Annapolitans have lived in Annapolis Maryland’s Historic District since its founding in 1649 and incorporation in 1708. Annapolis is the sailing capital of the world, as well as being the state capital of Maryland. It’s also home to the United States Navy Academy and St. John’s College. Annapolis also hosts the annual in-water Sailboat Show followed by the Power Boat Show each October where buyers and dreamers alike can board world-class sailing and motor yachts. Now a popular tourist destination where visitors arrive by land and by sea, Annapolis Maryland offers a water oriented lifestyle not found elsewhere in the world.
No matter whether you’re looking for the elegance from the Federal period or the charm of the Victorian period, today buyer’s can find restored and ready for restoration homes from historic periods of the 1700′s, 1800′s, and 1900′s located just steps away from the hustle and bustle of downtown nightlife, excellent restaurants to choose from, City Dock and the yachts berthed along Ego alley. Annapolis Maryland is well located for commuting to Washington DC and Baltimore Maryland. Nearby Fort Meade, NSA, and other government contractors, as well as private sector companies have promoted a stable job market and local economy.
It may seem premature to prepare for the spring selling season now, but the reality is spring is just around the corner. Whether you’re thinking of putting your home on the market or planning to buy a home, right now is really the prime time to meet and discuss your options. The declining inventory could mean market conditions will favor sellers this spring more than buyers. Low interest rates, even on jumbo mortgages, means homes are more affordable than they been perhaps in our lifetimes.
The chart below tracks current real estate market trends for Annapolis Maryland in the 21401 zip code where Historic Annapolis homes are located and shows active listings and new pending sales over the last year. The chart below is a dynamic and is updated about the 10th of each month to reflect that the latest trends in real estate.
There are 10 Historic Annapolis homes under contract today. The average asking price is $717,040, and they have been on the market an average of 161 days. The minimum asking price for Historic Annapolis homes under contract is $299,000 and a maximum asking price of $1,875,000.
In the last 90 days there were 8 homes sold in the Historic District in Annapolis Maryland. The average list price was $599,738 and they were on the market for an average of 181 days. The minimum list price for sold listings was $399,000 and a maximum list price of $850,000.
The average sold price for Historic Annapolis homes in Annapolis Maryland during the period was $576,125 for a 89.99% sold-to-list ratio off their original list price. The minimum sold price was $370,000 and a maximum sold price of $770,000. The average seller subsidy paid was $1,750 and a maximum of $14,000. Seller subsidies are typically further reduce the net proceeds paid to the seller by that amount and are usually paid at the time of closing.
With less than 3 Historic Annapolis homes selling each month, there is about a 10 month inventory of homes for sale in Historic Annapolis in Annapolis Maryland. When inventory is less than six months, this is generally considered a “seller’s market”. When inventory is more than six months, this is generally considered a “buyer’s market”. Current conditions suggest that it is a “buyer’s market” in Annapolis Maryland Historic District.
NOTICE: All data as of March 26, 2012. Information believed to be accurate, but should not be relied upon without verification, is made available “As Is” and subject to revision at any time without notice.