In the Anne Arundel County real estate market, the number of new listings, 1395, is consistent with March 2018 but up from February’s numbers, a typical trend as we move into the busier spring real estate market. Current pending contracts are up 5% year over year and 35% from February 2019, indicating good buyer presence in the market as interest rates remain favorable. Both the sold vs list price ratio in the county and the months of supply remained the same year over year while the median sold price increased by a small margin to $335K over the county.
The total units sold in AA County decreased 5%, year over year as did the active inventory. Lack of inventory has been a hurdle for many buyers so, although slight, this still poses a challenge for the buyer market. The median sales price also increased slightly, by 2%, while the days on market increased 2% year over year. Sellers need to ensure their house is in great condition and is priced appropriately for the market in order to maximize the exposure and potential for a quicker sale.
In the Arnold and Broadneck area, the median sales price increased 23%, year over year, to $438,250 while average days on market increased to 87, showing a slight trend away from a predominantly seller’s market. New listings and current contracts also increased, year over year, in this market, which is a positive trend for buyers and sellers in this market.
Severna Park showed a slight decrease in median sales price versus last year while also showing a decrease in days on market of 28% (average of 60 DOM). New listings were down by 13% whereas current contracts increased 24% versus this time last month
The active inventory in Annapolis decreased 2%, year over year, while the median sales price dipped by 8% and the average days on market decreased by 30%. New listings in this area also decreased by 6% while the current contracts, as compared to 2018, increased by 21%.
Condition of the home continues to be as important as positioning in the current real estate climate. Sellers must work to stage and prepare their houses for the critical eye of the buyer while also remaining realistic on pricing. Buyers should move quickly on homes that are priced effectively and in good condition, as these homes seem to move more quickly in the marketplace.