Real Estate Market Assessment - Annapolis, Maryland

By
Real Estate Agent with Coldwell Banker Residential Brokerage

The buyers' market continues with no cooling in sight. Sellers, now facing the dog days of summer, are likely to see the inventory level reach new highs and falling prices hit new lows with no relief in sight.

In Anne Arundel County in June the total sold volume was down 31.8% from June 2007. The average sold price was down a modest 3.3%. The number of homes sold was down 29.4% and the average days on market was up 28.5%.

There were 477 units sold in Anne Arundel County in June 2008, up from 407 units sold in May. The number of active listings was 4,729 in June, up from 4,629. The number of new listings taken in June was 993, down from 1,080. The number of listings with pending contracts in June was 452, down from 509. The average sold price was $427,655 in June, up from $399,726. The average number of days on market was 125 in June, down from 144. The average list price to sold price ratio was 90.46% in June, down from 91.34%. Total sales volume for June was $204.0 million in June, up from $162.7 million.

In Annapolis the total sold volume in June was down 33.2% from June 2007. The average sold price was up 8.5%. And, the number of homes sold was down 38.9% and the average days on market was up 38.7%.

There were 77 units sold in Annapolis in June 2008, up from 64 units sold in May. The number of active listings was 967 in June, up slightly from 966. The number of new listings taken in June was 190, down from 218. The number of listings with pending contracts in June was 125, down from 144. The average sold price was $627,710 in June, up from $531,736. The average number of days on market was 160 in June, down from 189. The average list price to sold price ratio was 94.37% in June, down slightly from 95.15%. Total sales volume was $48.3 million in June, up from $34.0 million.

So what can we expect for the third quarter of 2008? Inventory will continue to increase. New listings will decline. Pending sales will decline. The ratio of pending sales to active listings will decline and prices will drop further. There's no tipping point on the horizon when sales might improve. What has to happen? While the number of buyers in the market remains relatively constant, they believe that homes are overpriced. Sellers must lower their asking price and do so before their competition. Sellers should take all competition seriously and must price below properties under contract. When the buyers' perception is homes are overpriced, sellers must price their home to look like a bargain. The lowest price and most favorable terms will result in the fastest sale!

While no one can predict the future with any certainty, one thing is certain; it's a buyer's market. A firm understanding of the market trends and forces is needed to make the best real estate decisions. So, if you are serious about buying or selling a home in today's real estate market, call Stephen Howell, Associate Broker, REALTOR®, Coldwell Banker Residential Brokerage, at 410-923-3217.

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Stephen Howell, Sales Associate, Coldwell Banker Residential Brokerage, Annapolis, MarylandIf you are interested in buying a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to sell in Annapolis, Maryland and want a professional consultation on current market conditions, please contact Stephen Howell at 443-994-8043 or e-mail him at showell@liveinannapolis.com or visit his website at LiveInAnnapolis.com.

Stephen Howell came to Annapolis to enjoy the Chesapeake bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis, Maryland. You'll find that with the right professional by your side, you can Live the lifestyle and live, work and play in Annapolis Maryland.

Stephen Howell and Jackson (his hound-mix from the HSSC) maintains residences on the Chesapeake Bay in Annapolis, Maryland and Gulf Coast in Sarasota, Florida. He works in the Annapolis, Maryland real estate market. His website lets people search the Annapolis Maryland area MLS. Buyers can also search for waterfront homes along the Cheasapeake Bay. His website has current real estate data on Annapolis, Maryland.

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