With no relief in sight anytime in the immediate future, the government continues to flounder in its attempt to resolve the current economic crisis. Bailouts, stimulus packages, and the recession are topics of casual conversation both at home and at work. Financial gridlock could be a better term to describe the current situation.

The Baltimore Metro Home Price Index for November 2008 was down 0.8% from the month prior and down 1.7% from this time last year. The Anne Arundel County index was down 2.0% from the month prior and down 7.4% from this time last year. And, the Annapolis index was down 4.6% from the month prior and down 4.7% from this time last year. The Washington metro area S&P/Case-Shiller Home Price Index published for September was down 2.5% over August and down 17.2% from September the year before.

The total sales volume for Anne Arundel County was down 33.5% in November from October. The number of units sold was down 34.2% and the number of active listings was down 5.2%. The number of pending sales was down 3.7%. The average sold price was up 1.1% from $380,261 to $384,560. There were 229 units sold in November down from 347 sold in October down from 346 sold in October of last year.

The total sales volume for Annapolis was down 19.4% in November from October. The number of units sold was down 29.4% and the number of active listings was down 8.8%. The number of pending sales was down 9.7%. The average sold price was up 14.2% from $427,536 to $488,330. There 48 units sold in November down from 68 units sold in October and down from 61 units sold last year.

As the year comes to a close, our attention turns to the holidays. There is not likely to be good news for sellers any time soon. This is an extraordinary period for buyers looking to find bargains.

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 consultation without any obligation to discuss today's real estate market, please contact Stephen Howell at 410-923-3217.