Annapolis Waterfront Market Report Recap for 2011

By
Real Estate Agent with Long & Foster Real Estate, Inc., Annapolis MD 21403

 

The Annapolis Waterfront Market Report Recap for 2011
 
Waterfront Market Report


So how was the Annapolis waterfront market in 2011? Interesting would be a good word. Improved would be another. Making a comeback? Well lets look at the numbers.

First off, so there is no confusion, this Annapolis Waterfront Market Report is for waterfront properties in the 21401, 21403 and 21409 zip codes ONLY. It DOES NOT include any other zip codes in the Anne Arundel County area. If your home is located outside these 3 zip codes I would be happy to do a report for you on your area as well. Just let me know.

This report includes all waterfront properties whether, single family, townhouse or condo. It DOES NOT include vacant land.  OK...now that we have that clearly in our minds lets get to the report.

In 2011 there were 102 waterfront properties that SOLD. That is a 21%  increase over 2010 sales!! The high sales price for the year was $5,650,000. The low sales price was $200,000 and the average sales price was $1,173,487.

In 2010 there were 81 waterfront properties that SOLD. The high sales price was $3,400,000. The low sales price was $185,000 and the average sales price was $996,667.

Now lets compare 2011 to 2007 which was our last 'boom' year according to all the soothsayers.

In 2007 there were 104 waterfront properties that SOLD. The high sales price was $3,800,000, the low sales price was $189,000 and the average sales price was $1,203,488. 


So lets recap:

            Number of Homes Sold     High Sold Price     Low Sold Price     Average Sales Price

2011                 102                        $5,650,000             $200,000               $1,173,487
2010                  81                         $3,400,000             $185,000               $996,667
2007                 104                        $3,800,000             $189,000               $1,203,488

2011 over 2010    21% increase in number of homes Sold
                             18% increase in high sales price
                              8% increase  in low sales price
                             16% increase in average sales price

2011 over 2007        2% decrease  in homes Sold
                              33% increase in high sales price
                               6% increase in low sales price
                               3% decrease in average sales price



What does all this mean? In my book it means that waterfront properties are holding they're own. To have only a 3% decrease in average sales price over a 5 year period is good news especially when so many markets and areas have seen double digit declines. It also shows that waterfront Sellers have a huge understanding of market conditions, of pricing their homes sensibly and recognizing that todays market requires a different thought process in order to sell. 

So what are we seeing for 2012? A renewed interest in buying. Already Buyers are contacting me via the Internet, phone calls, meeting with lenders and/or gathering their cash. I am hearing this among other agents as well. Those with higher wealth indexes have already shown us that now is the right time to buy just in the fact that 102 waterfront homes sold last year. The rest of the market including those who were more cautious by nature are posing to take advantage of this market and are starting to make their move. Below is a blog sent my way by Steve Harney of KCM (Keeping Current Matters). Steve provides its members access to the latest market data that is culled nationally from every important real estate news venue.


John R. Talbott, previously a Goldman Sachs investment banker, is a bestselling author and economic consultant. When it comes to the housing market he is also a prophet. When housing prices started to skyrocket in 2003, he published The Coming Crash in the Housing Market correctly warning us that a real estate bubble was forming. Then in January 2006, he called the absolute peak of home prices in the US by releasing a new book, Sell Now! The End of the Housing Bubble.

Mr. Talbott, the person who accurately predicted the housing bubble and its bust, now has a new prediction – IT IS THE TIME TO BUY A HOME! In a recent article, Homes – Buy Now!, Talbott simply explains:

“I have been waiting for more than five years to offer this advice. It is now time in most cities across the country to buy a new home or refinance your existing home with thirty-year fixed rate mortgage debt.”

He goes on to explain that his conclusion is based on four different metrics, all of which favor buying today:

  • Home Prices Relative to Peak Prices During the Bubble
  • Home Prices Relative to Construction Costs or Replacement Costs
  • Home Prices Relative to Incomes and Rents
  • Home Prices in Real Terms, Not US Dollar Terms

Bottom Line

If the person who called the real estate bubble and its bust says now is the time to buy, we believe it is time to buy.


If you have a waterfront property that you have been waiting to sell or buy....
 2012 is shaping up nicely as THE YEAR to do so.
 Give me a call 410-440-7839 and let's talk.
Or send me an email martha@homesaroundannapolis.com
I am here to help you make a sound real estate decision on the sale or purchase of your waterfront property.

 

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About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 

 

Martha can be reached  at 410-260-2800 ofc or 

martha@homesaroundannapolis.com.

When searching for Annapolis area homes for sale

there is no better place than

www.HomesAroundAnnapolis.com

 

Have a real estate question?? 

 Ask Martha

 

 
         Bringing 'Peace of Mind' since 1992                  
 
All Photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of

Martha Brown of Long & Foster Real Estate.

320 Sixth Street

Annapolis, MD 21403

410-260-2800 office

410-440-7839 cell/text  

L&F LOgo


 

 

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Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

Martha

A very thorough and easy to understand analysis of the waterfront market. I haven't done the same for our waterfront homes but my guess is we would find a similar pattern -waterfront property, in my experience, tends to hold it's value better, even in the face of the market declines we have seen. But I can say that the sale of very high end waterfront homes, e.g., over $15 million, has been kinda rare these last several years.

jeff

Jan 09, 2012 08:11 PM #1
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
CDPE, Howard County Homes for Sale

Martha, what an awesome Niche market report post. You are obviously well versed in water front properties in the Annapolis area.

Jan 09, 2012 09:50 PM #2
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Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

Martha, I am  impressed with this market report and the direction in which the waterfront property market is moving!  May the trend continue throughout 2012!

Jan 10, 2012 01:57 AM #3
Rainmaker
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Mary Yonkers
Alan Kells 1-814-881-7548 - Erie, PA
Erie/PA Real Estate Instructor

Martha--love Annapolis and its waterfront.  Great market report.  My husband was stationed at Annapolis for two years and we love to visit when we can.  (Can't afford to live there, but love to visit)

Good luck in 2012.

Jan 10, 2012 07:57 PM #4
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