Have we turned a corner? Has the market shifted? Has spring finally arrived? Many indicators suggest that we have turned the corner. There is statistical and anecdotal evidence that a new market is evolving. Pending sales at the end of March in Anne Arundel County were at 697, up 74.7% from February. There were 45.1% more units sold in March than in February. We are seeing multiple contracts and escalation clauses for well priced properties. Homes priced below $400,000 are selling while more expensive properties continue to sit. Across the U.S. there were 3.2 million homes for sale in February, up 2.6% from January. We have a 9.1 month supply of homes nationally and a shadow inventory that is estimated at 700,000 homes. We're not out of the woods yet but were getting there!
The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined again in January. The Baltimore Metro Home Price Index for the same period declined 4.0%. And the Anne Arundel County Index declined 0.8%. Only the Annapolis Index was up 5.2% in January over December 2008.
The total sales volume for Anne Arundel County was up 50.4% in March from February. The number of units sold was up 45.1% and the number of active listings was down 4.2%. The number of pending sales was up 74.7%. The average sold price was up 3.7% from $365,599 to $378,054. There were 338 units sold in March up from 233 in February.
The total sales volume for Annapolis was up 43.9% in March from February. The number of units sold was up 64.9% and the number of active listings was up 7.2%. The number of pending sales was down 0.9%. The average sold price was down 12.7% from $552,930 to $482,453. There 61 units sold in March up from 37 sold in February.
The quickening sales pace is likely to continue for several more months. However, it may be early summer before sellers see stability in sales 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.
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.
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.
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