As you may have heard in the news, our real estate market is shifting rapidly. In Anne Arundel County, while the Average Sales Price rose in November 2018, and Average Days on Market declined, home sales were down from the prior month of October and also the prior November, and inventory was up. Here are some market statistics for you for the year to date through the end of November in Anne Arundel County, compared to last year:
- Average Discount Off Original Price: 4.9% (was 4.6%)
- Average Days on the Market: 75 (down 17.58%)
- Number of Homes for Sale: 2,305 (up 5.11%)
- Total Sales: $243,785,349 (down 5.32%)
- Average Sold Price: $422,505 (up 9.29%)
- Real Buyers (Home Sold): 577 (down 13.36%)
(Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data Copyright 2018 – Information deemed reliable, but is not guaranteed.)
Per Mortgage News Daily, the average interest rates on 30-year fixed loans are still under 5 percent (averaging 4.72% on Friday).
Mortgage Rates Preserve Most of Last Week’s Gains
Yet forecasts are for a continued slowdown. “The Mortgage Bankers Association (MBA) added a little more evidence to the pile indicating a rather rapid slow-down in the housing market. MBA’s Builder Application Survey (BAS) data for November shows mortgage applications for newly constructed home purchases falling by 14 percent compared to October. The MBA data is not adjusted to account for seasonal variations, and while sales nearly always decline this time of year, applications were also down 11 percent compared to November 2017.”
This means that it’s a great time to get a great buy on a home. Buyers are more scarce, sellers are more flexible, and the average interest rates are still low. It also means that it is becoming harder for sellers to find real buyers, and get to closing. It’s more important than ever for sellers to get good advice, to stage and price their homes well, and thoroughly manage the process from contract to closing.
I love to help clients succeed in this challenging market.
Who do you know who would like to make a move within the next year? Let’s set up a time to talk and plan for success.
Also, would you like to receive listings of homes for sale, either to buy, or to keep an eye on what’s going on in your neighborhood? If so, let me know. We have upgraded our Multiple Listing Service to a new platform, and all previous email broadcasts of listings have been suspended. If you have enjoyed receiving this information and would like it to continue, or if you would like to get started, just let me know and I’ll make sure to turn on the emails for you.
P.S. Considering a move? Please call for a confidential chat. Your personal needs, wants, and finances are my priority and my passion and my specialties run from waterfront luxury estates to distressed properties.
Call me today for your Annapolis real estate needs, or for an introduction to a great real estate agent anywhere.