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: 113 homes coming soon to the market within the next 21 days which is 40 less than last month.
Active Listings: 878 properties are currently active for sale on the market. This is only about 20 fewer homes compared to last month. But about a 12% decrease compared to last year at this time.
Under Contract: 1,580 homes are under contract and no longer available to tour or purchase. This is a 6% decrease over last month, but nearly the same compared to last year.
Homes Sold: 1,049 homes sold during the month of September. This is not a significant change compared to September, but it is a 7% decrease from the 1,131 homes sold this time last year.
Months of Inventory: We still 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 September in Anne Arundel County went up to 18 days, which is 3 consecutive months of days on market increasing.
Anne Arundel County, MD Average Home Prices
The average sold price for September in Anne Arundel County dropped to $489,680, but are still selling on average for 100.6% of the list price. Homes in Anne Arundel County are selling for 2% more than they were this time last year when they averaged $479,453.
In the past 30 days there have been 219 price reductions in Anne Arundel County, which is about 25% of all active listings.
Closing Thoughts on the Real Estate Market in MD
We’re entering the fourth quarter of 2021. As expected, the Fall season brings in cooler weather, along with a slowing real estate market. That being said, historically we are still in a very hot market. Inventory is still very low, homes are selling in about two weeks, and interest rates are below 3%.
Homeowners are sitting on tons of equity, with values averaging a 20% increase in the last year alone. Even those who have been in forbearance and not paying their mortgage are still likely to be able to sell and not have to go into foreclosure.
Some homeowners may be settling in for the winter, but there are still a lot of buyers out there looking to move up. Take advantage of the equity they’ve built, and take advantage of the historically low interest rates. With the holidays around the corner, money is on a lot of peoples minds. If your mortgage rate is in the 3’s, 4’s or higher, now could be a great time to consider refinancing. You can cash out on your equity, reduce your monthly payment, and even skip a mortgage payment just in time for Christmas!