February 12th, 2013 Categories: Market Updates
The closest thing we have to a crystal ball for predicting the Crofton real estate market is the real estate statistics released monthly by MRIS and RBIntel.
The best predictor among these statistics, in my opinion, is the balance between new listings and sold properties. That balance was looking very healthy last month with 18 new sales reported and 17 new listings for January 2013. Now THAT is balance!
With only 41 active listings on the market, that gives us an absorption rate of just over 2 months – 65 days, to be exact. That’s good news for Crofton home owners who have been waiting for the market to turn around.
In other news, the average and median sold prices rose significantly over January 2012 and the average days on market declined over 35% in January from the a year earlier. In the interest of full disclosure, however, the numbers in January were not as favorable as they were in the previous month, December 2012.
We have good reason to feel optimistic, and I’m thinking that it will be a busy Spring for Crofton real estate agents.