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Anne Arundel County Real Estate Statistics Provide a Mixed Message

Margaret’s Monday Morning Real Estate Update
Anne Arundel County, Maryland
June 2011

The June sales statistics for Anne Arundel County, Maryland, provide a very mixed message to residents and REALTORS alike, because 2010 sales numbers were inflated by the $8000 home buyer tax credit.

P5290012Many of last year’s buyers would have purchased a home a month or two later, but advanced their timing to coincide with the tax credit.  In other words, the numbers really didn’t reflect market conditions at the time.  It’s no surprise that 2011 sales for June were down over 10% from last year or that the average days on market are nearly 7% higher for June 2011 than they were for the same month in 2010. 

Frankly, I’m going to disregard the “year on year” statistics and focus on those from last month.  I believe they are much more relevant.

The number of closed sales for June 2011 showed an increase of nearly 20% from May; prices were relatively stable, with the average sold price up about 2.5% and the median sold price down about 2.5%; the average sold to list price ratio is also stable, showing only a .02% increase over last month.

So…. what does this mean to Anne Arundel County residents? 

Home sellers:  Keep the faith… the market ranged from stable to better than the month before.  That’s a good thing.  There’s usually an uptick in sales during the fall months, so get your home on the market now and don’t wait ’til it passes.

Home buyers:  If this “stable to better” trend for home sales continue, you may have missed the bottom of the market.  Remember, if/when interest rates take a turn for the worse, it won’t be much help to you if prices drop a little more before you buy.  Get off the fence now!

For more information, including statistics for your own zipcode or neighborhood.  Give me a call.  I’m always happy to help.

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