Anne Arundel County home sales have dipped slightly and inventory remains low as the market enters the fall season. In the last 30 days there were 947 closings in the county according to the MRIS listings. That was somewhat lower than the 1164 closings that took place in the 30 days previous to that, and 1194 closings that took place 30 days behind those.
“It’ll be busy with new contracts probably until the middle of November,” said local Keller Williams realtor Beverly Langley. Langley has been selling realty for 45 years now and averages over 100 home sales each year as a single realtor, working without a team.
“We’re constantly seeing houses sell, and sell fast,” she said. “If they’re priced right they’ll sell within 10 days.”
The housing market is no longer running as red hot as it was in the spring of this year, when bidding wars were common, and many buyers were paying more than top dollar to land their new home. Some were even passing on measures once considered essential before buying a new home, like home inspections.
I would say it’s easier now than it was,” Langley said. “In March and April I had many people tell me they had tried to buy (a home) five to ten times and stopped trying.”
Langley estimated she lost up to 20 potential buyers because they were unable to purchase a home in the immensely competitive, overheated market conditions of spring 2021. Although things have relaxed slightly, inventory may remain low for several years moving forward, as there are more buyers, particularly Millennials, than there are houses to purchase.
The veteran realtor said she has noticed some residents are moving out of the are to get what they want.
“I don’t think they’re going to get the American dream house in their first purchase,” she said. “I will tell you a lot of these young people that are raised here want to go south. They refuse to stay in a townhouse or they’re already (working) virtual.”
One client, she noted, just bought a 3,000 square foot home in Texas for a lesser price than they had previously bought their first smaller home here for. Home values have jumped dramatically in the county in the last year.
“What I’m hearing is values went up 8 to 15 percent depending on zip code,” Langley said.
And new home construction is also in heavy demand. New homes are in demand to the point that some developers are offering lotteries to potential buyers, because they only have a limited number of new models they can sell, Langley reported. She said in her five decades of realty, she had never come across that practice before.
“They’re prices really went up big time,” she said. “I’ve had some builders taking the prices up every four weeks in the spring and summer.”
Although Anne Arundel County can be a challenging market for buyers, she said property here remains a solid investment.
“What it proves is that Anne Arundel County is a very good place to buy,” she said. “It’s a very safe investment, but they’re not going to get deals.”
MRIS data indicates there are 1001 homes currently listed for sale in the county. The majority of those that were closed on in the last 30 days were listed for between $200,000 and $400,000 (405), with another 306 selling for between $401,000 and $600,00, There were 35 homes sold for over $1 million and 38 sold for between $50,000 and $200,000.
Langley expects sales to slow further after November comes and potential buyers start to focus more on the holiday season. But she is comfortable with what the market has brought her this year, as she is on track to have sold more than 100 homes again by year’s end.
“For me to do 100 in this year with low inventory is pretty good,” she said.