Fort Meade - USNA - Andrews AFB: Crownsville Maryland Real Estate Market Report, October 2007

Check out this beautiful home for sale in Crownsville, Maryland, near Annapolis.

Each month, MRIS, the regional multiple listing system releases statistics about the previous month's real estate activity.  I find statistics a little dry at times, so I've created some charts to help you see what's happening throughout the 21032 zipcode.  With so few homes selling in Crownsville each month, it's tough to draw meangful conclusions - keep in mind that all of these numbers refer to the 21032 zipcode, as a whole.

If you're familiar with the Crownsville, you know that this is a diverse area near Annapolis - with large elegant homes in upscale communities priced around a million dollars and going up to $4,500,000.  You also will find much smaller and older homes in other Crownsville communities, starting in the $200,000's.  For that reason, there can be large swings in "Average Sold Price" - so I'm just going to tell you that the average sold price in Crownsville last month was $678,000, for whatever that is worth. 

The number of home sales last month was the lowest of 2007, down over 65% from last year, to two homes sold in October 2006.  When you take a look at this chart, you'll see that September and July were much better than any other month, but there doesn't seem to be any seasonal trend from one year to the next:

Let's take a look at Average Days on Market, keeping in mind again that these averages are based on very low turnover, and very different communities:

Last but not least, let's try to predict the future by estimating how long it will take to sell the current inventory of homes for sale.  This assumes that no new listings will be added to the inventory so, of course, my estimate will not be entirely accurate.  Here are the sold properties, in relation to the active listings in Crownsville:

As you can see, the number of sold properties is completely off balance.  If homes continue selling at the same rate they did in October (God forbid!), it would take almost five years, with a 2% Absorption Rate.

With all this doom and gloom, are you just a little curious about the two properties that did sell in Crownsville during October? 

791 Old Herald Harbor Road, listed for $1,200,000 and sold for $1,000,000 the same day!  This was not your average residential property, however.  This was a package deal, with the home sale contingent on the buyer also purchasing several building lots located at 787, 789 A,B, & C as well as an additional 5 acre parcel with tentative address known as 793 Old Herald Harbor Road.   It is highly likely that this sale was negotiated BEFORE it went into the MLS, which really compromises the DOM statistics for this month.

785 Shelton Road, listed for $349,900 and sold for $356,900, with $12,500 of closing help paid by the seller.  This cute little split-foyer style home was on the market almost 4 months.

If you have any questions about real estate in Crownsville, or anywhere in Anne Arundel County, please feel free to ask.  My office is located in Crofton, ideally situated for serving home sellers and buyers anywhere in the triangle formed by Annapolis, Baltimore, and Washington, D.C.

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