To the surprise of many, and despite earthquakes, hurricanes and floods, Anne Arundel County homebuyers and sellers went about their business consistent with seasonal expectations in August. Here are the latest numbers, comparing this August to last August:
Average Discount Off Original Price: 9.9%
Average Days on the Market: 115 (up 16.16%)
Number of Homes for Sale: 3,520 (down 7.32%)
Total Closed Sales: 445 (down 0.22%)
Average Sold Price: $349,735 (down 4.81%)
(Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data Copyright 2011 – Information deemed reliable, but is not guaranteed.)
In addition to higher days on market, and a lower average sold price, another pattern is emerging. In August, 222 contingent contracts were made, versus only 86 last August, an increase of 158%. While we are seeing more contracts made, as buyers and sellers work together, greater numbers of contracts are falling through due to the other properties not selling.
Here’s an opportunity. Are you frustrated by the stock market, and thinking of moving some money? As you know, real estate prices are down, and sellers are eager for non-contingent cash buyers. With the numbers of contracts falling through due to financing troubles and buyers who need to sell other homes, you can be in a very strong negotiating position if you arrange to buy with cash.
Would you like the numbers for a particular neighborhood, or price bracket? Let me know, and I will get them for you.
On another note, here’s a brand new listing this week. It’s a nice property, and a reminder that you can ask whatever you want…
As you know, I’ll be happy to help you with this home, or any other real estate move, so don’t hesitate to get in touch any time!
Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, eXp Realty, Annapolis Real Estate, Anne Arundel County, Maryland, 443-569-3977 or 888-860-7369 x146