Despite the Chicken Little national headlines you read about, the real estate market in Anne Arundel County, MD is not collapsing. While there are some significant challenges in some States and areas, the data for Anne Arundel County hasn't show those negative effects. Take a look at the table below to see the latest results for July and Year to Date July for Anne Arundel County.
An almost 10% increase in closed sales year to date over the same period in 2009 is pretty significant. An 8.8% increase in pending sales is also pretty dramatic year over year. This is an indicator of future closed transactions.
Median sale price in the County dipped from $299,900 to $295,000. This figure means that half the homes in the county sold above $295,000, and half below that figure. That being said, homes sold for 92.3% of the original list price in 2010 compared to 90.7% for the same period in 2009.
Days on the market, a critical indicator for sellers showed a decrease of -18.6%. It’s now taking, on average, 109 days to sell a house in Anne Arundel County, compared to 134 days last year.
Are we through with real estate challenges for a while? No. There could still be a downturn based on the economy in general. Unemployment continues to be a challenge for the nation, and Anne Arundel County as well. While we're a full 3 percent below the national average, any time unemployment is over 7%, it has to affect the real estate market.
While Countywide statistics are a good general indicator, not every section of the County is faring the same. If you're interested in your particular community, or neighborhood, I can help. Call Rich at 443-995-9595.
|
|
2009 thru July |
2010 thru July |
Change |
|
New Listings |
6,265 |
6,532 |
+4.3% |
|
Closed Sales |
2,689 |
2,956 |
+9.9% |
|
Pending Sales |
3,117 |
3,392 |
+8.8% |
|
Median Sale Price |
$299,900 |
$295,000 |
-1.6% |
|
% Original Sale Price |
90.7% |
92.3% |
+1.8% |
|
Avg Days on Market |
134 |
109 |
-18.6% |
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
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Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
SKYPE ME: RichSellsHomes
Richard, you are very fortunate. However, our market seems to be recovering with some homes going for over list price or at list price.
Let's hope for a quick demise of this dismal market.
Richard....great post. It is so easy to look at today and wistfully dream of days gone by.. They are gone. This uptick is not just in Anne Arundel County...it is occurring all around the DC area. Let the talking heads wank their way to fame... The truth is that real estate is moving along as well as could be expected in most areas and better than expected in others.
Richard
It sounds like the market in Anne Arudel County Maryland is heading in the right direction.
Good luck and success.
Lou Ludwig
I do not listen to the radio or TV. I found the off knob on these items several years back. Amazingly, the world still exits and I'm not filling my head with garbage...
It just goes to show, yet again, that all real estate is local. Glad to hear some good news.