June 11th, 2012 Categories: Market Updates
The Crofton real estate market showed improving trends in some key areas last month, most notably the number of homes that sold and settled. Closed sales were up over 12% from last year, and higher than any May over a five year period.
New listings were down to the lowest figure for any May in five years, which is a good indicator that supply and demand may be headed towards some kind of balance. Days on Market were down over 23% from the same month last year, back to 2008 levels.
Unfortunately, the average and median sold prices didn’t show an upward-bound trend, but that number includes ALL homes; detached home prices showed a marked improvement over last year.
Home sellers – In my opinion, you can be more optimistic about a likely home sale now than in recent years. If your home is priced well and in good condition, chances are it will sell in about 3 months, at a price 93–95% below list price. For an estimate of your home’s likely sale price, contact me.
Home buyers – Would you like to know what’s for sale at the median price in Crofton? There’s a 3 bedroom, 2.5 bath townhome with basement for sale on Sharwood Place in the Crofton Square neighborhod of Crofton Meadows at $279,000. You just missed a home in Crofton Commons and another in Lake Louise that were priced about the same. The lowest price detached home inside the Crofton triangle is a rancher on Urby Drive, at $365,000. To view the details of this and other homes currently for sale in Crofton, click on Crofton Homes for Sale.