Annapolis Maryland Luxury Real Estate

As of February 25, 2008, there were 236 condos that had not yet sold in Anne Arundel County.  The average days on market for these condos was 191 days.  And the average asking price was $319,905.  There were 27 condos that were pending sale that had been on the market an average of 126 days with an average asking price of $236,788.  In the past 90 days 25 condos had sold.  They were on the market an average of 162 days and sold for an average price of $258,014 (92.3% off their original listing price).

In Annapolis there were 105 condos that had not yet sold.  The average days on market for these condos was 174 days.  And the average asking price was $415,244.  There were 10 condos that were pending sale that had been on the market an average of 121 days with an average asking price of $262,960.  In the past 90 days 8 condos had sold.  They were on the market an average of 134 days and sold for an average price of $382,350 (75.5% off their original listing price).

Along the Bestgate corridor there were 14 condos that had not yet sold.  The average days on market for these condos was 148 days.  And the average asking price was $281,507.  There were 4 condos that were pending sale that had been on the market an average of 104 days with an average asking price of $279,950.  In the past 90 days 4 condos had sold.  They were on the market an average of 158 days and sold for an average price of $277,200 (92.5% off their original listing price).

While the local condo market might appear to be dormant, when looked at in context with the rest of the local area real estate market, the overall market in Anne Arundel County hasn't faired much better.  At the end of January 2009, there were 3,791 properties that had not yet sold in Anne Arundel County.  There were 344 properties pending sale and 722 new listings taken for the month.  In January 2009, there were 205 properties sold in Anne Arundel County.  They were on the market an average of 142 days and sold for an average price of $371,647 (88.21% off their original listing price).

Anne Arundel County ALL PROPERTIES Market Statistics for January 2009 and 2008

While the condo market represents only 584 of the 3,791 active listings (15% of the whole market), it represents a much smaller fraction of the overall sales in January (4% of the whole market).  In January 2009, there were only 8 condos sold in Anne Arundel County.  They were on the market an average of 133 days and sold for an average price of $223,706 (88.84% off their last listed price and 84.65% off the original listing price).

Anne Arundel County CONDO Market Statistics for January 2009 and 2008

In conclusion, the Anne Arundel County real estate market did not fair well in January 2009.  The number of pending transactions are up and we can except stronger sales before the end of the first quarter of 2009.  However, overall, sluggish market conditions can be expected for at least the rest of first quarter and well into second or third quarter of 2009.  Current economic conditions will continue to impede sales for sometime to come despite favorable interest rates and incentives (for example, first time home buyer tax credits).  While inventory levels remain high, sales prices will continue to decline until such time that buyers perceive a value shift in the marketplace.  Inventory level are likely to continue to climb in the spring and new listings come to market.  So, sales prices are likely to continue to decline further.  Serious sellers are encouraged to price ahead of the market in order to get their home sold sooner before market condition further erode home prices.  Serious buyers have many choices from which to choose.  Well qualified buyers ready to make a move should be able to obtain the very best price and terms.

By the end of last year most real estate was in rough shape. Volume and units in January for Anne Arundel County were down 32% from December 2008. This comes as no surprise to anyone buying or selling real estate. While inventory levels and prices seem to have stabilized they are off 10% from this time last year. Market conditions may start to level out.  When looking up from the bottom of the trough one can either complain about how far the market has fallen or how much the market could go up on the next wave.

The Baltimore Metro Home Price Index for January 2009 was down 4.0% from December and down 8% from January last year. The Anne Arundel County index was down 0.9% from the December and down 9.4% from January last year. And, the Annapolis index was up 5.2% from December and down 19.2% from January last year. The Washington metro area S&P/Case-Shiller Home Price Index published for November was down 2.4% from October and down 19.4% from the year before.

The total sales volume for Anne Arundel County was down 32.3% in January from December. The number of units sold was down 32.9% and the number of active listings was up 2.9%. The number of pending sales was up 91.3%. The average sold price was up 1.4% from $364,760 to $369,957. There were 202 units sold in January down from 301 sold in December.

The total sales volume for Annapolis was down 1.8% in January from December. The number of units sold was down 22.6% and the number of active listings was down 5.0%. The number of pending sales was up 39.5%. The average sold price was up 12.4% from $443,461 to $498,234. There 41 units sold in January down from 53 in December.

The sluggish sales pace will continue into second quarter 2009.  It will be late spring before sellers see relief to falling prices. Buyers will continue to benefit from lower prices and excess inventory.

In Conclusion

If you are thinking about making a change, let us help you take advantage of these trends. So, if you're buying or selling a home or know someone who is, for a confidential, private, professional real estate consultation without any obligation, contact Stephen Howell at 410-923-3217.