The evening of November 4th was a historic night. The new President-elect faces a daunting array of challenges. One of the most important will be to halt the falling tide of home prices. More and more Americans face declining home values, overwhelming mortgage payments, and the real possibility of foreclosure. Will President-elect Obama be able to turn the tide and stop America slipping from recession into a depression?
The Baltimore Metro Home Price Index for October 2008 was down 1.7% from the month prior and down 1.8% from this time last year. The Anne Arundel County index was down 1.2% from the month prior and down 7.4% from this time last year. And, the Annapolis index was down 6.5% from the month prior and down 10.3% from this time last year. Although the Washington DC metro area S&P/Case-Shiller Home Price Index published for August was down 0.3% over July and down 15.4% from August the year before.
The total sales volume for Anne Arundel County was down 19.0% in October from September. The number of units sold was down 14.7% and the number of active listings was down 9.9%. The number of pending sales was up 14.8%. The average sold price was down 5.0% from $403,687 to $383,348. There were 331 units sold in October over 388 sold in September over 401 sold in October of last year.
The total sales volume for Annapolis was down 30% in October from September. The number of units sold was down 9.3% and the number of active listings was down 5.3%. The number of pending sales was down 9.6%. The average sold price was down 22.8% from $553,594 to $427,536. There 68 units sold in October up from 75 units sold in September up from 64 units sold last year.
As the year comes to a close, our attention will soon turn to the holidays. There is not likely to be good news for sellers any time soon. This is an extraordinary period for buyers looking to find bargains.
In Conclusion
If you are thinking about buying or selling a home or know someone who is, for a confidential, private, professional consultation without any obligation to discuss today's real estate market, please contact Stephen Howell at 410-923-3217.
If you are interested in renting or buying a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to rent or sell in Annapolis, Maryland and want a professional consultation on current market conditions, please contact me at 410-923-3217 or e-mail me at showell@cbmove.com or visit my website at LiveInAnnapolis.com.
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Stephen Howell came to Annapolis to sail the Bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis. You'll find that with the right professional by your side, you can Live the Lifestyle and Live in Annapolis.
Stephen Howell and Rocky (his lab-mix from the SPCA of Anne Arundel County in Annapolis) now live in Winter's Chase at Riva Trace in Annapolis, Maryland. He works in the Annapolis real estate market. His website lets people search the Washington and Baltimore metropolitan area MLS. Buyers can also search for waterfront homes along the Chesapeake Bay. His website has current real estate data on Annapolis, Anne Arundel County, and Maryland.
