October 10th, 2012 Categories: Market Updates
MRIS has released real estate sales statistics for September, and the numbers for Crofton are somewhat mixed. Generally speaking, they indicate that the market has improved over September 2011, but didn’t live up to the terrific numbers we saw in August 2012.
Eighteen homes closed during September in Crofton MD (21114), up almost 6%% from from September 2011 but down significantly from the 37 sales we had last month.
Median and average home prices enjoyed a turnaround and went up -to $328,950 and $325,288 respectively. That’s an increase of 22% over last year and 18% over last month for the median sold price, while there was a 9% increase in the average sold price over last year, and 6% over the previous month in Crofton.
Average days on market for closed home sales (66) were down 63% from September 2011, but they increased 35% from August.
As I mentioned at the beginning of this post, September 2012 was a good month for Crofton real estate, compared to recent years, but it’s a bit of a roller coaster from month to month this year.
Home Sellers: This advice is timeless… 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, updated, 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. If you’re unwilling or unable to get your home into “top” condition for selling, don’t expect to get top dollar.
Home Buyers: What will happen to interest rates after the election? It’s anyone’s guess. For now, Crofton remains affordable for 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 seem to be declining in the 21054 zip code, so this really is a GREAT time to buy a Crofton home.
Next week: Real estate sales statistics for Bowie (20715)