Existing Home Sales are at their highest levels in over 2 years, according to an October report published by the National Association of REALTORS (NAR). Fueled by increased activity among first time home buyers, the existing housing market has shown gains in five of the last six months. Based on the recent 9.4 percent increase from August to September, NAR is predicting annual sales volume of 5.57 million units for 2009, up from the earlier prediction of 5.10 million units.

Buyers are taking advantage of low interest rates and a first time buyers tax credit available through the end of November. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” said Lawrence Yun, NAR chief economist.

Total housing inventory is trending down across the country, reaching its lowest level in two and a half years. Inventory fell to 3.6 million homes available for sale at the end of September. This represents a 7.8 month supply at our current sales pace. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year,” Yun said.

Anne Arundel County figures for October 2009 are shown below.

2009 2008 % Change Total Sold Dollar Volume: $ 175,680,472 $ 132,330,760 32.76 % Average Sold Price: $ 349,961 $ 380,261 – 7.97 % Median Sold Price: $ 285,000 $ 320,000 – 10.94 % Total Units Sold: 502 348 44.25 % Average Days on Market: 130 152 – 14.47 % Average List Price for Solds: $ 388,439 $ 426,461 – 8.92 % Avg Sale Price as a percentage of Avg List Price: 90.09 % 89.17 %

Total Number of NEW listings taken for the month: 776 Total Number of Properties marked Contract for the month: 367 Total Number of Properties marked Contingent for the month: 211 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 578

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data

Copyright 2009
– Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.

Existing Home Sales are at their highest levels in over 2 years, according to an October report published by the National Association of REALTORS (NAR). Fueled by increased activity among first time home buyers, the existing housing market has shown gains in five of the last six months. Based on the recent 9.4 percent increase from August to September, NAR is predicting annual sales volume of 5.57 million units for 2009, up from the earlier prediction of 5.10 million units.

Buyers are taking advantage of low interest rates and a first time buyers tax credit available through the end of November. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” said Lawrence Yun, NAR chief economist.

Total housing inventory is trending down across the country, reaching its lowest level in two and a half years. Inventory fell to 3.6 million homes available for sale at the end of September. This represents a 7.8 month supply at our current sales pace. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year,” Yun said.

Anne Arundel County figures for October 2009 are shown below.

2009 2008 % Change Total Sold Dollar Volume: $ 175,680,472 $ 132,330,760 32.76 % Average Sold Price: $ 349,961 $ 380,261 – 7.97 % Median Sold Price: $ 285,000 $ 320,000 – 10.94 % Total Units Sold: 502 348 44.25 % Average Days on Market: 130 152 – 14.47 % Average List Price for Solds: $ 388,439 $ 426,461 – 8.92 % Avg Sale Price as a percentage of Avg List Price: 90.09 % 89.17 %

Total Number of NEW listings taken for the month: 776 Total Number of Properties marked Contract for the month: 367 Total Number of Properties marked Contingent for the month: 211 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 578

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data

Copyright 2009
– Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.

For the first time in five years, existing home sales have increased for four months in a row, according to an August report by the The National Association of Realtors® (NAR). Existing home sales – including single-family, townhomes, condominiums, and co-ops – increased 7.2 percent in July, which is the largest monthly sales gain recorded since 1999. Analysts are projecting an increase in 2009 of existing home sales to a seasonally adjusted annual rate of 5.24 million units, which is 5 percent above the 4.99 million-unit pace set in July 2008.

“The housing market has decisively turned for the better,” said Lawrence Yun, chief NAR economist. “A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.”

Anne Arundel County figures for August 2009 are shown below.

2009 2008 % Change Total Sold Dollar Volume: $ 170,183,103 $ 162,938,402 4.45 % Average Sold Price: $ 360,557 $ 376,301 – 4.18 % Median Sold Price: $ 300,000 $ 325,000 – 7.69 % Total Units Sold: 472 433 9.01 % Average Days on Market: 132 121 9.09 % Average List Price for Solds: $ 406,090 $ 415,341 – 2.23 % Avg Sale Price as a percentage of Avg List Price: 88.79 % 90.60 %

Total Number of NEW listings taken for the month: 816 Total Number of Properties marked Contract for the month: 375 Total Number of Properties marked Contingent for the month: 204 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 579

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Information is deemed reliable, but is not guaranteed.
P.S.  Call me today for all your Annapolis real estate needs.

Major US cities are reporting their first gains in monthly home prices in nearly three years, according to a recent report from the Wall Street Journal. Home prices in 15 of the 20 metropolitan areas studied were up, or remained stable, suggesting evidence that the slowdown could be easing.

The National Association of REALTORS® (NAR) also reported increased sales of new and existing homes through the month of June. Existing home sales – including single-family, townhomes, condominiums, and co-ops – increased 3.6 percent in June. Analysts are projecting an increase in 2009 existing home sales to a seasonally adjusted annual rate of 4.89 million units.

“The increase in existing-home sales occurred in all major regions of the country,” said Lawrence Yun, chief NAR economist. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”

Anne Arundel County figures for July 2009 are shown below.

2009 2008 % Change Total Sold Dollar Volume: $ 173,862,389 $ 163,200,495 6.53 % Average Sold Price: $ 354,099 $ 397,081 – 10.82 % Median Sold Price: $ 310,000 $ 332,900 – 6.88 % Total Units Sold: 491 411 19.46 % Average Days on Market: 128 121 5.79 % Average List Price for Solds: $ 394,990 $ 437,012 – 9.62 % Avg Sale Price as a percentage of Avg List Price: 89.65 % 90.86 %

Total Number of NEW listings taken for the month: 941 Total Number of Properties marked Contract for the month: 374 Total Number of Properties marked Contingent for the month: 208 Total Number of NEW pendings (CONTRACTS + CONTINGENTS): 582

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.