This is your monthly real estate market update for Anne Arundel County, Maryland, with James Bowerman and the Real Creative Group of Douglas Realty.
Anne Arundel County, MD Housing Inventory
Let’s take a quick dive into a few of the metrics for Anne Arundel Counties housing inventory.
Coming Soon: 92 homes coming soon to the market within the next 21 days, which is 21 less than last month.
Active Listings: 797 properties are currently active for sale on the market. This is 81 fewer homes compared to last month, and a 16% decrease compared to last year.
Under Contract: 1,502 homes are under contract and no longer available to tour or purchase. This is 78 fewer homes compared to last month, and an 18% decrease compared to last year.
Homes Sold: 955 homes sold during the month of October. This is 94 fewer homes compared to last month, and an 18% decrease compared to last year.
Anne Arundel County, MD Average Time on Market
The average days on market for increased to 20 days, which is 4 consecutive months of days on market increasing.
Anne Arundel County, MD Average Home Prices
The average home sale price in Anne Arundel County increased nearly 3% to $503,866 last month, and up 8% compared to last year. The average sold to list price percentage stayed at 100.6%.
In the past 30 days, there have been 219 price reductions in Anne Arundel County, which is about 25% of all active listings.
Closing Thoughts on the Real Estate Market in MD
Zillow announced this month that they are halting their iBuyer program and laying off 25% of their employees. Apparently they were relying too much on their Zestimates to purchase homes and losing tons of money when they tried to resell them for less than what they paid.
The Fed announced that interest rates will be increasing in 2022. Experts are also predicting that home prices will continue to appreciate steadily next year. This means that purchasing a home will be more expensive, and will certainly drive some home buyers out of the market.
We still have less than one month of inventory and falling, which is typical this time of year. Inventory should begin to rise again in February or March, depending on how bad winter gets here in Maryland.
Therefore, because of the low inventory and rising interest rates, I do expect to see the market remain very competitive through the end of 2021 and into next year.