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 Real Estate Market Trends July 2009

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For the first time in over three years, existing home sales continued to grow for back-to-back months. According to the National Association of REALTORS® (NAR), May’s 2.4 percent gain can be attributed to greater housing affordability throughout the country, and the first-time buyer tax credit. The last such consecutive monthly increase occurred in September 2005. Housing analysts have revised their forecast and are predicting existing home sales volume of 4.77 million units for 2009, up from the 4.66 million units projected in April.

NAR chief economist Lawrence Yun has been predicting the improvement. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” he said. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory. However, the increase in sales is less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

Existing Home Sales By Region

A NAR survey reports that first-time home buyers accounted for 29 percent of transactions during the month of May. Buyer activity is up across the board, too, as the number of home buyers in May was 10 percent higher than at the same point a year ago. “This is the time of year when we see large increases in the number of repeat buyers, who are benefitting from sales to entry-level buyers,” Yun said. “Investors appear less active, but are more prevalent in areas with large price corrections.”

Freddie Mac reported that the average commitment rate for a 30-year, conventional, fixed-rate mortgage is at 4.86 percent for the month of May; the rate is down from 6.08 percent in May 2008.

Anne Arundel County figures for June 2009 are shown below.

2009 2008 % Change
Total Sold Dollar Volume: $ 170,636,330 $ 203,991,516 – 16.35 %
Average Sold Price: $ 353,284 $ 427,655 – 17.39 %
Median Sold Price: $ 310,000 $ 339,000 – 8.55 %
Total Units Sold: 483 477 1.26 %
Average Days on Market: 124 125 – 0.80 %
Average List Price for Solds: $ 395,433 $ 472,746 – 16.35 %
Avg Sale Price as a
percentage of Avg List Price:
89.34 % 90.46 %
Total Number of NEW listings
taken for the month: 903
Total Number of Properties
marked Contract for the month: 361
Total Number of Properties
marked Contingent for the month: 196
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS): 557

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

If you would like specific information on what is happening with home sales in your neighborhood, I’ll be happy to help.   Call for a free, no-obligation consultation.  Get the information you need to help you enjoy your the home of your dreams.

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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