Well here we are getting excited at .9 months worth of inventory in Anne Arundel County real estate. But when we've been sitting on a completely empty tank for so long this is really good news!
A healthy, balanced market will have about 3 months worth of supply. So, the market is still leaning towards seller's though we expect to see normal, seasonal increases in inventory really start hitting in July as school is out for the Summer and people are thinking about moving.
| Statistic | Jun | YoY | MoM |
|---|---|---|---|
| Total Sold Dollar Volume | 526,288,355 | 17.1% | 2.4% |
| Closed Sales | 953 | 25.8% | 0.1% |
| Median Sold Price | $451,500 | 3.8% | 1.9% |
| Average Sold Price | $565,633 | 12.6% | 1.6% |
| Median Days on Market | 6 days | 0% | 20% |
| Average Days on Market | 13 days | 18.2% | 18.2% |
| Median Price per Sq Foot | $238 | 9.2% | 1.3% |
| Average Price per Sq Foot | $259 | 10.2% | 0% |
I've been seeing so many doom and gloom posts about the local real estate market lately, surprisingly from real estate agents. But we really think it's important to give you the facts rather than conjecture. And, we've got our fingers on the pulse of the local market. We're in the trenches every day and can definitely tell you the sky is not falling on our real estate market.
Here's what is happening:
1. Inventory - Homes are staying on the market a few days to a few weeks which is leading us to more of a healthy balance. This shouldn't cause panic. Your home has not lost value, it's just not gaining as quickly as buyer interest is cooling in part due to interest rates. Wise agents are educating their buyers that a 5% or 6% rate is still so low, historically, and that the low rates prompted by the pandemic were not sustainable. The government cannot lend money at 2% and 3% interest indefinitely.
2. Values - Price reductions are a "thing" again, but prices are still at record highs. Some seller's are trying to reach top of market pricing in a cooling market but this is not the market to expect a big push over comparable sales values. Don't overprice your home. Be prepared to consider closing cost help or paying to buy down the rate for your buyer to make your home the top choice. The cost of those incentives can be added to the price in most circumstances.
3. Days on Market - The best prepared and priced homes are still selling in days and multiple offers are a possibility. Make sure you have the right real estate team on your sale. We'd love to help and free home staging is included in our full service listing package.
Give us a call at (410) 721-6694 if you have questions about the value of your Anne Arundel County home! Or visit on online at FortMeadeHomes.com/Selling for a free, no-obligation market value analysis and information about listing your home for sale with the Fort Meade Real Estate experts at The Roskelly Team.
