Are you curious how the Real Estate market is doing in Anne Arundel County? The numbers for Real Estate sales in July have just been published. It was an amazing month for local real estate, to say the least! Please take a look at the information below and see what made July one of the best months in real estate in Anne Arundel county this year!
Prices are up!
The average sold price of a home in Anne Arundel County has been on a steady incline all year. This past July was no different. The average sold price in July 2013 increased by 3.34% when compared to July 2012. This is great news for people who may be thinking of selling their home in Anne Arundel County this year. Prices are up, sellers are happy. Who doesn’t like a little extra cash in their pocket?
Homes are selling FAST!
The time it takes to sell a home in Anne Arundel County is currently about 76 days, on average. This is really great news especially considering that in July 2012 the average days on the market was 91, a 16% difference. Many homeowners are finding that their homes are selling quicker than they had imagined. While the madness of the fast paced Spring market has died down, there are still many buyers out looking at homes and waiting to snag the next hot listing that comes up.
One of the main reasons that the market is continuing to prosper here in Anne Arundel County is the offering of low interest rates to buyers. The current interest rate on a 30 Year fixed FHA mortgage is about 4.25-4.5%. Now, not too long ago back in the first quarter of this year the rates were even lower than they are now, generally around 3%-3.5%. Those were INCREDIBLE interest rates, no doubt about it. But a 4.25%-4.5% 30 YEAR FIXED RATE is INCREDIBLE as well! Just as those rates in the 3’s paid us a quick visit and then headed out of town, so will the current rates in the 4’s. Nothing stays the same for too long in this business. If you are thinking about purchasing a home, this could be the best time to do it, before prices increase and rates increase.
I love delivering good news about real estate! If you know anyone who lives in Anne Arundel County or if you know someone who wants to, please share this news with them.
As always, if you have any questions about the market where you live, just ask me! I am always happy to help!
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