This is your monthly real estate market update for Anne Arundel County Maryland with James Bowerman, your Pasadena MD Realtor and the Real Creative Group of Compass.
We have made it to the second half of 2023. As we celebrate our independence and the official start to summer, we are also entering the peak of the real estate market. Typically, July is when everything starts to slow down, and the data so far supports this annual trend. After a significant drop in showing traffic over the holiday, we can expect a small peak, followed by a slow decline through the remainder of the year.
If you’re a homebuyer, now is the time to take advantage of rising inventory and less competition. Although interest rates are averaging around 7%, with less competition it may be possible to negotiate a seller credit that can be used to buy down your interest rate. If interest rates do come down, that’s going to result in more home buyers flooding the market. If you buy now, you can always refinance later, and take advantage of the equity gains as your home appreciates in value.
Most sellers are also buyers, but many are feeling handcuffed to their homes and hesitant to sell because of the low interest rate they currently have. When rates come down, it’s going to open up the doors for many sellers to feel comfortable enough to get off the fence and make a move. While this is a good thing for the housing inventory, it’s also going to create more competition on the purchase side by increasing the buyer pool. However, due to the low inventory and steady demand, now is still a good time to sell your home, as most buyers making a move want to be settled before schools start back up in September.
Anne Arundel County, MD Housing Inventory
Let’s take a quick dive into a few of the hey metrics for Anne Arundel Counties housing market.
Coming Soon: There are 91 homes coming soon to the market, which is 38 less than last month. Properties cannot be in the Coming Soon status for more than 21 days.
Active Listings: There are 603 properties currently active for sale. This is 47 more homes compared to last month, but a 34% decrease compared to this time last year.
Under Contract: There are 983 homes under contract and no longer available to tour or purchase. This is 84 fewer properties compared to last month, and a 22% decrease compared to this time last year.
Homes Sold: There were 753 homes sold during the month of June. This is 67 more home sales compared to the previous month, but a 21% decrease compared to June 2022.
Anne Arundel County, MD Average Time on Market
The average days on market decreased to 14 days, which means homes sold 1 days faster on average compared to the previous month. In the last 30 days there have been 195 price reductions, which is fewer than the previous 30 days and about 32% of the active inventory.
Anne Arundel County, MD Average Home Prices
The average home sale price in Anne Arundel County in June 2023 was $613,500, which is an 8% increase compared to home prices this time last year.