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Has the Real Estate Market Stabilized?

3–COUNTY YEAR END REAL ESTATE STATISTICS

Anne Arundel County, Maryland
Howard County, Maryland
Prince George’s County, Maryland

Our regional multiple listing system, The Metropolitan Regional Information Services, Inc. (MRIS), tracks real estate sales and periodically makes the numbers available to members.  You’ve seen my monthly reports for Crofton and other nearby zipcodes here on Focus On Crofton and my Maryland Real Estate Blog, and you know that I like to use this information to compile charts and graphs of several years or several months to help you put those numbers in perspective. 

For this year-end report, I’m approaching the real estate market on a more macro level – with a county-wide report which includes the three counties where I list and sell homes.  These numbers represent only properties that were listed on MRIS (the majority of real estate sales), both detached and attached homes, in a broad price range ($100,000 – $5 million).  

Year-End DOM

Days on Market have leveled off for Anne Arundel and Prince George’s Counties and even dropped slightly in Howard County.  Of course, 2005 was a record year, so I don’t think it’s realistic to expect those levels again for a very long time… maybe decades.

Year-End Average

Year-End Median Sold

Sold Prices (both average and median) are lower now than any of the four previous years but, fortunately, the drop has not been nearly as dramatic as other parts of the country have experienced.  I speculate that the BRAC factor and government jobs throughout the region have helped this area in that regard.

Year End Units Sold

Units Sold is a category that seems to have bottomed out and shown a slight bump from 2008–2009 in Anne Arundel and Howard Counties and a significant increase in Prince George’s County: 

Crystal ballMy crystal ball is a little fuzzy, as to what we should expect in 2010, so I can’t realistically declare that the worst is over.  I’m cautiously optimistic, however, that we will hold steady or show a slightly (less than 10%) improvement in these areas.  Frankly, though, it could go either way depending on interference in the market by the federal government.  If unemployment numbers go up, for example, the real estate market will suffer. 

The economy and politics are just two examples of factors outside our control that impact the real estate market.  That’s why it’s so very important for you to maximize the factors that are within our control by choosing an experienced real estate professional to help you buy or sell a home.  But that’s a topic or another day…

If you’d like information more specific to your immediate neighborhood, click on Market Snapshot.  For an accurate estimate of your home value, an inspection of your property will be necessary to ascertain its interior and exterior condition, size, features, location and other factors, as they relate to other properties currently on the market and recently sold. 

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FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area.  It’s my way of keeping current residents informed about their community while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton).  Please feel free to contact me any time for more information.

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