While summer turns fall without fail, there is no sign of change in the local real estate market. Although outdoor temperatures are not nearly as chilly as sellers think, buyers have rarely enjoyed a better climate. Buyers have the upper hand with little competition, lots of inventory to choose from, and government sponsored incentives to name just a few.
In Anne Arundel County in August the total sold volume was down 30.8% from August 2007. The average sold price was down 5.0% from last year. The number of homes sold was 27.1% from last year. The average days on market was up 27.4% from August 2007.
There were 433 units sold in Anne Arundel County in August, up from 411 units sold in July. The number of active listings was 4,601 in August, down from 4,699 in July. The number of new listings taken in August was 861, down from 959 in July. The number of pending sales was 423 in August, down from 462 in July. The average sold price was $376,301 in August, down from $397,081 in July. The average number of days on market was 121 in August, down from 125 in July. The average list price to sold price ratio was 90.60% in August, down from 90.86% in July. Total sales volume in August was $162.9 million, down from $163.2 in July.
In Annapolis in August the total sold volume was down 47.8% from August 2007. The average sold price was down 0.9% from last year. The number of homes sold was down 48.2% from last year. The average days on market was up 21.4% from August 2007.
There were 59 units sold in Annapolis in August, down from 76 units sold in July. The number of active listings was 987 in August, down from 997 in July. The number of new listings taken in August was 170, down from 195 in July. The number of pending sales was 92 in August, down from 104 in July. The average sold price was $461,751 in August, down from $527,212 in July. The average number of days on market was 134 in August, down from 147 in July. The average list price to sold price ratio was 94.74% in August, down from 95.10% in July. Total sales volume in August was $27.2 million, down from $40.1 million in July.
So what can we expect for the fourth quarter of 2008? Inventory, new listings and pending sales will decline. There's no tipping point on the horizon when sales might improve. What has to happen? While the number of buyers in the market remains relatively constant, they believe that homes are overpriced. Sellers should lower their asking price to maintain the best position in their marketplace, take competition seriously and price below homes under contract. When the buyers' perception is homes are overpriced, sellers must price their home to look like a bargain. The lowest price and most favorable terms will result in the fastest sale!
While no one can predict the future with any certainty, one thing is certain; it's a buyer's market. A firm understanding of the market trends and forces is needed to make the best real estate decisions. So, if you are serious about buying or selling a home in today's real estate market, call Stephen Howell, Associate Broker, REALTOR®, Coldwell Banker Residential Brokerage, at 410-923-3217.
If you are interested in buying or renting 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 sell or rent 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) live on the Chesapeake Bay near 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.
