Are you wondering what is going on in the Anne Arundel County real estate market? You can use local market statistics to help make the best choices.
Let me know if you would like the numbers for your neighborhood.
Or if you’d like to get regular updates on homes for sale in your area, or another area that you are thinking about, just ask.
Here are some market statistics for August of 2019 in Anne Arundel County, compared to last year:
- Average Discount Off Original Price: 2.7% (was 3.4%)
- Average Days on the Market: 54 (down 21.74%)
- Total Sales: $366,155,110 (down 4.51%)
- Average Sold Price: $404,591 (down 4.51%)
- Real Buyers (Homes Sold): 907 (up 0.22%)
- Pending Sales (Homes Under Contract): 1,497 (up 19.38%)
(Source: Bright MLS Copyright 2019 – Information deemed reliable, but is not guaranteed.)
While the numbers show that on average homes sold faster, and about the same number sold, looking more closely shows a different story. Only 562 detached homes were sold, compared to 596 last year, a 7.38% reduction. The increased sales have been townhomes and condos.
Also, because we are so active in the market, my colleagues and I have noticed a trend that hasn’t made headlines, and is not so obvious at first glance. You find these things out by talking to people active in the business. More contracts have been falling through. For a lot of people, this has made the moving process even more of an emotional roller coaster than it usually is!
In order to give the best advise to my clients, I looked over the numbers in more detail. In the past few months, there has been a growing gap between contracts and homes sold. In August, new pending sales rose sharply – 1,497 contracts pending, an overall increase of 19.38%. Yet, the number of homes sold was nearly flat compared to last August.
What this means for you, if you are planning a move, is that it is important to get professional advice and get ready for the market conditions that affect your particular type of property. It’s important to look beyond the averages and get into your specific part of the market. And, have a strategy to “bulletproof” your contract, to give yourself the best chance of getting from contract to closing.
If you or someone you know is looking to make a move, anywhere in the country, don’t hesitate to ask me for information. I’d love to help.
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