Real Estate Market Update in Anne Arundel County MD for April 2020

April 02, 2020

Real Estate Market Update in Anne Arundel County MD for April 2020

This is your monthly market update for Anne Arundel County. I am James Bowerman with the Real Creative Group of Douglas Realty.

I want to touch on some things and go through the numbers, talk about the market, but first and foremost I hope that you are well, I hope your family is well. Everybody is coping as well as they can during these difficult, unprecedented times.

A lot of challenges to overcome, and I’m going to do everything that I can to help. I’m planning on doing a lot of content this month. Scheduling out with, first this market update, but every Friday I’m going to be hopping on and trying to give some help and insight on topics.

Tomorrow I want to touch on morning routines, and time blocking, and how that has helped me. Specifically shifting and working from home, staying productive. Also, have a lot of other great things on the calendar.

Every Monday I’m going to be doing a restaurant gift card giveaway for the week. Have a lot of great interviews lined up. I have one lined up next Thursday with my staging consultant. We’re going to be talking about how to go about decluttering your home, as well as setting up a home office.

And then also going to be doing some virtual home buyer seminars as well. Going to be interviewing my CPA and talking about all the programs available to small businesses, because there’s a lot of misinformation going around out there, so trying to give some insight on the programs available and who can apply for those, and what are some of the restrictions on those as well.

On that note, going to jump into the market update. So, let me see if this works here. You can see the numbers, coming soon. We did see a decrease in coming soon down to only 116. With everything going on it’s not too surprising.

I’m going to be talking about some different numbers here, as far as showings coming off the market, but real estate agents have been labeled as essential, so we’re still able to go out and make sure that our transactions do close.

Working with our buyers, working with our sellers, working with those parties involved. Such as inspectors, appraisals, the lenders, title companies. Lots of changes, but getting deals done and you’ll see that in some of these numbers here.

There are 1,420 active homes for sale. I thought it was interesting that it’s actually the same number that was active last month, so that number hasn’t changed at all.

Usually we see an uptick in the inventory, but we’re kind of, just flat lining right now. Under contract. Let me jump back up here. 1,468 homes under contract. That was a decrease over last month.

Again, not too surprising to see those numbers go down with the inventory kind of, staying stagnant and not going up. Now, these numbers down here, I want to touch on. Very interesting and I usually don’t show these, but because of what’s going on I feel this gives a little bit more insight into it.

242 homes temporarily off the market. Now, what that means, is these homes have been temporarily placed on hold, essentially. They’re not active, you can’t go look at them, sellers are basically saying, “Hey, I don’t want people in my home. I’m not comfortable, we have the stay at home order, and I just want to temporarily take it off.”

This is the current number of homes in Anne Arundel County that are temporarily off the market. And then we have withdrawn, which is also very telling. In the last 30 days we’ve had 112 homes withdrawn and taken off the market, so that’s another option that we have in the MLS, where instead of temporarily off, just taking it off altogether, withdrawing it. They can come back on, but right now they’re not showing, they’re not interested in marketing the home.

And then this last number, 847. You can see that’s highlighted. I thought this was very interesting, and it shows you that deals are still getting done. 847 homes closed last month. That’s a 25% increase over what we saw in the previous month, in March.

Again, homes are still closing. Things are different, but we’re still able to handle settlements, we’re still seeing a lot of properties go under contract really quick with multiple law firms, so the market was really hot going into this, and it’s still kind of there.

It’s difficult to say how motivated some of these sellers are, as far as what they’re willing to sell the property for, but in a lot of cases we’re seeing it exactly the same as it was.

Multiple offers over this price, very competitive, but it’s a good sign to see that the real estate market is moving forward and people are still able to do deals.

Let’s talk about consideration. So, this segment is typically called curative consideration. This is your real estate market update for Anne Arundel County, and my considerations for this month would be, stay at home.

If you don’t need to buy, if you don’t need to sell, just don’t worry about it. Stay at home and wait it out. If you are in a situation where you do need to buy, under extreme circumstances, or you do need to sell, it’s still a great time. It’s still a great time and we’re still able to do it.

Again, there are restrictions and changes. It’s day to day. We’re getting new updates week to week, but day to day. This week we saw the Marilyn Association Realtors put out something saying that, “We really don’t want consumers going to properties since they’re not listed as essential.”

In a lot of cases they’re suggesting that we go and we leverage technology. Real estate agents can go to a property, we can use Face Time, we can use other tools to virtually show the property.

There’s a lot of technology available online using the Matterport cameras, or the 3D Homes, but creating virtual tours as well where we’re driving buyers to see the properties online and kind of, filter it out that way.

If you’re not in need of buying right now, if you’re not in need of selling just stay at home and don’t create anything that’s unnecessarily going to expose you or your clients, or even get fined with what’s going on with the stay at home order.

That’s all I got, as far as the market update. If you are in a situation where you do need to buy or do need to sell I am still actively able to go out and help you, or to do virtual showings. We’ll figure out ways to get through this, but stay well, stay healthy, thank you so much for watching, and take care.