Are we at a tipping point or do we still have a long way to go? Many indicators suggest that have reached a tipping point. While pending sales in Anne Arundel County were up over last month, there are still more listings coming onto the market than coming off. Overall inventory levels declined in the county, while Annapolis remains about the same level. The activity continues to be in the $0 to $499K price range. Although activity and prices remain below that of this time last year, there are signs that the market is starting to stabilize. A large inventory, low interest rates, hesitant buyers, stubborn sellers best describe current market conditions.
The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined 2.3% in February. The Baltimore Metro Home Price Index for the same period declined 0.2%. And the Anne Arundel County Index declined 1.1%. The Annapolis Index was up 4.5% in February over January.
The total sales volume for Anne Arundel County was down 14.3% in April from March. The number of units sold was down 7.4% and the number of active listings was down 5.7%. The number of pending sales was up 84.8%. The average sold price was down 7.5% from $380,072 to $351,605. There were 326 units sold in April down from 352 sold in March.
The total sales volume for Annapolis was down 5.2% in April from March. The number of units sold was down 6.6% and the number of active listings was up 0.4%. The number of pending sales was up 52.6%. The average sold price was up 1.5% from $482,453 to $489,616. There 57 units sold in April down from 61 sold in March.
The quickening sales pace is likely to continue for May, June and July. However, it may be mid-summer before sellers see stability in sales prices. Buyers will continue to benefit from lower prices, low interest rates 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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