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Is Anne Arundel County Real Estate Rebounding?

November was a very good month for real estate in Anne Arundel County, Maryland.  Does this mean we can celebrate a rebound?  To help answer this question, let’s take a look at the number of units sold, the average and median sold prices, and the days on market:

UNITS SOLD (Anne Arundel County, MD)

MAP Anne Arundel County463 homes sold last month, compared to 266 in November 2008 – that’s a 74% increase in units sold from one year to the next.  Although this is certainly good news, the total number of sold homes is down from last month, when 502 homes sold.  Yet October 2009 home sales were up over 44% from October 2008.

I feel like we need a three months history before we can start thinking “trend”, so I went back one more month to September 2009 and found that 482 homes sold – still higher than November, but “only” a 24% increase from the previous year.  Nevertheless, we do have three consecutive months of increased sales over the previous year, so I think we might allow ourselves to be optimistic about the Anne Arundel County real estate market.

 

SOLD PRICES (Anne Arundel County, MD)

Average and median home prices, however, have been lower than last year’s level during the same months, when comparing them to 2008:

NOVEMBER:  Average sold price down 11.17% to $334,287.  Median sold price down 9.38% to $285,000

OCTOBER: Average sold price down 7.97% to $349,961.  Median sold price down 10.94% to $285,000

SEPTEMBER: Average sold price down 13.95% to $347,391.  Median sold price down 9.38% to $290,000.

 

DAYS ON MARKET (Anne Arundel County, MD)

160 of the sold homes last month were on the market over 120 days, yet 129 were on the market for 30 days or less.  The average days on market in November was 120 – down 18.12% from November 2008.

DOM 11.09

In October, average days on market were down 14.47% from October 2008 to 130, and September saw a decline of 11.76% to 120.  It looks like a safe bet for any Anne Arundel County home seller to plan on four months on the market, although the average will be lower/higher in some zipcodes.

 

THE BOTTOM LINE (IS ANNE ARUNDEL COUNTY REAL ESTATE REBOUNDING?)

While all these statistics seem to suggest the answer is “yes” to the rebound question…  There’s just one problem this apparent rebound is not the free market making a natural come-back from a downturn in real estate sales… it is most likely the result of the temporary tax credit targeting first-time homebuyers (and now some move-up buyers).  When the artificial stimulus disappears, it’s anyone’s guess whether sales will drop off or continue to rebound.  Only time will tell if this is genuine improvement in Anne Arundel County real estate.

 

For information about your own zipcode in Anne Arundel County, Maryland – or even your own neighborhood -you can contact me by email at [email protected].  If you’re a homeseller, I suggest you get your home on the market now or early in January to maximize the likelihood of your home selling before the tax credit expires.

More real estate statistics for November 2009:

 

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