Stephen Howell

You might have read the online story from Business Week's June 29, 2009 issue titled Where Housing Will Be In 2012.  I was anxious to learn that the Baltimore-Towson metro area has a projected decline of 14.8% and Maryland overall has a project decline of 12.3%.

Metro: Baltimore-Towson
What a Home Will Be Worth in 2012: $214,692
Q4 2008 price: $252,000
Projected price change by MSA: -14.8%
Projected price change by state: -12.3%

Source: BusinessWeek - What Your Home Will Be Worth in 2012

Further drops in home prices would certainly be unwelcome by most homeowners especially those who might need to sell in the next few years.

In Anne Arundel County where the Average Sold Price of a home in July 2009 was $355,099, our local housing market has declined 10.82% from this time last year according to MRIS, our local MLS.

The forecasted decline in home values could mean that the Average Sold Price could drop to $310,545 in Anne Arundel County over the next two years.

If you want to know if the Annapolis, Anne Arundel County and/or Maryland housing market has stablized, see for yourself instantly at www.AnnapolisMarketConditions.com.

Has the local area real estate market stabilized? Now is not the seller's market of we had in 2004 and 2005. The local area real estate market in Anne Arundel County declined slightly in July continuing the buyer's market trend. Sale volume and sales prices were down month-over-month and year-over-year. And, since April, May and June are often the best selling months of the real estate cycle, the dog days of summer lie ahead. Economic stimulus continues to drive sales of the entry level priced homes (those between $0-500K) but hasn't had much effect other price points. Now that August is here the local real estate market may suddenly slump.

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace improved 1.3% in May. The Baltimore Metro Home Price Index for the same period declined 0.2%. The Anne Arundel County Index also declined 0.3%. And, the Annapolis Index declined 4.9% in May over April.

The total sales volume for Anne Arundel County was down 11.6% in July over June. The number of units sold was down 11.8% and the number of active listings was down 10.4%. The number of pending sales was down 7.2%. The average sold price was up slightly 0.2% from $353,284 to $354,120. There were 426 units sold in July down from 483 units sold in June.

The total sales volume for Annapolis was down 9.7% in July over June. The number of units sold was down 4.9% and the number of active listings was down 2.5%. The number of pending sales was down 32.9%. The average sold price was down 5.0% from $433.409 to $411,423. There 77 units sold in July down from 81 sold in June.

Sales activity is likely to slow in August as summer wanes and buyers and sellers alike take end-of-summer vacation. Sellers may see declining prices while buyers will benefit from low prices, low interest rates and plenty of inventory.

In Conclusion

If you are thinking about making a change, let us help you take advantage of these trends. So, if you're buying or selling a home or know someone who is, for a confidential, private, professional real estate consultation without any obligation, contact Stephen Howell at 410-923-3217.

Are we past the bottom of the market are do we have a ways to go? Many indicators suggest that have in moved beyond the bottom of the market. Pending sales in Anne Arundel County are up month over month for the fifth month in a row. This is a very good sign. There is no guarantee that the trend will continue. As economic conditions improve buyers who were once sidelined may now be in the market looking for a new home and buyer!!! But sellers beware; August is just around the corner and is typically one of the slowest months in real estate. So it is entirely possible that the market could hit a sudden slump.

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined 1.2% in March. The Baltimore Metro Home Price Index for the same period declined 2.0%. And the Anne Arundel County Index was up 1.4%. The Annapolis Index was also up 2.6% in March over February.

The total sales volume for Anne Arundel County was up 18.5% in May from April. The number of units sold was up 16.8% and the number of active listings was down 7.6%. The number of pending sales was up down 1.2%. The average sold price was down up 1.4% from $ $349,031 to $353,985. There were 410 units sold in May up from 351 sold in April.

The total sales volume for Annapolis was up 21.8% in May from April. The number of units sold was up 24.6% and the number of active listings was up 2.0%. The number of pending sales was down 5.1%. The average sold price was down 2.3% from $489,616 to $478,572. There 71 units sold in May up from 57 sold in April.

The quickening sales pace is likely to slow in June and July and summer begins. Sellers may see stability in prices but buyers will continue to benefit from lower prices, low interest rates and excess inventory.

In Conclusion

If you are thinking about making a change, let us help you take advantage of these trends. So, if you're buying or selling a home or know someone who is, for a confidential, private, professional real estate consultation without any obligation, contact Stephen Howell at 410-923-3217.

Are we at a tipping point or do we still have a long way to go? Many indicators suggest that have reached a tipping point. While pending sales in Anne Arundel County were up over last month, there are still more listings coming onto the market than coming off. Overall inventory levels declined in the county, while Annapolis remains about the same level. The activity continues to be in the $0 to $499K price range. Although activity and prices remain below that of this time last year, there are signs that the market is starting to stabilize. A large inventory, low interest rates, hesitant buyers, stubborn sellers best describe current market conditions.

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined 2.3% in February. The Baltimore Metro Home Price Index for the same period declined 0.2%. And the Anne Arundel County Index declined 1.1%. The Annapolis Index was up 4.5% in February over January.

The total sales volume for Anne Arundel County was down 14.3% in April from March. The number of units sold was down 7.4% and the number of active listings was down 5.7%. The number of pending sales was up 84.8%. The average sold price was down 7.5% from $380,072 to $351,605. There were 326 units sold in April down from 352 sold in March.

The total sales volume for Annapolis was down 5.2% in April from March. The number of units sold was down 6.6% and the number of active listings was up 0.4%. The number of pending sales was up 52.6%. The average sold price was up 1.5% from $482,453 to $489,616. There 57 units sold in April down from 61 sold in March.

The quickening sales pace is likely to continue for May, June and July. However, it may be mid-summer before sellers see stability in sales prices. Buyers will continue to benefit from lower prices, low interest rates and excess inventory.

In Conclusion

If you are thinking about making a change, let us help you take advantage of these trends. So, if you're buying or selling a home or know someone who is, for a confidential, private, professional real estate consultation without any obligation, contact Stephen Howell at 410-923-3217.

Have we turned a corner? Has the market shifted? Has spring finally arrived? Many indicators suggest that we have turned the corner. There is statistical and anecdotal evidence that a new market is evolving. Pending sales at the end of March in Anne Arundel County were at 697, up 74.7% from February. There were 45.1% more units sold in March than in February. We are seeing multiple contracts and escalation clauses for well priced properties. Homes priced below $400,000 are selling while more expensive properties continue to sit. Across the U.S. there were 3.2 million homes for sale in February, up 2.6% from January. We have a 9.1 month supply of homes nationally and a shadow inventory that is estimated at 700,000 homes. We're not out of the woods yet but were getting there!

The S&P/Case-Shiller Home Price Index for the Washington DC marketplace declined again in January. The Baltimore Metro Home Price Index for the same period declined 4.0%. And the Anne Arundel County Index declined 0.8%. Only the Annapolis Index was up 5.2% in January over December 2008.

The total sales volume for Anne Arundel County was up 50.4% in March from February. The number of units sold was up 45.1% and the number of active listings was down 4.2%. The number of pending sales was up 74.7%. The average sold price was up 3.7% from $365,599 to $378,054. There were 338 units sold in March up from 233 in February.

The total sales volume for Annapolis was up 43.9% in March from February. The number of units sold was up 64.9% and the number of active listings was up 7.2%. The number of pending sales was down 0.9%. The average sold price was down 12.7% from $552,930 to $482,453. There 61 units sold in March up from 37 sold in February.

The quickening sales pace is likely to continue for several more months. However, it may be early summer before sellers see stability in sales prices. Buyers will continue to benefit from lower prices and excess inventory.

In Conclusion

If you are thinking about making a change, let us help you take advantage of these trends. So, if you're buying or selling a home or know someone who is, for a confidential, private, professional real estate consultation without any obligation, contact Stephen Howell at 410-923-3217.