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.
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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