Market Assessment - What's Next?

What's next for the real estate market? Since December last year we've been on a steady climb from the bottom. But, the buyer's market is not where near over. While Months of Inventory has fallen to 8.2 months this August, last year it was 10.6. And, while that represents a 23.0% decline in available inventory in Anne Arundel County, there are still 3,706 active listings - down from 4,601 this time last year. Sold prices are off 3.4% year-over-year in Anne Arundel County, but, have declined 10.2% in Annapolis since last year. While it is optimistic to think that the local area real estate market has stabilized, there is still a long road ahead before there is a shift from buyer's market to seller's market.

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace improved 2.8% in June. The Baltimore Metro Home Price Index for the same period also improved by 1.3%. The Anne Arundel County Index declined very slightly by 0.1%. And, the Annapolis Index declined again by 3.4% in June over May.

The total sales volume for Anne Arundel County was down 5.3% in August over July. The number of units sold was down 7.7% and the number of active listings was down 12.5%. The number of pending sales was up 6.7%. The average sold price was up 2.7% from $354,099 to $363,546. There were 453 units sold in August down from 491 units sold in July.

The total sales volume for Annapolis was down 0.5% in August over July. The number of units sold was down 1.3% and the number of active listings was down 3.7%. The number of pending sales was up 9.3%. The average sold price was up 0.8% from $411,423 to $414,768. There 76 units sold in August down from 77 sold in July.

Sales activity is likely to remain slow this fall while buyers continue to pursue great deals and sellers continue hold out for higher prices.

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.