundel County Months of Inventory" (below), the Months Of Inventory metric has fallen to about the six-month level.  Months Of Inventory (or "MOI") is calculated by dividing the number of active listings by the number of sold listings for the period where the resulting number, expressed as months, equates to how long it would take to sell ALL the inventory on the market based on current demand, assuming (and this is a VERY, VERY BIG assumption) no new inventory comes to market.  The Annapolis MOI is down 56.9% from 9.6 in March of last year to 6.1 in March of this year.  The Anne Arundel County MOI is down 35.7% from 8.4 in March of last year to 6.2 in March of this year.  When MOI is less than six months, this is generally considered a "seller's market".  When MOI is more than six months, this is generally considered a "buyer's market".   Current conditions suggest that the "buyer's market" of the last year is trending towards a "seller's market" this spring.

Since the sale of homes is not controlled by a few companies but by many sellers (compared to say car manufacturers where there are a dozen or more manufacturers such as Ford, GM, Chrysler, to name only a few America brands), in today's Anne Arundel County real estate market there are 2,650 sellers, in Annapolis alone there are 430 sellers all looking to sell their home to a very few buyers that are in the market for a new home this month.  In Annapolis alone the ratio of sellers to buyers has averaged over the last year 8.5-to-1 and for Anne Arundel County only a little better at 7.75-to-1.

What we have is marketplace confusion at best.  The real estate market is a commodity marketplace where each seller sets their own asking price, a buyer sets the value of an individual home, the range - plus or minus - is the market for that house.  Local market conditions in one neighborhood may be experiencing rising prices and no supply, while other sub-divisions may have too many homes for sale, little buyer interest if any, and experiencing falling prices to attract ready willing and able buyers to purchase sellers' homes.

So, if you're a seller what should you do in this marketplace of confusion?  If your home is getting no traffic (showings), don't expect any offers, you are over priced.  If you are getting some traffic, you might expect one offer (or several low ball offers), you're market priced.  If you are getting lots of traffic, you might expect multiple offers (some may be at your asking price or higher), then you're action priced.  The highest price at which your home will sell will be in the first four weeks it's on market.  So, it's critical during this time to action price your home when you first go to market, not down the road.  You see, buyers who are in the market are already working with agents, they've seen everything on the market there is to see, and they're seasoned ... ready, willing and able to purchase.  So, when your home hits the market, those are the buyers you must attract.  Therefore, action price your home to get it sold in the shortest period of time, for the most money the market will pay, given the prevailing conditions at that time.

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View FULL DETAILS and additional PHOTOS here.

The Annapolis Maryland foreclosure real estate market free-for-all may have come to an end or did it?  Here is a look at the numbers.

In 1st quarter 2010 there were 31 foreclosed homes sold for an average sales price of $263,741 in Annapolis Maryland.  These homes sold at a 95.79% discount off the average asking price of $266,692.  They were on the market for an average of only 46 days.

In 2011 during the 1st quarter there were 36 bank owned homes sold for an average sales price of $241,389, down in price by 8.5% from 1st quarter 2010.  These homes sold at an 85.85% discount off the average asking price of $254,263.  They were on the market for an average of 91 days (almost twice the market time compare with 2010).

In 1st quarter 2012 there were 18 REOs sold for an average sales price of $263,400, up nearly to 2010 levels in price.  These homes sold at an 86.08% discount off the average asking price of $286,444.  There were on the market an average of 122 days, up from 91 days for the same period a year earlier and nearly three time the market time from two years ago.

If you're looking in Annapolis Maryland for a deal or a steal in the foreclosure real estate market, then consider visiting Foreclosures For Sale In Annapolis Maryland or Foreclosures For Sale In Anne Arundel County Maryland.  If you're looking right here in the greater Annapolis, Arnold, Severna Park, Crownsville, Riva, Edgewater, Stevensville real estate market for a foreclosure, bank owned home, short sale or HUD property, don't hesitate to contact me. 

If you are not yet working with an agent, no matter whether you live in Maryland or not, feel free to contact me at 443-994-8043 or at showell@cbmove.com and request a referral to an agent for all your foreclosure, REO or bank owned real estate needs no matter where you live in the United States.  I'd be more than happy to put you in touch with a real estate agent that knows your local HUD, REO, foreclosure, bank owned, or short sale real estate marketplace.

Anyone looking for foreclosures, bank owned homes, distressed properties, HUD homes, can request a list from any licensed real estate agent they might be working with now, have worked with in the past or want to work with in the future.  Almost any real estate agent working today will gladly put together a list of foreclosures, bank owned homes, distressed properties for you without any obligation. Of course, real estate agents hope that in providing you that list, that you'll request more information and you'll get to know each other better, and maybe go look at some homes together. Then, perhaps you'll be willing to purchase a home and hire that agent to represent you.

Buyers looking HUD foreclosures could go directly to HUD.GOV/HUDHOMES to get information on government owned homes. To make a bid on a HUD home, as stated on HUD.GOV's web site:

To make a bid on a HUD Home, you will need to use a HUD-registered Selling Broker. Use this screen to find HUD-registered Selling Brokers in your area. The information shown for these Brokers is the information on file at HUD.

Any licensed salesperson in the State of Maryland can assist buyers and sellers searching for HUD foreclosures. They need only be a HUD-registered selling broker, which my firm is. If you are not yet working with an agent, no matter whether you live in Maryland or not, feel free to contact me at 443-994-8043 or at showell@cbmove.com and request a referral to a HUD-registered selling broker for all your foreclosure, REO or bank owned real estate needs no matter where you live in the United States. I'd be more than happy to put you in touch with a real estate agent that knows your local HUD, REO, foreclosure, bank owned, or short sale real estate marketplace.

If you're looking in Annapolis for a deal or a steal, then consider visiting Foreclosures For Sale In Annapolis Maryland or Foreclosures For Sale In Anne Arundel County Maryland. If you're looking right here in the greater Annapolis, Arnold, Severna Park, Crownsville, Riva, Edgewater, Stevensville real estate market for a foreclosure, bank owned home, short sale or HUD property, don't hesitate to contact me.

There is an excellent selection of foreclosures and bank owned homes for sale in Pasadena Maryland. Foreclosures are often priced below market value. You can find Pasadena foreclosures in every different price range all over Pasadena Maryland. Bank owned homes, sometimes called REO homes or HUD homes, are those properties that have been foreclosed upon by lenders. They are usually sold as-is and often need work to make them habitable again but not always. Fannie Mae foreclosures are often freshly painted, have had the carpeting replaced, and could have new appliances. Distressed homes often start for sale at prices where the homeowner could sell and pay off their mortgage debt, but if they cannot sell the home for what they owe, homeowners often offer the home for sale as a short sale. If they are unable to sell the home short, then the bank will usually initiate foreclosure proceedings. Considering purchasing a bank owned home or a foreclosed home in Pasadena Maryland can be a great choice when it comes time to buy your next home.

The chart below tracks current real estate market trends for Pasadena Maryland in the 21122 zip and shows foreclosure sales compared with non-bank mediated sales over the last year.  The chart below is a dynamic and is updated about the 10th of each month to reflect that the latest trends in real estate.

The number of foreclosures and bank owned homes sold in Pasadena Maryland in 2011 was 125 for the year with an average sales price of $215,857. Year-to-date there have been 31 foreclosures sold with an average sales price of $167,085. Compared to non-foreclosures sales year-to-date of 101 homes sold with an average sales price of $296,131, Pasadena Maryland bank owned homes are selling at a 56.42% discount.

NOTICE: Pasadena Maryland foreclosure and bank owned properties market data as of April 19, 2012. Information about the Pasadena Maryland foreclosure and bank owned properties market is believed to be accurate, but should not be relied upon without verification, is made available "As Is" and subject to revision at any time without notice.

Pasadena Maryland has many waterfront and non-waterfront homes for sale.  Residents living in Pasadena Maryland enjoy a waterfront lifestyle, even if they don't live on the water, since many communities offer water access via boat ramps, beaches, and community marinas.  Ideally located in Northern Anne Arundel County, Pasadena Maryland is located a short distance from Fort Meade, NSA, many government contractors and other prominent area employers.  Pasadena Maryland is also only a short distance of Washington DC, Baltimore and Annapolis. When it comes time to travel, Pasadena Maryland is only a few minutes from the Baltimore Washington International Airport, better known as BWI.

Pasadena Maryland includes the neighborhoods of Green Haven, Riviera Beach, Chesterfield, Farmington Village, Boulevard Park, Chelsea Beach, Elizabeths Landing, Rock Creek Estates, Greenspring, Bayside Beach, Long Point on Magothy, Poplar Ridge, Portworth, Queens Park, Aspen Park, Chesterfield Garden, Deerfield, Kellington, Laurel Acres, and Oak Harbor, just to name a few.

Temperatures are on the rise and real estate activity in Pasadena Maryland is too. Local area real estate agents are seeing strong showings at open houses, multiple offers on desirable "hot" properties, and offers coming in sometimes within weeks and even days of homes going on the market.  These are real positive signs that the Pasadena Maryland real estate market could be on the rebound.

The chart below tracks current real estate market trends for Pasadena Maryland in the 21122 zip and shows active listings and new pending sales over the last year.  The chart below is a dynamic and is updated about the 10th of each month to reflect that the latest trends in real estate.

There are currently 308 homes for sale in Pasadena Maryland. The minimum asking price is $69,900, the average is $414,779, with a maximum asking price of $3,250,000. These homes have been on the market for an average of 195 days.

There are currently 156 Pasadena Maryland homes under contract. The minimum asking price is $69,900, the average is $307,724, with a maximum asking price of $1,450,000. These homes have been on the market for an average of 132 days.

There were 83 homes sold in the last 60 days in Pasadena Maryland. The minimum asking price was $84,584, the average was $264,281, with a maximum asking price of $749,900. These homes were on the market for an average of 142 days. The minimum sold price was $81,000, the average was $255,476, with a maximum sold price of $740,000 for an average sale price to list price of 88.81%.  The average seller subsidy paid was $5,605 and a maximum of $20,000. Seller subsidies are typically further reduce the net proceeds paid to the seller by that amount and are usually paid at the time of closing.

With about 42 Pasadena Maryland homes selling each month, there is about a 7 month inventory of homes for sale in Pasadena Maryland. When inventory is less than six months, this is generally considered a "seller's market". When inventory is more than six months, this is generally considered a "buyer's market".  Current conditions suggest that it is a "buyer's market" in Pasadena Maryland and is trending towards a "seller's market".

NOTICE: Pasadena Maryland real estate market data as of April 19, 2012. Information about the Pasadena Maryland real estate market is believed to be accurate, but should not be relied upon without verification, is made available "As Is" and subject to revision at any time without notice.

IT'S A HOT SEASON

It is a hot spring season here at Coldwell Banker Residential Brokerage. Not only have temperatures risen, but real estate agents across numerous regions are reporting increased showings at open houses, instances of multiple offers on properties, and offers over asking price within weeks and even days. There is positive excitement in the real estate industry right now that is infectious and exhilarating.

Overall, there has been steady interest and demand from entry level and move-up buyers, but we are also seeing more confidence in the high-end market, with some luxury homes going under agreement fairly quickly. In one instance, a condo priced at $1.495 million recently went under contract in under a week. One home in a suburban neighborhood priced in the $400,000s had incredibly heavy attendance at an open house and received an offer the same day.

Look to the graphs below (follow the links by county) to see if similar trends are happening in the areas that are of most interest to you. You can also contact a Coldwell Banker Residential Brokerage sales professional who can tell you exactly what is happening in your community, and the price points that are experiencing the most interest.

So what has changed to cause this kind of stir and excitement that hasn't been seen in years? In many areas, prices are no longer falling and have remained somewhat steady. Pent-up buyers also recognize that interest rates could go up and for many, lifestyle changes make it imperative to purchase a home. Consumer confidence is growing and inventory levels are still relatively low, compared to years past.

With this level of activity, buyers need to come prepared with solid financing, and be ready to make a quick purchase decision. Despite the misperception, financing is available for qualified buyers. If you are interested in purchasing a home, please contact a Coldwell Banker Residential Brokerage sales professional who can tell you what you need to do to obtain financing, locate your dream home in your price range and negotiate on your behalf.

For those who are thinking of placing their home on the market, but not sure if now is the right time, contact a Coldwell Banker Residential Brokerage sales professional today. Now is not the time to wait if you want to list and sell your home. There are buyers currently in the market who have financing, and as we've seen in the past weeks, are prepared to make a purchase decision now.

If you're thinking about buying or selling a home, now is the time to please call me at (443) 994-8043.

Anne Arundel, Baltimore, Baltimore City, Caroline, Carroll, Cecil, Culpeper, Dorchester, Frederick, Harford, Howard, Montgomery, Prince Georges, Prince William, Queen Anne, Somerset, Stafford, Sussex, Talbot, Washington, Wicomico, Worcester

Also posted at http://liveinannapolis.com/real-estate/its-a-hot-season/