Local market expert for Anne Arundel County, Elizabeth Penttinen, reports that 411 properties went under contract in February, and 135 of those listings sold within 30 days.
Current property list prices have adjusted to low prices last seen around 2005, she says, and new construction prices have dropped an average of 30 percent, which has led to the boost in sales.
It's a buyers market, Penttinen says, but the increase of homes going under contract indicates seller's market may be coming soon.
With the wealth of inventory in this area, now is the time to become a homeowner or increase your investment portfolio.
Penttinen foresees prices remaining steady through the next quarter, then possibly increasing slightly as inventory decreases.
The obvious bright spot in this market is the wealth of homes -- including luxury estates -- that can be had for well under their appraised value.
This area's proximity to Washington DC, Fort Meade and the NSA provides excellent job growth and stability, making a home purchase here a wise investment.
For more information on this area, contact Elizabeth Penttinen at:
http://www.buyannapolishome.com .
