Market Assessment - Are We Past Bottom?

Are we past the bottom of the market are do we have a ways to go? Many indicators suggest that have in moved beyond the bottom of the market. Pending sales in Anne Arundel County are up month over month for the fifth month in a row. This is a very good sign. There is no guarantee that the trend will continue. As economic conditions improve buyers who were once sidelined may now be in the market looking for a new home and buyer!!! But sellers beware; August is just around the corner and is typically one of the slowest months in real estate. So it is entirely possible that the market could hit a sudden slump.

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined 1.2% in March. The Baltimore Metro Home Price Index for the same period declined 2.0%. And the Anne Arundel County Index was up 1.4%. The Annapolis Index was also up 2.6% in March over February.

The total sales volume for Anne Arundel County was up 18.5% in May from April. The number of units sold was up 16.8% and the number of active listings was down 7.6%. The number of pending sales was up down 1.2%. The average sold price was down up 1.4% from $ $349,031 to $353,985. There were 410 units sold in May up from 351 sold in April.

The total sales volume for Annapolis was up 21.8% in May from April. The number of units sold was up 24.6% and the number of active listings was up 2.0%. The number of pending sales was down 5.1%. The average sold price was down 2.3% from $489,616 to $478,572. There 71 units sold in May up from 57 sold in April.

The quickening sales pace is likely to slow in June and July and summer begins.  Sellers may see stability in prices but 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.