Crofton Real Estate Market Update – July 2013
The Anne Arundel County real estate market looked good in July, with every indicator trending in the direction we like to see: home prices, units sold, and the percentage of sold vs. list price all increased, while the days on market were down from the same month in 2012. These statistics suggest this is a great time to sell your Anne Arundel County home if you’ve been waiting for the market to improve.
Crofton real estate statistics for July did not parallel the county numbers exactly, but they still bode well for Crofton home owners.
Units Sold - 40 homes sold in the 21114 zip code last month, compared to 28 in July 2012. That’s a 42% increase. In fact, this was the best July for “units sold” since 2007.
Days on Market - Average days on market were down a whopping 44% from 47 last year, to just 26 days in July 2013. Compare this to 2011, when it took three months to sell. Would you be surprised to know that 2005 was the last time more homes sold during July in Crofton?
Home Prices - The average and median price of attached homes that sold in July were down, and the number of attached homes that sold (25) outnumbered the more expensive detached homes (15). This may help to explain why the average and median sold prices both dropped overall in Crofton last month from the previous year. This does not suggest that the value of any one townhouse dropped – only that more of the low-end homes sold than the high end. I don’t think this is any reason for concern, since the median sold price for detached homes actually increased slightly.
Sold vs. List Price - It looks like Crofton real estate agents are doing a good job in advising their clients regarding list price, because homes sold in July 2013 at nearly full price – 99.49% of list price, to be exact. This average includes some homes that sold above full price.
Balance - My crystal ball for indicating the future of Crofton’s real estate market is based on comparing the number of new listings with the number of new pending contracts for Crofton homes during any given period. In July, we saw 39 new listings compared to 46 new pending contracts. When the supply of homes goes down, the demand typically goes up – and this usually results in price increases. That’s good news for home sellers, and bad news for home buyers in Crofton.
For more information about the Crofton real estate market, give me a call. It might be helpful for you to see what’s happening in your immediate neighborhood, or with homes similar to yours.
Copyright 2013. All rights reserved.
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