Home sale prices in almost every corner of the county - from Annapolis and Arnold to Shady Side and Severn - only have fallen in single-digit increments so far this year when compared with 2007, according to an analysis by The Capital.

For example, the year-to-date average median sale price for homes in the 21401 ZIP code of Annapolis stood at $393,635. That's a 5.9-percent drop from a year ago.

That's very good news for homeowners here when compared with market conditions in other parts of the nation.

The Bay Area of California saw median home prices drop 27 percent to $485,000 in June from $665,000 in June 2007, according to DataQuick Information Systems.

The Florida Association of Realtors reported that the median sale price for existing homes in Florida for July was $193,600, a 19-percent drop from a year ago.

Meanwhile, housing prices in Anne Arundel have remained relatively stable even as home sales have dropped by 20 to 30 percent in most county neighborhoods.

"You're seeing a demand pullback but not a rapid decrease in prices," said Dr. Daraius Irani, director of applied economics for the Regional Economic Studies Institute at Towson University. "Homes are keeping their value, we're just selling a lot fewer of them."

So why are home prices dropping so little and home sales dropping so much?

Dr. Irani said there are some homeowners "who are still clinging to the memory" of what their neighbor sold a home for during the peak of the market. Others are holding prices because they don't necessarily have to move and are saying, "I can stay and wait another three years to sell the house," he said.

Additionally, real estate agents are finding that more affluent buyers are bargain shopping for higher-dollar homes.

According to The Capital's analysis, only a handful of county communities saw a gain in prices. And in most cases that was because of an expensive estate that skewed the average median sale price upward. For example, Tracys Landing saw a median price gain of 144 percent, but that's in part because in April a home was sold there for $3.1 million.

In rural Lothian about the same number of homes were sold this year as 2007. But because the area is home to a mix of upscale homes and mobile-home communities, Lothian's year-to-date median sale price was skewed downward.

West River saw only a 7.5-percent drop in the average median home prices to $500,000 from $540,800, a reflection of some of the high-priced homes in the area.

But home sales in West River dropped 27 percent, to eight units so far this year from 11 last year. Despite slower sales, Bill Whitman, a Long & Foster Realtor in West River, said he has been very busy in recent months and expects more sales activity.

"There's more activity in June and July and it takes 30 days to go to settlement," he said.

Waiting to sell

Although prices have remained somewhat stable, homeowners still are waiting months to sell.

Dennis Deitch said he hoped to sell his five-bedroom Colonial home in the Murray Hill neighborhood of Annapolis "a month ago" so he and his wife and two children could move to another area such as Arnold or Davidsonville. But Mr. Deitch said he has had to adjust his expectations on price and how long it will take to sell.

"Part of it is not only the uncertainty but the constant barrage you hear about how bad the economy is," he said.

Mr. Deitch said his home, which is within walking distance of downtown shops and restaurants, is listed for $869,000. However, he's planning to lower the price to $849,000 next month, he said.

Sitting on the front porch on tree-lined Southgate Avenue one late afternoon, Mr. Deitch said he senses hesitancy among potential buyers.

"There are people who come to our house, they really like our house, but they are not ready to buy," he said.

But even as homeowners like Mr. Deitch wait for buyers, some affluent consumers are snapping up expensive homes - and finding deals.

For example, during the month of June, nine homes in the 21403 ZIP code of Annapolis sold for between $1 million and $2.49 million compared with four homes that sold within that price range in June 2007.

Another example of high-end buyers shopping for deals: The estate at Horse Shoe Point at 1 Norwood Road that originally was listed for $12.5 million is expected to sell for under $7 million, said Charlie Buckley, a Realtor with Long & Foster who calls himself "Mr. Waterfront."

"This is sort of the upper bracket people doing some bargain shopping," he said.

Although the 21403 ZIP Code of Annapolis saw home sales drop by 35 percent compared with a year ago, the year-to-date average median sale price for homes in that area was up 8.38 percent, jumping to $465,921 from $429,914 in 2007. It's a reflection of more higher-dollar homes moving off the market.

Patsy Oertli, manager of the Annapolis/Eastport office of Long & Foster, said the area is commanding higher prices because it is a desirable place to live and home to well-known neighborhoods.

Additionally, Ms. Oertli said she's seeing sales activity from Dutch, South African and German investors who are buying high-end homes here.

"The Euro vs. Dollar has created for some a buying opportunity," she said.

Deals

While Annapolis still commands higher prices, the analysis of county data indicates the trend holds true with homes in more affordable areas.

Although the 21060 ZIP code of Glen Burnie saw a 35 percent drop in the number of homes sold, the year-to-date average median sale price was $245,971, only a 3.2-percent drop from a year ago.

Charlene Wroten, associate broker for Coldwell Banker Residential Brokerage's Glen Burnie/Pasadena office, said first-time home buyers and investors are finding Glen Burnie an area where you still can find a home for between $250,000 and $325,000.

The area also is close to Fort George G. Meade, Baltimore and Annapolis, she said.