I've had quite a few people ask me "What is going on with the Annapolis Real Estate Market, say 2000 to today?"
I live on Windwhisper Lane (in Georgetown Grove), so I thought I'd pull the stats on a house that just went under contract to illustrate with real numbers. (This area is described in an earlier blog, please see the archives for map and other descriptors.) I've removed the house number in the interests of privacy...even though the house sold prices are in the public record.
This home was purchased for $155k in 1997, and sold for $425k in 2003. That was some SERIOUS appreciation in only 6 years, yes? That buyer sold 4-years later (near the top of the market) for $470k after asking $499k.
The current owner put the home on the market in April for $459k in a listing that expired (even after a small price reduction) 3-months later. The owner changed companies on 15July and listed the home for $425k. We won't know the ClosePrice until the transaction completes.
The homes on Windwhisper in Georgetown Grove are about 22 years old (1988). This property is currently assessed at $361,940.
CONCLUSION: Nice market run up through 2003. Stable from 2003 to 2007. Decline, but not outrageously so, to 2010. Holding steady - reasonable time to buy or sell. (Still lots of inventory, but homes priced RIGHT will sell quickly!)
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