In the Anne Arundel County real estate market, conditions remain stable, moving toward a balanced market beneficial to both buyers and sellers. The active inventory remains consistent as compared with this time last year, while the median sales price is slightly higher, increasing by about 3%. January 2019 found an increase in the number of new listings and current contracts, according to data from Bright MLS.
The 809 new listings in January 2019 represented a 5% increase over January 2018. Pending listings also had a increase, year over year, with the 676 current contracts indicating a 5% increase over January 2018. In contrast, units sold in AA County decreased year over year, by roughly 10%.
Prices in the Anne Arundel County real estate market continue to climb slightly year over year. The median sales price increased 3% over the county as a whole versus January 2018. The average sold price for an attached home in Anne Arundel County decreased slightly versus January 2018 while the detached, or single family, home average sold price increased during the same period. The sold dollar volume of homes in AA County dropped by almost 5% versus January 2018.
Homes spend an average of 90 days on the market, which is a decrease from January 2018. As prices stabilize, homes in good condition with current design trends, that are priced effectively, move quickly, favoring sellers. In contrast, if condition is poor and pricing does not align with the current trends, homes will sit on the market for longer periods of time. Condition and pricing are equivalent factors in effectively selling homes in Anne Arundel County.
Specifically, in Annapolis, active inventory declined year over year while median sales price increased by 8%. Both days on market and months of supply increased as well. In the Broadneck area, active inventory declined, median sales price increased by roughly 4% and the days on market decreased, all good statistics for sellers. The Severna Park market also showed a decrease in active inventory, an increase in median sales price and a decrease in days on market.
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