Here are the latest numbers on home sales, for December 2011 vs December 2010 for Anne Arundel County:
Average Discount Off Original Price: 11%
Average Days on the Market: 141 (up 17.5%)
Number of Homes for Sale: 2,688 (down 14.64%)
Total Sales: $132,697,257 (up 1.67%)
Average Sold Price: $345,566 (down 1.51%)
(Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data Copyright 2012 – Information deemed reliable, but is not guaranteed.)
While the sales numbers are not quite as rosy as November's, the lower inventory provides some upward pressure on prices, along with the continued extremely low interest rates.
A statistic was just published about people in higher-end homes. As you may know, I have been saying for the past year that it is a good time to sell a modest-priced home and buy a higher-priced home. That's because modest price ranges have gone down some, but the high end has dropped a lot more.
It was just published that the largest increase in mortgage defaults and foreclosures is in the Jumbo mortgages.
These distressed properties soften home prices even more because they increase the supply of houses on the market that are sold at a discount. That's exciting for people who have wanted to buy up and haven't been able to afford the house of their dreams.
Are you thinking of doing something with a higher-end home? Or do you know someone who is?
If your answer is yes, let's talk.
