September 23rd, 2013 Categories: Market Updates
By Jenn Morson. Posted originally at Activerain.com
August Market Study for Crofton, Maryland
Homes are on the move in Crofton, Maryland, according to RBIntel’s August data. In August 2013, 44 home sales closed successfully, which is up nearly 19% from August 2012, when 37 homes closed. Even better, the average list price has increased by over 20%. The one number that has gone down is a great one: days on market! As anyone who has sold a home can tell you, keeping it ready for interested buyers can be a bit of a pain, but Crofton sellers this past month only had to keep those rooms neat and tidy for an average of 30 days, versus last August’s 49 days. That’s about 39% less time spent waiting to sell your home! – See more at: http://activerain.com/blogs/jennmorson#sthash.bj9q6IJ4.dpuf
So why the great news? Several factors. With interest rates rising, people are moving to get those rates locked in at favorable numbers. But another major contributer to this seller’s market is the lack of inventory. From reading other market-related posts on Active Rain, I know that this is a common situation in a lot of different areas. Here in Crofton, Active Listings in August were 60, whereas last August, there were 76 active listings. Basic principles of supply and demand at work.
What does this mean for you?
Sellers: If you are a Crofton resident looking to list and sell your home, there is no time like the present. Your home is a coveted commodity in our current market. With inventory down, your home will not be competing with as many other homes as it was last year. Why not strike while the iron is hot?
Buyers: Yes, it’s true. There are less homes available, which makes for a better seller’s market. That being said, interest rates ARE climbing. If you are a first-time buyer, now is the time to get in there and find your home before inventory drops further and you are competing against more buyers.
Jenn Morson is a former client and now she is a licensed real estate agent and ASP stager with Team Woda at Long & Foster in Crofton, Maryland.