Market Statistics for Annapolis, MD in March 2009:
Number of Homes Sold - 23
Average Sold Price - $502,135
Median Sold Price - $315,900
Average Days on the Market - 177
Average Sale Price as a percentage of Average List Price - 85.09%.
Source: Metropolitan Regional Information Systems, Inc (MRIS)
I'm not a big fan of Average and Median Sold Price Numbers. Many variables can skew the data. A large sale ($1-$2 Million Dollars) can raise the average sold price but not be characteristic of what's going on throughout the entire market. In March, 23 homes sold. 14 of those homes sold between $150,000 to $399,999 range.
We know that the market has significantly slowed down but it bears repeating with the help of numbers. As you can see, it took an average of 177 days to sell these 23 homes in Annapolis, MD. 8 homes sold in less than 120 days on the market and 15 sold with more than 120 days on the market. The main theme I want to say here is that homes are still selling! No matter how "bad" the media or others say the housing market is houses will sell. It may take close to 180 days in Annapolis, MD to sell them, but houses are selling.
So what's the 85.09% mean? Well, it means that a house, in March 2009 in Annapolis, MD, sold for 85.09% of the original asking price. In other words, if a house is listed for $100,000 it sold for $85,090 in March. It's called a contract sales price. It does NOT take into account factors such as closing costs or closing help (if any).
All this adds up to the simple fact that we all know....it's a buyer's market. If you're a seller, you need to be prepared to understand that you may not receive the full price you're looking for and you may need to entice buyers with incentives. If you're a buyer, you're looking at great deals with great interest rates.
One last thing to mention - we get it. Michelle and I understand that there are sellers who have put a lot of blood, sweat, and tears into their home and we want to help them, realistically, get all they can for the price of their home. If you're a buyer, we understand that you're sitting and waiting for the bottom of the market to hit before you buy. Question is, when will you know when the market bottoms out? Answer is, when the market makes a comeback and it's too late for great deals!
Never forget that freedom is not free. There are many men and women who are sacrificing for us at this very moment. Some have made the ultimate sacrifice, while others are recovering from injuries sustained fighting overseas. Here's one way you can help these heroes: http://www.anysoldier.com. Thank you to all the men and women at Fort Meade, The Naval Academy, Andrews Air Force Base, and everywhere around the globe for your patriotism and sacrifice.
Rich is a licensed assistant to Michelle Bowman of Keller Williams Select Realtors in Severna Park, Maryland. To learn more about Michelle Bowman, including contact information, please visit her website at www.michellebowman.com.
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