AA county is very stable, has a few foreclosures, but well below average, but also the teaser rates that buyers got in the last 3 years (As loow as .99%) will begin to esculate in the next two years - then we might begin to see some more foreclosures - but it the govmnt steps in and makes the mortgage holders not increase their rates (glad I own no stock or was an investor) will be very damaging to the lenders and a gift to the buyer who stepped out on the thin ice, figuring that they would be ok!
Good Luck on your potential puchase - remember real estate is still the best long term investment you could ever make!
Total Sold Dollar Volume: 11/08 = $14,748,850 vs. 11/07 = $14,231,456 -- Change: UP 3.64%
Average Sold Price: 11/08 = $526,745 vs. 11/07 = $592,977 -- Change: DOWN -11.17%
Median Sold Price: 11/08 = $379,500 vs. $437,450 -- Change: DOWN -13.25%
Total Units Sold: 11/08 = 28 vs. 11/07 = 24 -- Change: UP 16.67%
Average Days on Market: 11/08 = 142 vs. 11/07 = 128 -- Change: UP 10.94%
Average List Price for Solds: 11/08 = $648,726 vs. $716,092 -- Change: DOWN - 9.41%
Average Sale Price as a percentage of Average List Price: 11/08 = 81.20% vs. 11/07 = 82.81%
Total NEW listings: 58
Total Properties Marked Contract: 21
Total Properties Marked Contingent Contract: 8
Total NEW pendings (Contracts + Contingents): 29
These statistics were pulled from MRIS, as of 12/08/08. (December's stats should be out soon.)
I think these numbers help to support my position: I believe the Annapolis area has been impacted by our local, as well as, national economic conditions; however, I also believe we're stabilizing.
In my opinion, the trick to turning around this market is for Buyers to focus on what's real; their lives, the stability of their jobs and their financial situation; as well as, their objectives. Some, if not many, would probably determine, "...it's a great time to buy!"
Putting fear aside and focusing on "what's real" -- that's the trick.
But i feel that we are still headed towards more rough waters before this crisis is over. .
"The number of homes sold in Anne Arundel County plunged 42 percent in November, the biggest drop in nearly a decade. The Metropolitan Regional Information Systems Inc. reported buyers bought only 346 county homes last month, down from 596 in November 2006...According to MRIS, the number of active listings last month stood at 4,243, up from 3,796 in November 2006. The homes that sold last month sat on the market for an average of 120 days, 33 days more than November 2006, MRIS figures show." (Source: Capital Online http://www.hometownannapolis.com/cgi-bin/read/2007/12_11-10/TOP)
These are difficult times for everyone. Sellers find it hard to find buyers, while buyers are afraid to go ahead given the uncertainty that persists in the market and the talk about the possibility of recession.