April Real Estate Market Sales Statistics for Anne Arundel County Will Be Released in 10 Days and We Will Publish the Numbers Here. Until Then, Here's Our Almost Totally Unscientific Market Story and We're Stickin' To It
If the local dining scene is a somewhat reliable barometer of consumer optimism, then our dinner at the Chart House in Annapolis this past Friday would lead one to believe that all the talk of a sagging economy and a housing/mortgage meltdown is falling upon deaf ears.
Indeed, judging by the throngs of diners ordering up $35 steaks, succulent shrimp, good bottles of wine, and $9.00 chocolate lava cakes - our personal favorite - you'd have to say the mood was downright festive, that nobody's much worrying about their wallets, and things are looking decidedly up.
Who knows? Maybe people are just getting a head-start on spending their tax rebate checks, and exercising their civic duty to stimulate the economy according to our President's hopes.
Our Boots-on-the-Ground Perspective of the Annapolis Real Estate Market
Then again, maybe - just maybe - things really are starting to turn around. Word on the street - what we're seeing and our industry colleagues are reporting - is that the local market "feels" like things are beginning to turn around.
I say "feels" because we can't really quantify it yet. But phones are starting to ring and showings are up. Gun-shy buyers are starting to pull the trigger and make solid offers. And sellers are getting real about listing price. Together, these factors are breathing life and hope into the local housing market.
But Could This be a Momentary Seasonal Upswing in the Annapolis Area Market?
Sure it could be. But it could also - as I heard one analyst put it on NPR the other day - be the inevitable beginning of the end of a down-turning real estate market.
It takes a while for people to accept new market conditions. When they do, and when they adjust to the new realities, participation in the market increases. Pent up demand kicks in. Buyers hop off the fence and homes sell.
Whether or not the April market numbers will give an indication of an upswing remains to be seen. There are bound to be bright and not-so-bright spots. Some segments of the market will likely remain soft.
For example: the $800,000 to $975,000 price range is still sluggish. In Annapolis right now there are 67 homes on the market in this price range, and only 4 under contract. Down the scale a bit, with condos and townhomes priced between $250,000 and $450,000, we see 180 listings currently on the market in Annapolis with 24 of them - a far greater and healthy percentage - under contract.
And while it's not surprising to see more activity at the lower end of the housing scale, the numbers indicate that there will continue to be downward pressure on prices at the higher end.
Just What Does All This Mean to Annapolis Area Homebuyers and Sellers?
For buyers, it means that you should start paying very close attention to the selection of homes you've been watching. The better ones are likely to start getting snatched up one by one.
For sellers, it means more showings if your home is in good condition and presents well. And if you're not priced right, be concerned: the spring market is about to kick into high gear. New, better priced homes are coming onto the market daily and this fresh competition is going to leave you lingering on the vine while the ripe fruit is picked off.
Do what you must, then stop worrying about it. Celebrate your future success in advance. Go have dinner at the Chart House.
This entry was posted on Wednesday, April 30th, 2008 at 3:54 pm and is filed under Buyers, Neighborhood Sales & Stats, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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