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: 153 homes coming soon to the market within the next 21 days, which is about the same as what we had last month.
Active Listings: 897 properties are currently active for sale on the market. This number is down compared to last month, but pretty close to the 947 homes that were active last year at this time.
Under Contract: 1,682 homes are under contract and no longer available to tour or purchase. This is down 2% over last month and a 15% decrease compared to last year.
Homes Sold: 1,076 homes sold during the month of August. This is an 8% decrease compared to the 1,172 homes sold in June, and only a 1% decrease from the 1,087 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 August in Anne Arundel County went up to 15 days, while the median increased to 7 days. That is 2 consecutive months where we saw an increase in days on market.
Anne Arundel County, MD Average Home Prices
The average sold price for August in Anne Arundel County decreased to $492,584 but still sold on average for 0.7% over the list price, down nearly 1% compared to last month. Homes in Anne Arundel County are selling for 2% more than they were this time last year when they averaged $481,477.
In the past 30 days, there have been 373 price reductions on active listings in Anne Arundel County, which is a 95.3% increase.
Closing Thoughts
Many home buyers became fatigued this summer and decided to bow out and lick their wounds. Beat up from multiple offer situations with over-asking prices and no contingencies.
Now would be a great time to jump back into your home search, smarter, stronger, and ready to take advantage of a shifting market. Although inventory is still low, buyer demand has started to cool off. Homes are sitting on the market longer, and prices are beginning to drop. Plus, interest rates are still at record lows.
In the past week, we’ve helped two different home buyers get under contract. We successfully negotiated one with a home sale contingency, and the other to have the seller pay all of the buyer’s closing costs! These terms would be almost unheard of just a month or two ago.
Sellers who are putting their homes on the market need to check their expectations. As we wrap up Summer and enter into the Fall, keep an eye out for homes that have been on the market for a week or two. More than likely they overshot the market, aren’t receiving showings and will be thinking about a price reduction. This is your opportunity to strike!