Monthly Archives: May 2011

April 2011 Baltimore Maryland Metro Region (including Annapolis and Anne Arundel County) MarketWatch

April 2011 Baltimore Maryland Metro Region (including Annapolis and Anne Arundel County) MarketWatch

Realestate Business Intelligence (“RBI”) is now putting out a monthly video covering local real estate market conditions. The one below is for the Balitmore Maryland metro region, which includes Annapolis and Anne Arundel County. The video is about two minutes long and reviews the basic statistics about the region.

Real estate trends can be very local, one subdivision or neigborhood trending up in price while another one is trending down in price, and the very next month it could flip-flop.

When selling a home, knowing the current trends that might affect the sale of you home is critical information to proper price positioning. Without knowing the trends, you could easily overprice your home and scare buyers away or underprice your home and give it away. Either way, you’ll miss the market and possibly loose money along the way.

When buying a home, knowing which way home prices are trending offers critical guidance so that you don’t over pay for your next home. While “timing the market” is very difficult, knowing the current real estate trends will help you know just where a home fits into todays market.

First Quarter 2011 Unit Sales Up in Anne Arundel County Maryland

First Quarter 2011 Unit Sales Up in Anne Arundel County Maryland

The number of homes sold in Anne Arundel County during the first quarter of 2011 is up 16% for the same period last year. In first quarter 2010, there were 909 homes sold compared to 1055 sold in first quarter 2011. Homes in foreclosure or that were sold short (“short sales”) accounted for 30% for the homes sold in both first quarter 2011 and last year during the same period.

According to an Associated Press report by Alex Veiga on May 26, 2011, the number of homes being held back by lenders, the “shadow inventory”, is significant. Where banks to release a substantial number of these homes to market, they could trigger a second and more sever slump in the housing market.

RealtyTrac estimates there are 872,000 homes that have been repossessed by lenders, but have yet to be sold. At the first-quarter’s sales pace, it will take three years to clear the inventory of 1.9 million properties already in some stage of foreclosure.

About 14% of the homes on the market in Anne Arundel County are flagged as either foreclosure or a short-sale. There were 3,919 active listings on the market this morning (May 28, 2011), of which 154 were foreclosures and 408 were short-sales. The number of short-sales has clearly grown as more borrowers are trying to sell homes that they purchased either just before or shortly after the peak in 2006-2007. They’re at the five year market in homeownership which is one of those critical periods where owners decided to sell (five, seven and eleven are common years in which homeowners decide to move on.

At the current absorption rate, Anne Arundel County has a three year supply of homes for sale. Compared that to short-sales where there is a 12 month supply of homes for sale in the county. But, lowest of all is the absorption rate of foreclosures with only a two month supply of homes.

The average sales price in Anne Arundel County for the first quarter of 2011 was $360,531. The average sales price for foreclosures during the same period was $201,150 and for short-sales $299,302. For foreclosures, that a 44% discount off regular sales, but, for short-sales there was only a 17% discount off regular sales. Regular sales are selling at 95.3% of their List Price, foreclosures are selling at 96.7% of their List Price, and short-sales are selling at 98.2% of the List Price.

Bargain hunters will be having a tougher and tougher time of it, since one the home is properly price positioned (regardless or whether or not it is a regular sale, foreclosure or short-sale), the discount is less than 5% off asking price. While there are always anomalies where there’s a big divergence between asking and selling prices, it more par for the course that homes when they sell, sell close to their asking price. In other words, if priced properly from the beginning, the delta is small and time on market is shorter.

Community Amenities in Blackwalnut Cove in Annapolis Maryland 21403

Community Amenities in Blackwalnut Cove in Annapolis Maryland 21403

Blackwalnut Cove is smaller neighborhood consisting of 112 homes located in Annapolis, Maryland. The homes, built in the mid-80′s are modest, two story homes with one or two car garages. Many back to the woods and most have large level lots. But the secret behind the stability and low turnover of homes in this Annapolis subdivision is the community amenities.

Blackwalnut Cove in Annapolis Maryland 21403

Only one home was sold in 2009 and only three homes in 2010. This year, 2011, is looking like only one or two homes that will come to market. Just a few homes have sold recently in the mid $300′s and while others have sold in low-to-mid $400′s.

Abby Park is Blackwalnut Cove’s best kept secret. Communities amenties such as playgrounds and piers are typically reserved for the exclusive use of the homeowners, their families and guests. Abbey Park features a wood train, a picnic area, and basketball court.

Abbey Park at Blackwalnut Cove in Annapolis Maryland 21403

Wooden Train Arrives at Station in Abbey Park, Blackwalnut Cove, Annapolis, Maryland

Water access to the Blackwalnut Creek is another feature of the community. There’s a path from the street between two homes that leads down to an over look and to a small boat ramp and storage area.

Blackwalnut Creek at Blackwalnut Cove in Annapolis Maryland

Peninsula Park is located nearby and features baseball fields, basketball courts, tennis courts and a playground. St. Anne’s School of Annapolis is also located nearby. St. Anne’s is an private Episcopal school according to their website “where students in Preschool through Eighth Grade learn to discover, accept challenge and practice leadership responsibilities”.

If you are interested in buying or renting a home in Blackwalnut Cove in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to sell or rent in Blackwalnut Cove in Annapolis, Maryland and want a professional consultation on current market conditions, please contact me at 410-923-3217 or e-mail me at showell@cbmove.com.

Warmer Weather Welcomes Favorite Activity

Coldwell Banker Market Watch - May 2011

Warmer Weather Welcomes Favorite Activity

The warmer weather is finally warming up everyone’s favorite Sunday activity. No it’s not watching football; wrong season and don’t forget, we’re talking about real estate here. At Coldwell Banker Residential Brokerage, our favorite Sunday activity is the grand tradition of holding an open house of course.

The open house is the classic way to introduce a property to the market and it is still quite an effective and popular method to attract buyers to a home.

For home sellers, here are some helpful tips to ensure that your open house event is successful. Ensure the outside of the home is as appealing as possible. Water and mow the lawn, trim the trees, cut back overgrowth and plant colorful flowers. Store bicycles, gardening equipment, children’s and pet toys away from view.

De-clutter and remove personal belongings like family photographs. Buyers want to imagine their own personal belongings in the space and too much stuff can distract them. Also ensure that personal belongings such as jewelry and medication are locked safely away.

Neutralize any strong odors and let the light shine through. Raise the blinds, open curtains and wash the windows. Don’t forget to change light bulbs throughout the home.

Open houses are just as important for home buyers as they are for the seller, as prospective buyers can assess and compare a large number of properties at once. Viewing a variety of homes can give you a much better idea of exactly what you desire in a property, and help you understand how much home you can afford.

Buyers should also agree upon a procedure with their real estate agent before visiting open houses. If you attend an open house and like the property, it is generally best to share that information with your agent who can then schedule a private showing and help you through the negotiation process.

If you don’t have time to attend an open house, just visit CBMove.com. With thousands of listings with at-a-glance details of property listings with multiple views, selecting the right home is a simple click away. You can search for your dream home by location, MLS number, property type and more.

You can also sign-up for email alerts for when new properties come on the market, prices change, and of course when open houses are scheduled. CBMove.com is also accessible via your smart phone.

If you want to learn more about the open house process, please contact me.

To see what specific real estate trends are taking place in your market area, view the graphs below and feel free to contact me so I can provide you with a detailed analysis. If you would like more information about how to successfully market your property during the winter season, please call me.

Anne Arundel, Baltimore, Baltimore City, Caroline, Carroll, Cecil, Culpeper, Dorchester, Frederick, Harford, Howard, Montgomery, Prince Georges, Prince William, Queen Anne, Somerset, Stafford, Sussex, Talbot, Washington, Wicomico, Worcester

March 2011 Baltimore Maryland Metro Region (including Annapolis and Anne Arundel County) MarketWatch

March 2011 Baltimore Maryland Metro Region (including Annapolis and Anne Arundel County) MarketWatch