As 2010 enters its last weeks, a look at market statistics provided by Metropolitan Regional Information System’s Real Estate Business Intelligence (RBI) Group shows a slightly improving market.
Here are 2010 year to date statistics for Anne Arundel County from RBI:
|Anne Arundel County||2009||2010||Change|
|Median Sales Price*||$299,000||$297,555||-0.5%|
|Sold Price as % of Original List Price*||91.0%||92.2%||+1.3%|
|Average days on Market Until Sold||131||109||-16.5%|
* Does not account for seller concessions
Even though the median price fell ever so slightly, the sold price as a percent of original list price ticked up by 1.3%, while the amount of time to sell expressed by average days on market fell from 131 days to 109 days.
According to RBI’s Baltimore Metropolitan Regional Report, current average sales and median sales prices are comparable to 1st quarter 2004 levels.
Closed sales, pending sales and new listings also are trending slightly higher. The gains in closed sales and pending sales may not be robust, however they are moving in a positive direction.
The future economic health of the real estate market will be dictated by the overall economic health of the country. Consumer confidence, unemployment, mortgage interest rates and government spending will continue to play key roles in shaping the real estate sector of the economy.
Charles Kraus, Associate Broker – Coldwell Banker Residential Brokerage