Anne Arundel County Maryland Real Estate Market Statistics – July 2008

 The national median home price was reported at $208,600 in May. According to NAR President Richard Gaylord, “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”
Average (Mean) Sales Price of Existing Homes by Region

Date 

U.S.

Northeast

Midwest

South

West

2006

268,200

299,700

205,300

230,000

371,300

2007

266,000

307,100

200,500

225,600

365,900

           

01/08

245,500

298,400

178,800

206,500

335,600

02/08

242,000

292,700

175,100

204,600

333,100

03/08

247,100

310,800

183,200

209,600

325,200

04/08

247,200

294,400

188,500

212,900

327,000

05/08

253,100

309,300

192,900

219,000

327,200

Statistics from the National Association of REALTORS®

Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May, up from 5.92 percent in April. Despite the recent increase, overall mortgage rates are down from 6.27 percent, available May 2007.

Existing home inventory is reported at 4.49 million units. According to Lawrence Yun, chief NAR economist, “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down. Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets.”

A number of areas nationally are experiencing increased activity over May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida, and Battle Creek, Michigan.

Anne Arundel County figures for June 2008 are shown below.

    2008   2007   % Change
Total Sold Dollar Volume: $ 203,991,516 $ 299,060,159 – 31.79 %
Average Sold Price: $ 427,655 $ 442,397 – 3.33 %
Median Sold Price: $ 339,000 $ 359,900 – 5.81 %
Total Units Sold: 477 676 – 29.44 %
Average Days on Market: 125 97 28.87 %
Average List Price for Solds: $ 472,746 $ 468,347 0.94 %
Avg Sale Price as a percentage of Avg List Price: 90.46 % 94.46 %
Total Number of NEW listings
taken for the month: 993
Total Number of Properties   
marked Contract for the month: 310
Total Number of Properties   
marked Contingent for the month: 142
Total Number of NEW pendings        
(CONTRACTS + CONTINGENTS): 452

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2008 – Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland