May 14th, 2012 Categories: Market Updates
I’m happy to report that the Crofton MD real estate market showed several signs of improvement last month My office is hopping busy, with every one of our many conference rooms often occupied by potential buyers and their agents. Statistics prove that many of them purchased a home in April 2012.
Price: The median sale price in Crofton last month was the highest we’ve seen in any April over a five-year span, and the average sale price was the highest over a four-year span.
Balance: While new listings still outnumber new contracts and new solds, the ratio is more favorable to home sellers than any April in this 5–year chart.
Days on Market: Days on market have steadily dropped since 2008. Only 2010 was lower, when the federal home buyer credit was in place (requiring buyers to be under contract by April 30 to qualify).
What does this mean to you?
Home Sellers – These and other real estate statistics suggest there hasn’t been a better time to sell in years. If you’ve been waiting to downsize or make a move up from your crowded townhome to a detached home, now is the time!
Home Buyers – You may have missed the bottom of the market, because we seem to be on the upswing. Yes, there’s a chance things will turn around, but I wouldn’t risk waiting – especially since interest rates are the lowest I’ve seen in my forty-year career.
There have been many months during recent years when I’ve struggled to find one positive statistic to report. This month, it was easy. Let’s hope it stays that way!
If you’d like more specific information about real estate trends in your own Crofton neighborhood, or you’d like to see a breakdown of “just” townhomes or “just” detached homes, please contact me.
To see how Crofton compares with the county as a whole, click on Long & Foster Market Minute for April 2012.