Now that we have the first quarter statistics for the Annapolis, MD market, let's look at some of the revealing and not so revealing numbers.
A total of 61 homes have sold in the Annapolis area. It has taken anywhere between 5 - 7 months to sell. The average price is a number that can be greatly skewed by the sale of a $1 million dollar home, so we'll leave that statistic alone. The Average Sale Price as a percentage of Average List Price over the 3 month period ranges from 85% - 88%. It's called a contract sales price. It does NOT take into account factors such as closing costs or closing help (if any). In other words, sellers should expect to get between 85% - 88% of their asking price. A most compelling statistic in the Annapolis, MD market is the increase in number of active listings that have come on the market in the $350,000 - $399,999 range. At the beginning of the year, there were 417 active listings in Annapolis. At the end of March, there were 464 active listings. That's an increase of 47 active listings for the year. Consequently, there were 27 active listings between $350,000 and $399,999. At the end of March, there were 35. That's an increase of 8 active listings in that price range. Doing the math, 18% of the increased active listings that have gone on the market in Annapolis, MD are priced between $350,000 - $399,999. Remember, that in Annapolis, there is a large variety of homes for sale that range in price from $250,000 to $5,000,000 and over.
If you're a first time home buyer you should take a serious look at the numbers here. The interest rates for loans are outstanding, the first time buyers credit is out there, and there has been an influx of active listings in a great price range.
Source: Metropolitan Regional Information Systems, Inc (MRIS)
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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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