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The buzz in the real estate world continues to revolve around the captivating market trends of Anne Arundel County for the month of July 2024. Let's delve into a comprehensive market report that uncovers the highlights of different regions within this vibrant market, offering insights into average square footage, pricing, total sales, and much more. Buckle up as we embark on this journey through the real estate landscape of Anne Arundel County, encompassing the charming city of Annapolis and the serene enclave of Severna Park.
Exploring Market Metrics
To kick things off, let's take a closer look at the essential market metrics that encapsulate the real estate scene in July 2024. The luxury market is showing some interesting shifts. Average home prices dipped slightly, down 1.5% from June 2024, and have fallen more significantly by 9.6% compared to July 2023. While homes are taking longer to sell—days on market have jumped 50% since last month—they’re actually moving faster than they were this time last year, with a 19.5% reduction in time on the market.
Sales volume is also experiencing a bit of a rollercoaster, with total transactions down nearly 16% from last month, but up by almost 7% year-over-year. In terms of pricing strategy, the list-to-sale price ratio remains a solid indicator of market competitiveness. Last month, luxury homes were selling for 100% of their asking price, which is impressive, but this month that number has softened to 97.7%. That said, it’s still a stronger showing than July 2023’s 97.1%, showing that the market is holding its own despite the fluctuations.
ANNAPOLIS LUXURY | July 2024 | Month Over Month | Year Over Year |
Average Price | $1,700,281 | $1,726,768 | $1,880,237 |
Days on Market | 33 | 22 | 41 |
Total Sales | 48 | 57 | 45 |
List Price To Sales Price | 97.7% | 100.1% | 97.1% |
July 2024 brought a blend of movements in the Annapolis waterfront market. The average price of homes dipped month-over-month, down to $1,585,887 from $1,778,389 in June. Compared to this time last year, prices have softened by about 11.9%, showing a notable shift from the $1,799,282 recorded in July 2023.
Days on market have lengthened significantly from last month, climbing from 32 to 51 days—a 59% increase. Yet, compared to July 2023, homes are moving at a similar pace, as last year’s figure was just two days lower, at 49 days.
When it comes to sales activity, the market is holding steady. Total sales in July reached 31, up from 29 the previous month and 27 this time last year—a promising sign of demand in the waterfront segment.
The list-to-sales price ratio provides insight into buyer competition. While homes were selling at 97.6% of asking price last month, July saw that figure dip to 96%. Still, this is stronger than July 2023's 95.4%, suggesting that while buyers may be negotiating more, sellers remain in a relatively strong position.
ANNAPOLIS waterfront | July 2024 | Month Over Month | Year Over Year |
|---|---|---|---|
Average Price | $1,585,887 | $1,778,389 | $1,799,282 |
Days on Market | 51 | 32 | 49 |
Total Sales | 31 | 29 | 27 |
List Price To Sales Price | 96% | 97.6% | 95.4% |
let's look at the average property in each market in july '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
ANNAPOLIS LUXURY | 4 | 4 | 4,131 | $568.87 |
ANNAPOLIS WATERFRONT | 4 | 3 | 3,278 | $634.96 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in July? 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.
In Conclusion
The Greater Annapolis real estate market in Anne Arundel County thrives with diversity and opportunity, offering a tapestry of homes that cater to various preferences and lifestyles. Whether you seek the timeless allure of Annapolis or the serene beauty of Severna Park, there's a place for everyone in this vibrant market.
Stay tuned for more insights, market updates, and captivating listings as we continue to navigate the ever-evolving real estate landscape. Remember, your dream home might just be a listing away!
Embrace the allure of Anne Arundel County as we unveil the intriguing market report detailing the real estate highlights of July 2024 in Annapolis and its surrounding communities. Don't miss out on the thrilling opportunities and captivating properties waiting to be discovered!
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