This is your monthly real estate market update for Anne Arundel County, Maryland with James Bowerman and the Real Creative Group of Douglas Realty.
Anne Arundel County, MD Housing Inventory
Let’s take a quick dive into a few of the metrics for Anne Arundel Counties housing inventory.
Coming Soon: 155 homes coming soon to the market within the next 21 days, which is down slightly compared to last month.
Active Listings: 1,006 properties are currently active for sale on the market. This is up significantly since last month, and is just shy of the 1,078 homes that were active last year at this time. Additionally, in July of 2019 there were 2,325 active homes, which is more than double the current inventory.
Under Contract: 1,721 homes are under contract and no longer available to tour or purchase. This is down 5% over last month and a 12% decrease compared to last year.
Homes Sold: 1,172 homes sold during the month of July. This is a 9% decrease compared to the 1,284 homes sold in June, and a 5% decrease from the 1,230 homes sold this time last year. Note that July of 2020 had more home sales than any other month that year.
Months of Inventory: We currently have less than one month of inventory, meaning if no new listings came on the market, it would take less than a month for the remaining properties to sell.
Anne Arundel County, MD Average Time on Market
The average days on market for July in Anne Arundel County went up to 14 days, while the median increased to 6 days.
Anne Arundel County, MD Average Home Prices
The average sold price for July in Anne Arundel County increased to $506,532 and sold on average for 1.5% over the list price, which is slightly down compared to last month. This means homes in Anne Arundel County are selling for 8% more than they were this time last year when they averaged $468,108.
Closing Thoughts
As predicted, we did see a slow-down in activity, which will likely trend as we close out the Summer and enter the Fall and holiday season. However, inventory continues to be historically low. Buyers will likely still be competing, but instead of receiving 5 offers on a property, we may only receive 2.
As this trends, I would expect some FOMO to drive more sellers into the market. This is good news for buyers, as competition lessons and more options are coming on the market.
Finally, it’s only a matter of time before interest rates start to go up, which will also drive more buyers out of the market. Most experts predict a healthy market for the next few years, but it will be interesting to see the lingering effects of Covid-19 and the new Delta strain as schools open up next month.