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Real Estate Market Update Anne Arundel County, Maryland – August 2013

Anne Arundel County Real Estate – August 2013

We all know that market conditions for real estate are local . Statistics we hear quoted on TV, see printed in the media, or posted online regarding home sales on a national level don’t reflect every single real estate market across the country. In the back of our minds, we can’t help thinking “Okay, but what’s happening with real estate in MY back yard?”

You’ll be glad to know, as an Anne Arundel County home owner, that the residential real estate market in this area has experienced a turn-around over the past few months that is very favorable to you. In fact, sales statistics from our regional multiple listing service (MRIS) have been better for home owners and sellers in recent months than we’ve seen in the same month during previous years – in some case, for as long as the past five years.

Let me share with you the statistics I watch each month.  These numbers are county-wide (Anne Arundel) for August 2013, compared to August 2012. If you’d like to see numbers that are even more local, ask me for a zip code analysis.

Crystal ball croppedBALANCE:

Closed Sales: 683 – up 25% from 545
Pending Sales (under contract):  1250 – up 2% from 1223
New Listings: 900 – up 20% from 745

Balance is probably the closest thing to a crystal ball that we have in real estate for predicting the future, because it addresses the question of supply and demand.  There have been many months over the past few years when new listings were double the number of pending sales, but now we see home sales closing at a 5% faster rate than new listings are coming on the market. Yay!

PRICE:

Median Price of Closed Units:  $320,000 – up 3% from $310,000

Median is the middle sale price, with an equal number of higher and lower priced homes. Most housing analysts consider to be a more accurate indicator than Average Price.

Average Price of Closed Units: $367,111 – down less than .2% from $367,710

Detached homes: up 2%
Attached homes: up 5%

Average is determined by dividing the total sales volume by the number of closed homes.

 DAYS ON MARKET:

75 days – down 27% from 103 days

SOLD vs. ORIGINAL LIST PRICE:

94.5% – up 2% from 92.4%

If you’d like to see the numbers for your own zip code, let me know.  I’ve maintained a chart of real estate statistics going back to 2005 for most Crofton area zip codes, so you can follow the ups and downs of the real estate market by month or year or both.
I’m happy to provide this information to local home owners at any time, even if you’re not thinking of selling in the near future.  Sometimes, it’s just good to know the value of your home.

Copyright 2013. All rights reserved.

About Focus on Crofton:

FocusonCrofton.com is my way of attracting relocating homebuyers to the greater Crofton area while keeping current residents updated about local real estate, news, and events. Please click on Contact Margaret Woda if you would like to see information about your community organization or local event posted on FocusonCrofton.com or our Facebook page.

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