You might have read the online story from Business Week's June 29, 2009 issue titled Where Housing Will Be In 2012. I was anxious to learn that the Baltimore-Towson metro area has a projected decline of 14.8% and Maryland overall has a projected decline of 12.3%.
Metro: Baltimore-Towson
What a Home Will Be Worth in 2012: $214,692
Q4 2008 price: $252,000
Projected price change by MSA: -14.8%
Projected price change by state: -12.3%
Source: BusinessWeek - What Your Home Will Be Worth in 2012
Further drops in home prices would certainly be unwelcome by most homeowners especially those who might need to sell in the next few years.
In Anne Arundel County where the Average Sold Price of a home in July 2009 was $355,099, our local housing market has declined 10.82% from this time last year according to MRIS, our local MLS.
| Anne Arundel County - July 2009 | 2009 | 2008 | % Change |
| Total Sold Dollar Volume: | $ 173,862,389 | $ 163,200,495 | 6.53 % |
| Average Sold Price: | $ 354,099 | $ 397,081 | - 10.82 % |
| Median Sold Price: | $ 310,000 | $ 332,900 | - 6.88 % |
| Total Units Sold: | 491 | 411 | 19.46 % |
| Average Days on Market: | 128 | 121 | 5.79 % |
| Average List Price for Solds: | $ 394,990 | $ 437,012 | - 9.62 % |
| Avg Sale Price as a percentage of Avg List Price: | 89.65 % | 90.86 % |
The forecasted decline in home values could mean that the Average Sold Price could drop to $310,545 in Anne Arundel County over the next two years.
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If you want to know if the Annapolis, Anne Arundel County and/or Maryland housing market has stablized, see for yourself instantly at www.AnnapolisMarketConditions.com.
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