The New Year is finally here! Hurray! Unfortunately there really is not much to cheer about. Although 300-plus homes did sell in Anne Arundel County in December, sales volume is off 23.7% and sales units is off 13.0% from this time last year. In Annapolis only about 45 homes sold in December, sales volume and sales units are off 39.3% and 26.2% respectively from last year.
The Baltimore Metro Home Price Index for December 2008 was down 2.2% from November and down 6.2% from December last year. The Anne Arundel County index was down 3.4% from the November and down 8.9% from December last year. And, the Annapolis index was down 7.5% from November and down 19.4% from December last year. The Washington metro area S&P/Case-Shiller Home Price Index published for October was down 2.6% from September and down 18.7% from the year before.
The total sales volume for Anne Arundel County was up 9.7% in December from November. The number of units sold was up 13.2 % and the number of active listings was down 11.0%. The number of pending sales was down 16.3%. The average sold price was down 3.1% from $376,320 to $364,760. There were 301 units sold in December up from 266 sold in November down from 401 sold in December of last year.
The total sales volume for Annapolis was down 11.3% in December from November. The number of units sold was up 10.4% and the number of active listings was down 10.4%. The number of pending sales was down 25.5%. The average sold price was down 9.2% from $488,330 to $443,461. There 53 units sold in December down from 48 units sold in November and down from 57 units sold last year.
The sluggish sales pace will continue throughout the first quarter of 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.
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