The Startling Market Update That You Need To See

The market is still a strong seller’s market with incredibly low inventory.

Today we’re taking a look at the real estate market in Anne Arundel County. We’ll be comparing February 2023 to February 2022.

To start us off, we were down about 24% in the number of units sold year over year. The sale-to-list-price ratio was also down below 100%, with homes selling at 98.4% of their list price. The biggest change was the number of new listings. This was down by 39.6%.

What these numbers tell us is that this is a fantastic time for sellers to get into the market because inventory is shockingly low. When homes are priced correctly, we are still seeing multiple offers, and most sellers have a very good equity position due to double-digit appreciation over the last few years.

Do we expect to see a sudden increase in inventory throughout the spring? Probably not. The number of new listings is down so far that it will take some time for that market to normalize. That doesn’t mean that buyers should be wary of entering the market, though. Rates have come down slightly, which is good news. The important thing for buyers to remember is that they need to get pre-approved, come in with a strong offer, and not expect to buy anything with a home to-sell contingency.

Remember, if you have any questions about the state of the market or real estate in general, please do not hesitate to call or email us. We’d be more than happy to help you with all of your real estate needs.

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The data relating to real estate for sale on this web site comes from MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than The Donnelly Group of Keller Williams Integrity are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified.