Anne Arundel Real Estate Market Statistics – October 2008

The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today’s home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered around 6.5 percent during the month of August, up slightly from the month before.

Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability.”

Average (Mean) Sales Price of Existing Homes by Region Date U.S. Northeast Midwest South West 2006 268,200 299,700 205,300 230,000 371,300 2007 266,000 307,100 200,500 225,600 365,900 05/08 252,600 309,100 190,700 219,000 326,700 06/08 257,900 298,700 201,900 230,500 328,500 07/08 253,300 307,100 196,900 221,100 322,400 08/08 245,400 300,600 196,400 220,400 294,500

Statistics from the National Association of REALTORS®

Anne Arundel County figures for September 2008 are shown below.

2008 2007 % Change Total Sold Dollar Volume: $ 156,630,704 $ 199,884,468 – 21.64 % Average Sold Price: $ 403,687 $ 441,246 – 8.51 % Median Sold Price: $ 320,000 $ 345,000 – 7.25 % Total Units Sold: 388 453 – 14.35 % Average Days on Market: 136 114 19.30 % Average List Price for Solds: $ 466,403 $ 480,279 – 2.89 % Avg Sale Price as a percentage of Avg List Price: 86.55 % 91.87 %

Total Number of NEW listings taken for the month: 887 Total Number of Properties marked Contract for the month: 326 Total Number of Properties marked Contingent for the month: 106 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 432

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2008 – Information deemed reliable, but is not guaranteed.

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Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland