Home sales should increase again in November then slump in December.
An article run this morning on MSNBC titled "Home sales rise to highest level in 2.5 years" reported that "Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit."
In Anne Arundel County, home sales last month increased by 44.25% over this time last year - 502 units vs. 348 units - and up 4.1% from September. The average sold price declined by 7.97% over this time last year but increased 0.7% from September.
While 502 homes sold in Anne Arundel County is no where the record number of homes sold in any given month (June 2005 holds the record at 1,093 closed sales) it is the highest number of of homes sold we seen since August 2007.
So what can be expected for November? Buyers taking advantage of the tax credit and who purchased when they thought the deadline was still the end of November will continue to drive the high level of sold units though the end of November - so expect another record breaking month. Now that the tax credit has been extended, expect sales to slump in December - due in part to the traditional holiday decline in sales - but then we should expect a strong first quarter with both first-time home buyers and long-time home owners who've live in their homes for five years or more continuing to make purchases.
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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It is great news about the market I hope it continues for all us. The tax credit being extended and expanded will hopefully bring out a lot of buyers.