In the Anne Arundel County real estate market, conditions continue to remain stable. The number of new listings, 895, is up 1% versus a year ago while current pending contracts are up 10% year over year. While the number of listings and sales is increasing, the sold vs list price ratio dipped slightly (0.7%) while the months of supply increased to 4.0, a 13 % increase over February 2018.
The total units sold in AA County decreased 11%, year over year, but the active inventory is up 1%. Lack of inventory has been a hurdle for many buyers so, although slight, this is a positive trend for the buyer market. The median sales price also increased slightly, by 1%, while the days on market increases 15% 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 decreased by 5% to $405,000 while average days on market increased to 102, showing a slight trend away from a predominantly seller’s market. New listings and current contracts is also down, year over year in this market.
Severna Park also followed the trend of a decrease in median sales price ($620,000) while showing an increase in days on market, up to 110 days. New listings and current contracts increased in the market, whereas the sold vs. list price remained the same as compared to February 2019.
The active inventory in Annapolis increased 7%, year over year, while the median sales price dipped by 1% and the average days on market decreased by 27%. New listings in this area increased by 6% while the current contracts, as compared to 2018, decreased by 20%.
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.