Contact MargaretCrofton Area Real Estate Update – June 2009
July 15th, 2009 Categories: Market Updates
One word – DOWN – describes the real estate market in Crofton, Davidsonville, Gambrills, and Odenton Maryland during June 2009 compared to June 2008.
CROFTON:
- Average sold price: DOWN 15.65% from last year
- Median sold price: DOWN 20.13% from last year
- # Homes Sold: DOWN 28.21%
- Average List Price for Sold Homes: DOWN 14.34%
DAVIDSONVILLE:
- Average sold price: DOWN 26.99% from last year
- Median sold price: DOWN 26.63% from last year
- # Homes Sold: DOWN 33.33%
- Average List Price for Sold Homes: DOWN 19.93%
GAMBRILLS:
- Average sold price: DOWN 27.5% from last year
- Median sold price: DOWN 13.05% from last year
- # Homes Sold: DOWN 57.14%
- Average List Price for Sold Homes: DOWN 20.37%
ODENTON:
- Average sold price: DOWN 10.09% from last year
- Median sold price: DOWN 15.95% from last year
- # Homes Sold: UP 8.33%
- Average List Price for Sold Homes: DOWN 9.86%
The only positive number in all this is the # of homes sold in Odenton during June. In fact, I wrote an offer for a Piney Orchard townhome that had FOUR offers the same day.
My crystal ball is very clear about the near future of local real estate. There’s nothing magical or mysterious about these predictions, however, because they’re based on a simple math calculation to determine the absorption rate.
Simply divide the total number of listings by the month’s sales. You’ll find the numbers on the blackboard in the above image
- Crofton: 10–month absorption rate, assuming no new listings during that time.
- Davidsonville: 90–month absorption rate, assuming no new listings during that time.
- Gambrills: 8–month absorption rate, assuming no new listings during that time.
- Odenton: 21–month absorption rate, assuming no new listings during that time.
Of course, new listings will come on the market, and some of the current listings will sell, expire or withdraw… Looking at the absorption rate is an interesting exercise, but certainly not scientific. I guess the point of all this is that it’s never been more important to have an experienced agent representing you in the sale of your home… one who knows how to get homes sold in this market.
For more information, including data that is specific to your own neighborhood, you can contact me by phone or text at 301–346–2923.
SOURCE: Statistics published by MRIS
_________________________________
; ?>/images/eho.jpg)
; ?>/images/realtorsolo.jpg)
