Real estate in Annapolis and surrounding neighborhoods trending upwards
Annapolis and surrounding neighborhoods as a whole continue to trend upwards.
In fact, the Anne Arundel County median sold price of $393,613 was up 17.02% at the end of June compared to last year.
Certain zip codes in Anne Arundel County are showing a faster rise in prices due to demands and inventory shortages.
- 21401: the average sold price is up 18.26% to $540,748 over June 2011
- 21403: the average sold price is up 45.45% over last year to $584,296
- 21409: prices increased 6.32% over last year to an average sold price of $458,358
- 21032: up 54.17% to an average of $597,429 over last year this time
- 21037: up 32.13% to $468,066 compared to last June
The bottom of the market is only visible in the rear view mirror -- when prices start to rise.
In the Annapolis area, we are seeing a shortage of well-priced properties for first time homebuyers and move-up buyers, less distressed properties on the market and rents have climbed an average 30%.
Home prices throughout the county hit bottom in December 2008. The languishing glut of inventory from 2008-2009 has diminished to a more normalized market but the demand for housing has outpaced availability.
The upward trend and inventory shortages indicate that the “deep discount sale” prices are gone.
Mortgage money is still attractive with rates starting at 3.375% and requiring only 3.5% down payment funds needed for FHA Fixed Rate loans.
There is still trepidation among some buyers who want to continue waiting until prices "stabilize."
Others have realized that their monthly rent payments have risen past what they'd pay at a fixed monthly mortgage payment and related tax benefits.
The smart ones are making the move to purchase a home now while the lending rates are still favorable as prices are moving upwards.