The official Annapolis area real estate statistics haven’t been released yet, but I just reviewed the numbers for June in the MLS and they pretty much confirm what we already knew: a lot of first time home buyers are out there buying homes.

Nationwide, the National Association of Realtors reports that about 52% of home sales right now are to first time home buyers. I think the percentage may be even higher around here. Have a look at this video, and let me know if you agree.

And if you’d like to talk about Annapolis area real estate – buying a home or selling one – give me a call at 410-507-7222 or send me an email at KenHaedrich@gmail.com. I’d love to hear from you and find out how we can be of service.

(To view the video, click on  link that immediately follows, then click on the play button.)

Funny how many people you meet who don’t know about the condos in Riva Trace, have no idea they exist. Perhaps it’s because there’s only one road in and out – no through traffic.

Or perhaps it’s because everyone is distracted by the smart looking townhomes here, too, or the carefully manicured landscaping at every turn.

The Setup: The Riva Trace condo complex is a series of nine, 3-level buildings constructed 20 years ago – though the buildings are so well maintained that they hardly show their age.

The units on the 1st and 2nd levels are a mix of 1- and 2- bedroom homes with about 1,200 square feet. The 3rd floor units are 2- and 3-bedroom homes with lofts, averaging about 1,900 square feet. There are 12 units per building, 6 on each side of two wings.

The Community: The condos are part of the larger Riva Trace community, which has its own community pier and tennis courts. The tree-lined streets and sidewalks are favored by the many residents who enjoy a brisk walk – often with their four-legged companions – almost any hour of the day.

In addition to the condos and townhomes, there are two single family home neighborhoods – Spring Race and Autumn Chase – and a third that Ryan homes is building where the Riva Trace Baptist Church used to stand.

The Condo Market at a Glance

A total of 7 Riva Trace condos have sold in the last year.

Currently there are 5 condos for sale, including a lovely 1 bedroom unit we just listed in building #2706. It’s been beautifully updated and has had custom French doors installed between the living room and sunroom, turning the sunroom in multi-function space you could use as a spare bedroom or office. The list price is $285,000.

The most recent sale was a second level 2-bedroom unit that just went for $287,500 on April 30th, with a $500 seller subsidy. You’d have to go back to September 2008 to find a 3rd level unit that sold; they just don’t come to market that often. That one sold for $330,000.

If You Would Like a More Detailed Snapshot of the Riva Trace Condo Market…

…send me an email at kenhaedrich@gmail.com. I’ll put you on our Riva Trace Condo Hot List. You’ll get not only an email with the most recent listings. But each time there’s an update – a sale, contract, or new listing – you’ll be automatically notified.

Finally, if you’re thinking about selling your condo – or buying one here – give us a call or send us an email. We’ve sold nearly $7,000,000 in property in Riva Trace, so we know the neighborhood quite well.

Here at The Moss Haedrich Team, we like to say that we have the best clients in the world. Maybe it’s the Law of Attraction at work or something, but the homebuyers and sellers who find us and work with us – by referral, through this blog, or whatever – are just a real pleasure.

Take this happy couple here, John Haines and Dina Duncan. We’d been working with them for about six months to help them locate and preview homes that would fit their needs and lifestyle. When we finally had the opportunity to show them this one – 101 St. Ives Drive in Severna Park – they knew right away it was “the one.”

Says Dina, “My favorite style is Mid Century Modern and it was amazing to find such a great example of this architectural style.” Chartwell’s family-friendly reputation was a big draw, according to Dina, as was the home’s proximity to The Severn School, which her children will attend.

Great as it is, John and Dina have a vision for the home that will make it even more modern, unique and personal. They’re already working with local a local design-build firm – LangKuhn of Arnold – to make some changes. Says Dina: “We have a wonderful canvas to work with. The size of the rooms and the amount of natural light – we’ll maintain these great features as we update.”

John, who grew up in Severna Park, and Dina (whose Atlanta area home is featured in the post below) say that they’re very excited to be part of the Annapolis area community for years to come. We’re certainly excited to have them here.

By the way, if you’d like keep an eye on the Chartwell real estate market, just send me an email at KenHaedrich@gmail.com and ask to be put on our Chartwell Hot List. You’ll be notified each time a new home in Chartwell comes to market, goes under contract or is sold.

Last week I posted market information for homes $750,000 and up in the Eastport, which you can find here. As you may know, Eastport is the peninsular neighborhood of Annapolis more-or-less circumscribed by Spa Creek to its north, back creek to the south, and the Severn River at its tip.

It’s an eclectic neighborhood, with million dollar homes and modest bungalows often coexisting side-by-side – an arrangement that seems to suit the citizens of Eastport just fine, thank you. 

Things are changing, of course. Every year, more and more of the old bungalows are being renovated or torn down and replaced by modern homes. But still, Eastport holds onto its charm and friendly, small town feel.

The Eastport Market in a Snapshot

Of the 17 active properties in this price range, the average days on market is 267, with an average list price of $510,394.

Please note that the average days on market includes one home on Chester Ave that has been listed for 1,222 days. The most recent active listing, on Jefferson St, has been on the market for 6 days.

Two homes are under contract, including one on Moss Haven Court listed at $649,500. It’s around the corner from a lovely home we have listed on Boucher Ave.

Average days on market for the nine Eastport homes in this price range that sold in the last 90 days was 164.

Our Boots-on-the-Ground Analysis of the Eastport Market

Of the many areas around Annapolis where we sell homes, the Eastport market is always a big draw. Our open houses here are well attended and buyers come here with the understanding that Eastport is a vibrant, diverse neighborhood featuring unique homes in a wide range of prices.  

Even in the tentative market that we’re in, we feel as if the demand for competitively priced homes in Eastport will remain strong.

Sign Up for our Eastport Hot List

Are you watching the Eastport real estate market? Keeping an eye on the homes for sale in Easport? Then sign up for our free Eastport Hot List, from which this data was taken.

Email me at kenhaedrich@gmail.com and we’ll set you up to receive automatic email updates each time an Eastport home comes to market, goes under contract or is sold. It’s an easy way to keep on top of things.

And if you have an Eastport home to sell, email or call me at 410-507-7222 and I can show you how we use our jumbo marketing toolbox and the latest technology to get our Eastport clients’ homes sold.  

We’ve just listed a great home in Eastport on Boucher Ave (right), that will go active in the MLS in about a week. It’s just down the street from two others we sold about a year ago, in the million dollar range, so we know the neighborhood very well.

I think we met pretty much everyone who lives in this part of Eastport over the course of many open houses.  Eastporters love to take Sunday walks and think nothing of dropping by an open house, if for no other reason than to exercise their curiosity muscles.

Fine with us: we love to get to know the neighbors at our listings. And these neighbors sometimes end up hiring us to sell their homes – which is precisely what happened in this case.

Here’s How the Eastport Market Stacks Up Right Now

Our new listing will be priced in the mid-$700’s, so let’s look at the market at that point – $750,000 – and upwards.  Later in the week, we’ll look at the market south of $750,000.

Currently there are 20 active listings. On the high end is a 3 bedroom home on Lockwood Court fronting Spa Creek for $1,950,000…and on the low end is a 2- bedroom on Chester Ave for $775,000. The former has been on the market for 24 days, and judging by the photos, most of the value is in the land. The latter has been listed for 330 days.

Three listings are under contract: one on Bay Ridge Ave listed at $785,000, one on Springdale at $1,270,000 and a third on Horn Point Drive which started at $3,000,000 103 days ago and went under contract listed at $1,300,000.  Heaven only knows what’s up with that one.

Four homes have sold in Eastport for more than $750,000 in the last 90 days.  The most expensive – a new home on Fifth St - went for $1,300,000 and took 223 days to sell. Another new home at 306 State St. sold for $797,653 in 85 days.

Uniqueness Always Sells Well in Eastport

The Eastport market has not been immune to the softening of the local real estate market, but it has held up better than other neighborhoods. The reason is this: the uniqueness of the homes, and walking distance to town.

For many residents (and homebuyers) Eastport represents the Annapolis maritime culture at its best – and they wouldn’t live anywhere else. Eastporters cherish the very things others complain about – the small yards, closeness of properties, the funky mix of expensive homes and cheaper bungalows, often side by side.

Sign Up for Our Free Eastport Hot List 

If you’re a potential Eastport homebuyer, seller or resident – or you’re simply interested in keeping an eye on the Eastport market - why not subscribe to our Eastport Hot List? Our hot list – from which the above data is taken – is a detailed market report that comes directly to your email inbox whenever a new listing comes to market, goes under contract, or sells.

To subscribe, simply email your name to me at kenhaedrich@gmail.com and tell me you’d like to be put on the Eastport Hot List.

And if There’s an Eastport Home You Need to Sell…or Would Like to Preview…

…just email or call me at 410-507-7222. We work extensively with buyers and sellers throughout the Annapolis area, many in Eastport. And we’d welcome the opportunity to work with you. You’ll like us: we’re consultative, not pushy. And we love our work.

The response to last week’s post here about sales activity at the estate homes in South River Colony only validated what we already knew: that South River Colony is never far off the radar screens of homebuyers on the search for a lovely, amenity–rich community near Annapolis.

I thought I’d follow up with a synopsis of the real estate market at The Pointe, one of South River Colony’s ten neighborhood clusters. The community sits just off Route 214 and borders over 100 acres of South River Colony woods and wetlands.

Construction on these luxury townhomes was completed in 2006. They average around 3,000+ square feet on 3 levels. Over the years we’ve been in quite a few of these units and they are – on the whole – beautifully constructed with attractive architectural detail and high end finishes in the kitchens and bathrooms.

How The Current Market for South River Colony Stacks Up on the MLS 

Currently there are 6 active listings in The Pointe, priced on the high end at $525,000 to $439,950 on the low end. Five of them have been on the market for 32 days or less. The other – priced at $515,000, has been listed for 114 days.

There have been 2 sales in the last 90 days including an end unit that was originally priced at $568,900 and sold for $528,000 in mid-November.

More recently, in mid-December, a townhome with a list price of $500,000 sold for $476,000. This one was on the market for 28 days; the former for 188 days.

The MLS does not show any townhomes that are currently under contract.

While sales at The Pointe compete directly with newer townhome developments such as The Vineyards of Annapolis (off Riva Road) and, to a lesser extent, Admiral’s View (just off Rt 2), neither of those communities can offer the great amenity package South River Colony can.

Given fair market pricing, we see no reason these townhomes shouldn’t continue to be an attractive buy for anyone who is looking for a newer luxury townhome package in the Annapolis area. We’d be happy to show you any of the active listings, if you’re interested.

Here’s How to Get Your South River Colony Hot Lists

If you are a buyer or homeowner who is keeping an eye on the market in South River Colony, email your name to me at KenHaedrich@gmail.com for a hot list of the latest market activity.

Specify whether your interest is The Pointe or the estate homes, and we’ll send you a detailed, up to the minute market report…and updates as they occur. 

If you are a seller who has a South River Colony home to sell – or any other home to sell, for that matter – email or call me at 410-507-7222 and I’ll be happy to sit down with you and show you how we use our extensive marketing toolbox to get our clients’ homes sold.

I’ve been talking to a lot of you lately. Our entire team has. Each and every day, The Moss Haedrich Team calls 20, 30, 40 or more of you to see how you’re feeling about the real estate market, calm your jittery nerves, and ask how we can help. Here’s what we’re hearing from you…

…nobody is buying anything….nobody can get a mortgage now…homes aren’t selling…sellers are giving homes away…homes are taking forever to sell…and, in short, the sky is falling and we’re all doomed.

Well, we understand the sentiments. The uncertain economy does have everyone on edge and listening to the evening news only amplifies our concerns. But if you look at the statistics you’ll see that the current market – while sluggish – is anything but dead. It’s not all gloom and doom.

Those 388 homes that sold in Anne Arundel County last month? True, that’s less than last September’s figure of 453 – but it’s far from nothing. On average, those sold homes took 22 days longer to sell than they did last September – but 3 weeks is not the eternity you might suspect if you draw your conclusions from the national media reporting.

October sales for Anne Arundel County are looking okay: in the first 21 days of the month, 211 homes have sold.

Who’s Buying Those Homes?

Note that 130 of those 211 homes sold for $350,000 or less. There’s no way to prove this, but those numbers suggest that first time homebuyers and investors are busy shopping, as they should be: the smart money is out there right now finding great deals, bargaining, and doing very well, thank you. They know those great deals won’t be around forever. 

Which brings us to the subject of mortgages. Every lender we talk to says the same thing: despite what you’re hearing, there are plenty of loan programs available for anyone with respectable credit. Expect to put some money down. Expect you’ll be required to provide documentation for income and assets – the freewheelin’ days of ”no documentation loans” are a thing of the past.

Just don’t expect the sky to fall anytime soon on the Annapolis real estate market.

If you’re wondering if this is a good time to buy, or sell, just email me at kenhaedrich@kw.com and tell me about your circumstances. I’ll call, or email back, and help you sort out your situation. Please: there’s no reason to step into this market on your own when you can have the benefit of an experienced real estate team on your side.

Ever wish there was an easy way to get accurate information about homes for sale in your neighborhood without spending hours looking for it?

How about in areas where you’re thinking of purchasing a home?

Well, there is.  It’s called Market Snapshot and you can sign up for it in that pretty box just to the right. Just type in the appropriate information, indicate whether you’re a buyer or seller – you can sign up for more than one report, by the way – and that’s it: a colorful, detailed, customized real estate report will be delivered to your email inbox within minutes, and on a monthly basis thereafter. You can even change the frequency to get your customized report more often.

Included in your customized report is information about homes that are currently listed, under contract, and recently sold…at what price…and how long they’ve been listed. No rumors, neighborhood scuttlebutt, or guessing.

So sign up – it’s fast, easy, and very cool to be the recipient of such high quality information.

Around the 10th of every month, the local MLS – ours is known as the Metropolitan Regional Information System – publishes real estate market sales statistics for the previous month.  Here are some notable statistics for April 2008 for Anne Arundel County:

Average Sold Price: $398,231 – a slight decrease from the April 2007 figure of $398,754.

Median Sold Price: $320,000 – a 7.25% decrease from the April 2007 figure of $345,000.

Total Units Sold: 420 homes, a 30% decrease over the April 2007 figure of 600.

Average Days on Market: 137, an increase of 28.04% over the April 2007 figure of 107 days.

Those numbers may not seem too encouraging, the total units sold does represent an increase over the 331 sold in February 2008 and the 418 sold in March 2008.

Annapolis Real Estate, By The Numbers

Let’s take a closer look at what’s happening in the Annapolis market, and break it down by price range, active listings, under contract, and sold in the last 30 days.

$250,000-$350,000 – Active: 184 - Contract: 35 – Sold last 30: 21

$350,000-$500,000 -Active: 227 - Contract: 48 – Sold last 30: 15

$500,000-$750,000 – Active: 209 - Contract: 33 – Sold last 30: 16

$750,000 – $1,000,000 – Active: 133 - Contract: 9 – Sold last 30: 5

$1,000,000 and up – Active: 167 - Contract: 16 – Sold last 30: 6

What Does it all Mean?

It depends on who you ask. Some would argue that the modest increase in total units sold in our county in April represents a typical seasonal uptick – nothing more. On the other hand, it could be part of what Lawrence Yun, chief economist for the National Association of Realtors, sees this as the start of an improving housing market in the second half of 2008.

Yun says that the more evenly performing markets of the past few years – like Cincinnati, Milwaukee and Kansas City, MO – are likely to experience home price gains in the 20% to 30% range over the next five years. While Miami, Las Vegas and Phoenix could see prices go up as much as 50% in that period.  

Truth be told, the NAR’s glass is frequently at least half full, but word on the street – what we’re seeing and hearing from our colleagues – is that the Annapolis area market is coming to life. Yes, lenders are being very cautious – and we’re seeing more and more second appraisals being ordered.

But homes ARE selling  – we’ve sold 4 in the last 8 weeks – and buyer interest is higher than it has been in quite some time. Part of this is pent up demand – buyers are getting tired of waiting and they’re feeling that the bulk of any actual or anticipated price correction may have already occured. And sellers are getting real about list price and not acting like it’s 2005 anymore. This combination of factors seems to be stirring the market.

(Shameless plug: Finally, remember this: it’s not the luck of the draw that makes a home sell in this market. It takes preparation, market knowledge, a well-executed plan, and powerful marketing tools. That’s where we can help, so do give us a call if you’re thinking about selling your home. No pressure, no slick sales talk – just straight talk.)

If the local dining scene is a somewhat reliable barometer of consumer optimism, then our dinner at the Chart House in Annapolis this past Friday would lead one to believe that all the talk of a sagging economy and a housing/mortgage meltdown is falling upon deaf ears.

Indeed, judging by the throngs of diners ordering up $35 steaks, succulent shrimp, good bottles of wine, and $9.00 chocolate lava cakes – our personal favorite - you’d have to say the mood was downright festive, that nobody’s much worrying about their wallets, and things are looking decidedly up.

Who knows? Maybe people are just getting a head-start on spending their tax rebate checks, and exercising their civic duty to stimulate the economy according to our President’s hopes.

Our Boots-on-the-Ground Perspective of the Annapolis Real Estate Market 

Then again, maybe – just maybe – things really are starting to turn around. Word on the street - what we’re seeing and our industry colleagues are reporting – is that the local market ”feels” like things are beginning to turn around.  

I say “feels” because we can’t really quantify it yet. But phones are starting to ring and showings are up. Gun-shy buyers are starting to pull the trigger and make solid offers. And sellers are getting real about listing price. Together, these factors are breathing life and hope into the local housing market.

But Could This be a Momentary Seasonal Upswing in the Annapolis Area Market?

Sure it could be. But it could also – as I heard one analyst put it on NPR the other day – be the inevitable beginning of the end of a down-turning real estate market.

It takes a while for people to accept new market conditions. When they do, and when they adjust to the new realities, participation in the market increases. Pent up demand kicks in. Buyers hop off the fence and homes sell.

Whether or not the April market numbers will give an indication of an upswing remains to be seen. There are bound to be bright and not-so-bright spots. Some segments of the market will likely remain soft.

For example: the $800,000 to $975,000 price range is still sluggish. In Annapolis right now there are 67 homes on the market in this price range, and only 4 under contract.  Down the scale a bit, with condos and townhomes priced between $250,000 and $450,000, we see 180 listings currently on the market in Annapolis with 24 of them – a far greater and healthy percentage – under contract.

And while it’s not surprising to see more activity at the lower end of the housing scale, the numbers indicate that there will continue to be downward pressure on prices at the higher end.

Just What Does All This Mean to Annapolis Area Homebuyers and Sellers?

For buyers, it means that you should start paying very close attention to the selection of homes you’ve been watching. The better ones are likely to start getting snatched up one by one. 

For sellers, it means more showings if your home is in good condition and presents well. And if you’re not priced right, be concerned: the spring market is about to kick into high gear. New, better priced homes are coming onto the market daily and this fresh competition is going to leave you lingering on the vine while the ripe fruit is picked off.

Do what you must, then stop worrying about it. Celebrate your future success in advance. Go have dinner at the Chart House.