I have been saying for some time now that it is a sellers market, not enough inventory for the buyers, homes are selling fast, and Sellers are getting over their asking price and multiple offers. Yet, here you have your home on the market and it's been on the market for awhile and it hasn't sold. What's the problem? Buyers have fewer options than usual right now, so with limited choices and your home not selling, there is a reason. Perhaps it's because the home is overpriced.
With today's h...
The spring market has arrived and it is anything but a typical market. Buyers are still finding a lot of competition, as home shoppers compete for a still-limited number of homes for sale. Inventory is shrinking in some markets, and new listings are still way below historic trends.
In our region, sellers are still in the drivers seat. Sellers who closed on their home in April received an average of 3.5 offers. More than half (53.5%) ended up closing at a price above their original asking price...
Time to get the stats on the real estate market in Anne Arundel and Queen Anne's County. Are we still in a sellers market? Are the sellers still getting the prices they were a few months ago? Has foreclosures increased recently? What do you think?
Let's start with Queen Anne's County
New listings: 48
Down 9.4% from November (expected. During holiday season). But it's also down 14.3% from Dec 2021
New Pendings: 38
Down 32.1% from November
Well, we made it to the end of another year and entering a new year. What is in store for us in the coming year? Let's just highlight what is expected.
Where the Housing Market is Headed In 2023
- NAR (National Association of Realtors) predicts 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022.
- Annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.
So here are the statistics for October 2022. I have attached charts so you can see for yourself of the changes in the market. The drops are expected since the average mortgage rate being firmly in the 7% range and that it is holiday season.
For Anne Arundel County, everything has dropped from September 2022. The listings, pendings, closed sales and even the median sold price.
Queen Anne County is the same except the median sold price went up from September 2022.
So, its still a sellers mark...
