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As we dive into the Greater Annapolis real estate market for October 2024, both the luxury and waterfront segments reveal ongoing shifts. This report provides key insights into pricing, sales volume, and market dynamics for properties in the $1M+ range, including sought-after waterfront homes. With continued softening in average prices and changes in days on market, the Annapolis luxury and waterfront markets are evolving. Let’s explore the data to better understand how these trends are shaping the real estate landscape this month.
Introduction
October 2024 brought a noticeable shift in the Greater Annapolis real estate market, with both the luxury and waterfront segments exhibiting distinct trends. These changes reflect evolving buyer priorities, fluctuating inventory levels, and continued demand for high-value properties. From pricing adjustments to extended days on market, this report dives into the metrics and insights shaping the current landscape of luxury and waterfront real estate in Annapolis. Let’s explore the data to understand what these trends mean for buyers and sellers alike.
Greater Annapolis Market Overview
The Greater Annapolis market saw an increase in sales activity across the board, alongside a mix of pricing trends and market dynamics:
Average Sale Price: Luxury properties reached an average of $1,668,689 in October, representing a 12% month-over-month increase from September but closely aligned with October 2023.
Days on Market: Luxury homes lingered on the market for an average of 58 days, significantly longer than the 32 days seen in September, signaling buyer caution or increased inventory.
Total Sales: Both luxury and waterfront properties experienced growth in transactions, with waterfront sales rising to 25 from 16 in September.
These data points paint a picture of a market in transition, where opportunity exists for both buyers and sellers willing to adapt to current trends.
Luxury Market
The luxury segment, defined as properties priced at $1M+, displayed several key trends in October:
Pricing: The average sale price surged to $1,668,689, a 12% increase from $1,491,473 in September, suggesting strong demand for high-end homes.
Days on Market: Luxury homes averaged 58 days on market, nearly double the previous month, indicating either buyer deliberation or broader market factors slowing transactions.
Sales Volume: 48 homes were sold in this category, an increase from 38 in September and 36 in October 2023.
Negotiation Power: The list price-to-sale price ratio declined to 93.6%, a notable dip from 95.3% in September and 102.4% in October 2023, showing that buyers are negotiating more aggressively.
Luxury buyers remain active, particularly in well-located neighborhoods, though their increasing selectivity underscores the importance of competitive pricing and strategic marketing.
ANNAPOLIS LUXURY | OCt 2024 | sept 2024 | OCt 2023 |
Average Price | $1,668,689 | $1,491,473 | $1,683,795 |
Days on Market | 58 | 32 | 66 |
Total Sales | 48 | 38 | 36 |
List Price To Sales Price | 93.6% | 95.3 % | 102.4% |
Waterfront Properties
The waterfront segment, a hallmark of Annapolis real estate, showed its own unique dynamics:
Pricing: The average price climbed to $1,619,486, a dramatic 27% increase from $1,274,281 in September and significantly higher than October 2023’s $1,317,495.
Days on Market: Waterfront properties spent an average of 64 days on market, extending from 50 days in September and far exceeding the 35 days recorded in October 2023.
Sales Volume: 25 waterfront homes sold, up from 16 in September and 19 in October 2023, reflecting solid demand despite longer timelines to closing.
List Price-to-Sale Price Ratio: This metric dipped slightly to 94.8%, maintaining relative stability compared to 95% in September but falling short of 95.7% a year prior.
These trends indicate continued interest in Annapolis’ coveted waterfront properties, with buyers willing to pay premiums but exercising patience in their decision-making.
ANNAPOLIS waterfront | OCt 2024 | sept 2024 | OCt 2023 |
|---|---|---|---|
Average Price | $1,619,486 | $1,274,281 | $1,317,495 |
Days on Market | 64 | 50 | 35 |
Total Sales | 25 | 16 | 19 |
List Price To Sales Price | 94.8% | 95.0% | 95.7% |
let's look at the average property in each market in Oct '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
ANNAPOLIS LUXURY | 4 | 4 | 4,298 | $511.05 |
ANNAPOLIS WATERFRONT | 4 | 4 | 3,091 | $578.23 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in October? Here are some of the standout properties that resonated with buyers:
Swipe right to see all of the top 10 sales. Explore these listings here to uncover more details about each sale.
Top 10 New Listings
The excitement doesn't end with the sold properties. Here are the top 10 new listings that made a grand entrance into the real estate arena, poised to capture the attention of eager house hunters:
Don't miss out on the exclusive details of these new listings that have redefined the standard of modern living.
Buyer & Seller Insights
For Buyers
Luxury buyers have opportunities to negotiate more favorable terms, as sellers appear more open to concessions with longer days on market.
Waterfront buyers should prepare for higher prices but also take advantage of extended timelines to evaluate their options.
For Sellers
Strategic pricing remains crucial. Overpricing in this market may lead to longer days on market, with potential buyers leveraging extended timelines to negotiate discounts.
Highlight unique features, such as water views, updated interiors, or access to premium amenities, to capture buyer attention quickly.
Forecast & Recommendations
As we move into the final months of 2024, expect the Annapolis market to continue evolving:
Market Trends: Sales activity is likely to remain steady, though pricing may soften slightly in response to buyer negotiation power and macroeconomic factors.
Seasonal Impact: With the holiday season approaching, inventory may tighten, favoring well-prepared sellers who list now.
Advice for Sellers: Price competitively and invest in staging or minor updates to stand out in a market with lengthening days on market.
Advice for Buyers: Take advantage of the increased negotiation power and longer market timelines to secure properties at favorable terms.
In Conclusion
As we wrap up the October 2024 Greater Annapolis real estate market report, the luxury and waterfront segments showcase continued evolution with notable trends in pricing, sales activity, and buyer behavior. Both markets experienced significant increases in average prices and sales volume compared to September 2024, underscoring the enduring appeal of high-end and waterfront properties in this region.
The luxury market saw a rise in both average price and total sales, with a modest increase in days on market, signaling a stable yet selective buyer pool. However, the decline in the list price to sales price ratio suggests buyers are negotiating more aggressively, reflecting broader market adjustments.
In the waterfront market, average prices surged, total sales increased, and the market outperformed year-over-year in terms of activity. However, the longer days on market and slightly lower list price to sales price ratio indicate that buyers are carefully evaluating their options, balancing demand for waterfront properties with broader economic considerations.
Despite these shifts, the Greater Annapolis market remains competitive, with sellers achieving strong prices and buyers continuing to seek opportunities in these desirable segments. Looking ahead, we anticipate that demand for luxury and waterfront homes will remain steady, though market adjustments may persist as buyers and sellers adapt to evolving conditions.
For those considering entering the market, whether buying or selling, now is a pivotal time to act. Reach out to our team for personalized guidance and insights tailored to your real estate goals in the Greater Annapolis region. We're here to help you navigate the complexities of this dynamic market with confidence.