The inventory of available homes for sale in Anne Arundel County – which includes Annapolis Maryland – has dropped to 2,289 units at the end of November 2012. Inventory has been on the decline for several months now while sales continue at a steady pace. This slowly diminishing inventory mans there is now 4.9 months of inventory available in the county. When the real estate market has more than six month supply of homes for sale, it is generally considered a “buyer’s market”; when there is less than a six month supply of homes, it is generally considered a “seller’s market”.
As we transition from the fall selling cycle through the holidays (December is often the slowest month for real estate) and into winter, what remains to be seen is whether or not inventory will increase or decrease. It is likely that sellers have been sitting on the fence waiting to see the outcome of the presidential elections (now we know) and what will happen on the precipice of the Fiscal Cliff (we dont’ know yet).
In the fall of 2006 inventory levels increased month over month until we reached the spring market of 2007 when sales plummeted. The signal then was swift and sharp but we did not know what to make of it during the six month transition from strong sellers market to strong buyers market. Inventory in January and the months that follow leading up to the 2013 spring market could suddenly trend upward or continue to spiral downward. A downward trend should be accompanied by sales prices stabilizing and perhaps even increasing.
The Anne Arundel County waterfront marketplace has 315 active listing. The minimum asking price is $115,000, the average is $1,236,070, with a maximum asking price of $9,995,000. These homes have been on the market for an average of 307 days.
There are currently 59 Anne Arundel County Maryland waterfront homes under contract. The minimum asking price is $179,000, the average is $1,003,093, with a maximum asking price of $8,500,000. These homes have been on the market for an average of 207 days.
There were 98 waterfront homes sold in the last 90 days in Anne Arundel County Maryland. The minimum asking price was $54,900, the average was $852,383, with a maximum asking price of $4,990,000. These homes were on the market for an aveage of 180 days. The minimum sold price was $45,000, the average was $796,498, with a maximum sold price of $4,400,000 for an average sale price to original list price of 84.69%.
With about 31 waterfront homes sold per month on average over the last 90 days there is 10.2 months of inventory. It remains a buyers market for waterfront homes in Anne Arundel County.
To see any Anne Arundel County Maryland waterfront estate listed in the MLS or to setup a personalized search for your new waterfront dream home, contact me at firstname.lastname@example.org or call me at 410-923-3217 to discuss your requirements for your next home.
NOTICE: All data about Anne Arundel County Maryland waterfront homes is as of December 1, 2012. The charts (if included) track one or more leading market indicators, are updated on or about the 10th of every month, and are interactive (so go ahead and click on them!). 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.