April showers may bring May flowers but is the real estate market is ready to bloom? While negative news coverage of the real estate market dominates the headlines well positioned sellers and ready willing and able buyers are making deals. Although the inventory of active units is up, the average sold price in Anne Arundel County is off a mere 0.8% from this time last year while Annapolis is off 14.4% form March of 2007. Pending sales - the best predictor of future closed transactions - are up modestly. Sold units this past month across the county were up in March by 26.3% but down from March 2007 by 34.1%. Sales are likely to remain sluggish for the next three months and this buyer's market could continue twelve more months.
In Anne Arundel County the total sold volume was down 19.6% from this time last year. The average sold price remains about the same, however the median sold price is down 4.5% from this time last year. The total units sold is down 34.1% and the average days on market is up 23.0% from last year.
There were 418 units sold in Anne Arundel County in March 2008, down from 331 units sold in February. The number of active listings was 4,219 in March, up from 3,993 February. The number of new listings taken in March was 1,101, up from 872 taken in February. The average sold price was $391,756 in March, down from 403,440 in February. The average list price was $431,775 in March, down from 444,730 in February. The average number of days on market was 139 in March, down from 147 in February. The average list price to sold price ratio was 9.0.73% in March, down from 97.6% in February. Total sales volume for March was $163.7 million, up from $133.5 million in February.
In Annapolis the total sold volume was down 20.0% from this time last year. The average sold price is down 14.4% from this time last year. The total units sold is down 52.1% and the average days on market is up 1.4% from last year.
There were 57 units sold in Annapolis in March, down from 58 units sold in February. The number of active listings was 852 in March, up from 802 in February. The number of new listings taken in March was 222, up from 179 in February. The average sold price was $461,244 in March, down from $558,979 in February. The average list price was $482,977 in March, down from $591,054 in February. The average number of days on market was 148 in March, down from 165 in February. The average list price to sold price ratio was 95.5% in March, up from 94.94% in February. Total sales volume in March was $26.3 million, down from $32.4 million in February.
According to Bankrate.com, the average national rate for 30-year fixed rate mortgages is at 5.63%. The National Average Composite Mortgage Rate is 6.7% in March.
According to RealtyTrac.com, the number of pre-foreclosures in Anne Arundel County was 323 in March, up from 257 in February. The number of auction properties in the county was 342 in March, up from 327 in February. And, the number of bank owned properties was 246 in March, up from 227 in February.
So what can we expect for the second quarter 2008? Sales are likely to remain sluggish despite improving weather. Inventory levels will remain high unless many more buyers enter the market. Prices are likely to soften as inventory levels climb. Sellers could be on the market for four to six months. Buyers will have choices in all price ranges. Sellers must take all competition seriously and should price below market comps and below direct competition if they want to get their homes sold soon. Where there are only a few buyers, sellers who want their homes sold now must get the serious buyers to look at their home FIRST! Lowest price, best condition, favorable terms will result in a faster sale.
While no one can predict the future with any certainty, one thing is certain - it remains a buyer's market. Buyers have large numbers of desirable properties from which to choose and sellers have lots of competition. A firm understanding of the market trends and forces is necessary for making the best real estate decisions.
So, if you are serious about buying or selling a home in today's real estate market, contact Stephen Howell, Associate Broker, REALTOR®, Coldwell Banker Residential Brokerage, at 410-923-3217, www.LiveInAnnapolis.com.
Comments(0)