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Crofton MD Real Estate Update – October 2013

Crofton Maryland Real Estate – October 2013

Crofton home sales were down in October, whether you’re counting new contracts or closings on contracts written in previous months. This is not surprising, given consumer uncertainty with everything from health care to job security, because the real estate market tends to be a good barometer of consumer confidence. The real estate statistics for Crofton, the greater Crofton area, Anne Arundel County, and Maryland seem to confirm that local consumer confidence was in the tank last month.  Let’s look at Crofton’s numbers:

L&F Sign Margaret-cropped

Crofton Home Sales

The barometer I tend to use for anticipating the real estate market in coming months is “balance” in supply and demand – how many new listings vs. how many closed and pending sales.  If the number of new listings is lower than the sales, the market is likely to tip in favor of home sellers because there will be greater competition for their home and buyers will have fewer options.  If the number of new listings is higher than the sales, sellers will be competing to attract buyers and we can expect to see lower prices and more days on market.  Given this explanation, let’s look at new listings in October:

Crofton Home Listings

Crofton Home Prices

On a much brighter note for home sellers, prices on sold homes were up last month!

What all this means to you

Crofton Home Buyers – It looks like you’ve caught a break.  Just as interest rates and home prices started creeping up and the inventory started shrinking, the Crofton real estate market hit the brakes.  You have another opportunity to step into home ownership while the tide is in your favor.  Don’t blow it this time!

Crofton Home Sellers – Don’t throw in the towel just yet, because the numbers are still better than we’ve seen in recent years and there’s no guarantee of a quick turnaround.  This may be the best market that home sellers will see for a while, so hang in there…. price your home conservatively, hire a professional stager to make your home appeal to likely buyers, and choose an experienced agent who knows how to overcome the challenges of any real estate market.

 

 

 

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