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.
Overall, the local housing market in Anne Arundel County, MD is showing a decrease in inventory compared to the previous year. While there has been an increase in under-contract and sold properties compared to the previous month, there is still a decline in these metrics compared to last year. However, the average home sale price has risen, and the average time on the market has decreased, suggesting a competitive market with rising prices.
Home buyers are facing several challenges in the current housing market. The limited inventory and the decrease in the number of homes available for sale can create a competitive environment, with multiple buyers vying for the same properties. This can lead to bidding wars and potentially drive up prices. Additionally, the average time on the market has decreased, indicating a faster pace of sales, which may require buyers to act quickly when they find a suitable property. Furthermore, with the average interest rate for the benchmark 30-year fixed mortgage at 7.06%, buyers may encounter higher borrowing costs, affecting their affordability and purchasing power.
Homeowners need to be conscious of the challenges that buyers are facing today when selling their home, especially if they plan on buying as well. Additionally, it’s important to note that these challenges can vary depending on the specific neighborhood and price range.
While home prices have seen an overall increase compared to the previous year, sellers need to set realistic price expectations to attract buyers. Overpricing a property in a competitive market can lead to prolonged time on the market and potentially deter potential buyers.
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 129 homes coming soon to the market, which is 2 less than last month. Properties cannot be in the Coming Soon status for more than 21 days.
Active Listings: There are 556 properties currently active for sale. This is 1 more home than last month, but a 26% decrease compared to this time last year.
Under Contract: There are 1,067 homes under contract and no longer available to tour or purchase. This is 69 more properties compared to last month, but a 20% decrease compared to this time last year.
Homes Sold: There were 686 homes sold during the month of May. This is 146 more home sales compared to the previous month, but a 28% decrease compared to this time last year.
Anne Arundel County, MD Average Time on Market
The average days on market decreased to 15 days, which means homes sold 8 days faster on average compared to the previous month. In the last 30 days there have been 217 price reductions, which is more than the previous 30 days and about 39% of the active inventory.
Anne Arundel County, MD Average Home Prices
The average home sale price in Anne Arundel County in May was $589,155, which is a 6% increase compared to prices this time last year.