Maryland Real Estate Market Update for Anne Arundel County July 2022

Maryland Real Estate Market Update for Anne Arundel County July 2022

  • Real Creative Group
  • 07/13/22
 

This is your monthly real estate market update for Anne Arundel County Maryland with James Bowerman and the Real Creative Group of Compass.

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: There are 138 homes coming soon to the market, which is 9 fewer than last month. Properties cannot be in the Coming Soon status for more than 21 days.
 
Active Listings: There are 913 properties currently active for sale. This is 158 more homes compared to last month, and a 7% increase compared to this time last year. For the second month in a row we saw a year-over-year increase in active inventory. Before this we have to go all the way back to May of 2019.
 
Under Contract: There are 1,255 homes under contract and no longer available to tour or purchase. This is 75 fewer properties compared to last month, and a 30% decrease compared to this time last year.
 
Homes Sold: There were 958 homes sold during the month of June, which is ironically the same number we saw in May, but a huge 25% decrease compared to this time last year. So not only are more homes coming on the market, but fewer homes are going under contract and being sold.
 

Anne Arundel County, MD Average Time on Market

The average days on market increased to 14 days, which means homes sold 1 days slower on average compared to the previous month. Another statistic on the rise is price reductions, which we saw 365 in the last 30 days, which is about 40% of the active listings.
 

Anne Arundel County, MD Average Home Prices

The average home sale price in Anne Arundel County in June was $565,934, which is a 12% increase compared to prices this time last year.
 

Closing Thoughts on the Real Estate Market in Maryland

The mainstream media has been circulating a lot of headlines, inciting fear and uncertainty, with terms like housing bubble and market crash. However, it’s just not true. The market is decelerating, it’s not crashing.
 
It’s like we’ve been traveling in a car with the petal to the metal doing 100 miles per hour for the last couple of years. Well, the driver finally took his foot off the gas, and now we’ve slowed to a speedy 95. This is a deceleration, but overall we’re still moving very quickly.
 
The last time we had over 1,000 homes active for sale was in October of 2020, which is also the last time we had more than one month of inventory. If we go back 5 years to July of 2017, we had 2,543 active listings, which was still considered low and a sellers market.
 
If you want to see something really interesting and kind of funny, check out the first ever market update video that I did in January of 2018. In the video I talk about it being a sellers market with only 2.5 months of inventory and an average of 45 days on market. Technically it has been a sellers market ever since I entered the business in 2015.
 
In addition to the gray hairs, a lot has happened since then. Ultimately, the changes we’re experiencing now are good for getting us back to a healthy, more balanced market. Buyers should take advantage of the shift, and sellers who think they will still be getting crazy offers might need to check their expectations.

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