The National Association of REALTORS (NAR) reported a 10 percent increase in existing home sales, while inventory fell 3.7 percent. Existing homes sales are on pace to reach 6.1 million units by year’s end, are up over 23 percent from the same time a year ago.
Much of the recent activity was sparked by first time buyers looking to take advantage of an $8,000 tax credit, which was initially due to expire at the end of November. NAR expects market demand to remain strong as the tax credit program has been extended and expanded through April 30.
Current inventory levels in all price ranges have dropped to 3.57 million units nationally, creating a 7-month supply. “Low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive,” explained NAR president Vicki Cox Golder. Multiple offers are not uncommon in the lower price ranges, and foreclosed properties are selling more quickly.
Anne Arundel County figures for November 2009 are shown below.
|Total Sold Dollar Volume:||$ 154,774,910||$ 100,101,191||54.62 %|
|Average Sold Price:||$ 334,287||$ 376,320||– 11.17 %|
|Median Sold Price:||$ 285,000||$ 314,500||– 9.38 %|
|Total Units Sold:||463||266||74.06 %|
|Average Days on Market:||122||149||– 18.12 %|
|Average List Price for Solds:||$ 370,766||$ 434,822||– 14.73 %|
|Avg Sale Price as a percentage of Avg List Price:||90.16 %||86.55 %|
Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data Copyright 2009 – 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