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As we dive into the Greater Annapolis real estate market for August 2024, both the luxury and waterfront segments reveal interesting trends. This report will provide key insights into pricing, sales volume, and market dynamics for properties in the $1M+ range, as well as sought-after waterfront homes. With slight shifts in average prices and days on market, the Annapolis luxury and waterfront markets continue to evolve. Let’s explore the data to better understand how these trends are shaping the real estate landscape this month.
Exploring Market Metrics
In August 2024, the luxury real estate market in Greater Annapolis saw slight shifts in both pricing and activity. The average price of luxury properties dipped to $1,649,092, down from $1,700,281 in July and slightly below the $1,711,206 mark recorded in August 2023. This gradual decline suggests a softening in the market as luxury buyers become more selective.
Days on market improved slightly, with properties taking an average of 27 days to sell, compared to 33 days in July. This is still slightly longer than the 23 days seen in August 2023, signaling that while homes are moving faster than last month, the pace is still slower than it was a year ago.
The total number of sales also decreased, with 44 homes sold in August, down from 48 in July. However, sales are still up compared to August 2023, when 34 luxury properties were sold, indicating that demand for high-end homes remains strong overall despite the slight month-over-month dip.
The list price to sales price ratio came in at 96.4%, down from 97.7% in July and 99.2% in August 2023. This reflects increasing room for negotiation, as buyers are securing luxury homes at prices further below the asking price compared to previous months.
ANNAPOLIS LUXURY | august 2024 | July 2024 | august 2023 |
Average Price | $1,649,092 | $1,700,281 | $1,711,206 |
Days on Market | 27 | 33 | 23 |
Total Sales | 44 | 48 | 34 |
List Price To Sales Price | 96.4 % | 97.7% | 99.2% |
The waterfront market in Annapolis experienced several key shifts in August 2024. Average prices increased to $1,645,364, up from $1,585,887 in July and significantly higher than the $1,330,347 recorded in August 2023. This continued growth highlights strong demand for waterfront properties, with buyers willing to pay a premium for homes in these coveted locations.
However, days on market dropped to 36 in August, a noticeable improvement from 51 days in July, signaling that properties are selling faster as buyers act more quickly. This is a slight change compared to August 2023, where homes took an average of 39 days to sell, indicating that the market is moving more efficiently than last year.
The total number of sales in August fell to 22, down from 31 in July and also lower than the 30 waterfront sales seen in August 2023. This reduction suggests that while pricing is strong, inventory may be tightening, or buyers are being more selective, causing a drop in total transactions.
The list price to sales price ratio also dipped slightly to 95.3%, down from 96% in July and from 95.7% in August 2023. This indicates that while properties are still selling close to their asking prices, there’s a bit more room for negotiation compared to previous months.
ANNAPOLIS waterfront | august 2024 | July 2024 | august 2023 |
|---|---|---|---|
Average Price | $1,645,364 | $1,585,887 | $1,330,347 |
Days on Market | 36 | 51 | 39 |
Total Sales | 22 | 31 | 30 |
List Price To Sales Price | 95.3% | 96% | 95.7 % |
let's look at the average property in each market in aug '24
MARKET | BEDS | BATHS | SQUARE FEET | PPSF |
ANNAPOLIS LUXURY | 4 | 5 | 4,447 | $541.91 |
ANNAPOLIS WATERFRONT | 4 | 3 | 3,099 | $634.26 |
Top 10 Sold Listings
Intrigued by the top 10 listings that set the real estate market abuzz in August? 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!