September 11th, 2012 Categories: Market Updates
Thirty-seven Crofton homes closed in August 2012, up over 76% from August 2011. In fact, sales were up 32% over last month. I can’t speak for all of these transactions, but my home buyers last month were relocating to the area as part of BRAC 2005 for duty at Fort Meade. I believe that BRAC continues to be a positive influence on the real estate market throughout the Fort Meade area, including Crofton.
Average days on market for closed sales (49) was down significantly from last year – almost 32% – and up only slightly from the previous month. This certainly relieves the stress-factor for Crofton home sellers.
Median and average home prices ($279,000 / $307,158) were both down from last month and last year. However, I think we can expect Crofton home prices to hold their own in the coming months due to a shrinking inventory of homes for sale.
To put all this information into perspective, take a look at this snapshot of real estate activity in August this year compared to recent years. No arguing with the numbers… the Crofton real estate market is more active than we’ve seen in a long time.
Home Sellers: Location, list price, and property condition are the three primary factors influencing home sales. It’s more important than ever to make sure your home is uncluttered, clean, and in good repair before you put it on the market. I highly recommend professional staging and photographs, as well, to showcase your home at its best online and in print media. Be sure to ask your listing agent if these services are included in the commission or if these are optional, at additional cost.
Home Buyers: Crofton is still affordable for first-time home buyers with today’s low 3.25% interest rate. Low down payment loan programs are available (95% Conventional loans and 96.5% FHA loans, not to mention zero-down VA loans) and many sellers will provide closing help. Prices are not escalating yet, so this really is a GREAT time to buy a Crofton home.