Severna Park, MD

From the Desk of Rich Shull...........

Market Statistics for Severna Park, MD in February 2009:

Number of Homes Sold - 7

Average Sold Price - $592,015

Median Sold Price - $575,000

Average Days on the Market - 203

Average Sale Price as a percentage of Average List Price - 83.39%.

Source: Metropolitan Regional Information Systems, Inc (MRIS)

I'm not a big fan of Average and Median Sold Price Numbers. Many variables can skew this data. A large sale ($1-$2 Million Dollars) can raise the average sold price but not be characteristic of what's going on throughout the entire market. In February, the bulk of the homes sold in Severna Park, MD (6 homes) fell between the price ranges of $450,000 and $899,999.

We know that the market has significantly slowed down but it bares repeating with the help of numbers. As you can see, it took an average of 203 days to sell these 7 homes in Severna Park, MD. 4 homes sold in less than 120 days while 3 homes took over 120 days to sell. The main theme I want to say here is that homes are still selling! No matter how "bad" the media or others say the housing market is, houses will sell. It may take close to 200 days in Severna Park, MD to sell them, but houses are selling.

So what's the 83.39% mean? Well, it means that a house, in February 2009 in Severna Park, MD, sold for 83.39% of the original asking price. In other words, if a house is listed for $100,000 it sold for $83,390 in February. It's called a contract sales price. It does NOT take into account factors such as closing costs or closing help (if any).

All this adds up to the simple fact that we all know....it's a buyer's market. If you're a seller, you need to be prepared to understand that you may not receive the full price you're looking for and you may need to entice buyers with incentives. If you're a buyer, you're looking at great deals with great interest rates.

One last thing to mention - we get it. Michelle and I understand that there are sellers who have put a lot of blood, sweat, and tears into their home and we want to help them, realistically, get all they can for the price of their home. If you're a buyer, we understand that you're sitting and waiting for the bottom of the market to hit before you buy. Question is, when will you know when the market bottoms out? Answer is, when the market makes a comeback and it's too late for great deals!

Never forget that freedom is not free. There are many men and women who are sacrificing for us at this very moment. Some have made the ultimate sacrifice, while others are recovering from injuries sustained fighting overseas. Here's one way you can help these heroes: http://www.anysoldier.com. Thank you to all the men and women at Fort Meade, The Naval Academy, Andrews Air Force Base, and everywhere around the globe for your patriotism and sacrifice.

Rich is a licensed assistant to Michelle Bowman of Keller Williams Select Realtors in Severna Park, Maryland. To learn more about Michelle Bowman, including contact information, please visit her website at www.michellebowman.com.

From the Desk of Rich Shull...........

Market Statistics for Severna Park, MD in January 2009:

Number of Homes Sold - 7

Average Sold Price - $592,015

Median Sold Price - $575,000

Average Days on the Market - 203

Average Sale Price as a percentage of Average List Price - 83.39%

Source: Metropolitan Regional Information Systems, Inc (MRIS)

I'm not a big fan of Average and Median Sold Price Numbers. Many variables can skew this data. A large sale ($1-$2 Million Dollars) can raise the average sold price but not be characteristic of what's going on throughout the entire market. In January, the bulk of the homes sold in Severna Park, MD (6 homes) fell between the price ranges of $450,000 and $899,999.

We know that the market has significantly slowed down but it bares repeating with the help of numbers. As you can see, it took an average of 203 days to sell these 7 homes in Severna Park, MD. 4 homes sold in less than 120 days while 3 homes took over 120 days to sell. The main theme I want to say here is that homes are still selling! No matter how "bad" the media or others say the housing market is, houses will sell. It may take close to 200 days in Severna Park, MD to sell them, but houses are selling.

So what's the 83.39% mean? Well, it means that a house, in January 2009 in Severna Park, MD, sold for 83.39% of the original asking price. In other words, if a house is listed for $100,000 it sold for $83,390 in January. It's called a contract sales price. It does NOT take into account factors such as closing costs or closing help (if any).

All this adds up to the simple fact that we all know....it's a buyer's market. If you're a seller, you need to be prepared to understand that you may not receive the full price you're looking for and you may need to entice buyers with incentives. If you're a buyer, you're looking at great deals with great interest rates.

One last thing to mention - we get it. Michelle and I understand that there are sellers who have put a lot of blood, sweat, and tears into their home and we want to help them, realistically, get all they can for the price of their home. If you're a buyer, we understand that you're sitting and waiting for the bottom of the market to hit before you buy. Question is, when will you know when the market bottoms out? Answer is, when the market makes a comeback and it's too late for great deals!

It seems no matter where you turn, the downturn of the global economy has been blamed on the collapse of the credit and real estate markets. Certainly lending did get out of hand and homes were used as ATM's for far too long. However, the link to gas prices and the collapse of the financial markets is rarely discussed.

Prior to Hurricane Katrina in the fall of 2005, the supply of gas suddenly diminished. Naturally, unrest in the Middle East and two wars were real causes for concern. Any wrinkle in the delivery and shipping of oil has a near immediate cause and effect reaction on the cost of crude oil. We can all remember the painful images and stories from the devastation of the Category 5 hurricane. In the midst of that tragedy, the entire world would soon see the price of gas and heating oil begin an up and sometimes down roller coaster for the next 3 years.

Lets face it, all markets are run by supply and demand. Whether it is a stock, commodity or real estate, prices are dependent on demand. While credit was easy to obtain and real estate prices seemed to have no ceiling, nothing stays the same forever. Once the concern turned to basic needs like being able to afford to drive to work, the flow of money slowed. Sure there were congressional meetings with CEO's being grilled, questions of speculation in oil but lets face it the reward of investing in real estate was now purely risk! Buyers and investors of homes fled.

While the cost of gas is now hovering at approximately $2 per gallon or roughly half of where it recently was, it is no longer in the headlines. In fact, the cost of gas is barely news-worthy. However, in the back of almost every consumers mind is the financial pain we all experienced over a three year time period and most feel that $2 gas is a temporary reprieve. It is only logical that big expenditures are now put. Is there a fix no, but a nice honest explanation of what happened and a realistic assessment of where prices are heading would certainly help people budget for their future.

This is a Severna Park Maryland real estate update for Saturday November 29, 2008.

As of today Saturday November 29, 2008 there are currently 193 homes for sale in Severna Park Maryland in our MRIS MLS System. These are fee simple homes for sale and detached single family homes. Severna Park Maryland is located east of Washington DC in Anne ArundelCounty Maryland and has proximity to Baltimore and Annapolis. Severna Park Maryland has great homes, neighborhoods, and some great subdivisions with reasonably priced single family detached fee simple homes for sale. Below is a current list of activity on single family homes for sale in Severna Park Maryland.

• 193 'Active' - Severna Park Maryland Homes
• 1 'Cntg/KO' - Severna Park Maryland Homes
• 7 'Cntg/NO KO' - Severna Park Maryland Homes
• 15 'Contract' - Severna Park Maryland Homes

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