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.