Carlyn Lowery, Associate Broker, Lowery Home Team at eXp Realty, Annapolis and Anne Arundel County MD Real Estate

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Anne Arundel County Maryland Real Estate Market Statistics – November 2008

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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.

P.S.  Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

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Here are some client reviews of Carlyn Lowery…

“Carlyn got us a quick sale above the asking price. She qualified prospects well, used a professional photographer for advertising photos, and provided expert advice during negotiations. Carlyn is what other Realtors aspire to be!”
– Paul Donnelly

“As first time home buyers, Carlyn Lowery was very attentive to our basic needs of walking us through each step of the home buying process from a novice standpoint. The long detailed list of items due at specific times from the start of the contract all the way through to the week of closing was greatly appreciated. It was great having an agent who took the time to clearly lay this all out for us. End result – a very smooth time at settlement. No surprises!”
– Ann Hannam

“We wanted a professional who would work with us to sell our home
quickly for a good price and protect our interests as sellers through the process.
Carlyn’s business acumen is her (and will be your) greatest asset.”
– Sue Bogard

“Carlyn was wonderful. She was organized, prepared, and knew the steps to take to sell our home quickly and used a wide array of marketing to get the job done. She gave great advice
during each of the phases, and in particular on the negotiation.”
– Michael Morgan

 

Questions? Call Carlyn Lowery today.

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