Anne Arundel County Maryland Real Estate Market Statistics – November 2008

The National Association of REALTORS (NAR) reported in October that existing home sales increased over 5 and a half percent — a sign of improved housing affordability. The estimated annual volume has been revised upwards from of 4.91 million to 5.18 million units for 2008, representing a 1.4 percent increase over the previous year. The combination of lower prices, higher inventory and low mortgage rates have all contributed to the increase in sales.

“This is the first time since November 2005 that home sales have been above year-ago levels,” said NAR president, Richard Gaylord. “Credit tightened at the end of September, but the improvement demonstrates that buyers who have been on the sidelines want to get into the market to make a long-term investment in their future.”

Freddie Mac is reporting a recent drop in interest rates for the 30-year, conventional, fixed rate mortgage, averaging 6.04 percent in September, down from 6.48 percent in August. Despite the lower rates, speculative investors have not yet returned to the market, according to Lawrence Yun, NAR chief economist. Yun reports, “80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”

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 07/08 253,300 307,100 196,900 221,100 322,400 08/08 245,400 300,600 196,400 220,400 294,500 09/08 234,700 284,100 180,100 207,600 298,400 Statistics from the National Association of REALTORS®

Total housing inventories were down 1.6 percent for the month of September, marking two consecutive monthly declines since inventory levels peaked in July.

Anne Arundel County figures for October 2008 are shown below.

2008 2007 % Change Total Sold Dollar Volume: $ 132,330,760 $ 168,161,351 – 21.31 % Average Sold Price: $ 380,261 $ 419,355 – 9.32 % Median Sold Price: $ 320,000 $ 329,900 – 3.00 % Total Units Sold: 348 401 – 13.22 % Average Days on Market: 152 123 23.58 % Average List Price for Solds: $ 426,461 $ 454,159 – 6.10 % Avg Sale Price as a percentage of Avg List Price: 89.17 % 92.34 %

Total Number of NEW listings taken for the month: 771 Total Number of Properties marked Contract for the month: 242 Total Number of Properties marked Contingent for the month: 83 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 325

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Information is 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