December 11th, 2013 Categories: Market Updates
Crofton Real Estate Market Update – November 2013
Home prices for closed sales increased during November in Crofton, Maryland – The median price went up over 23% from last year and the average price increased 14.5%. Comparing November’s prices with October 2013, the increase was over 4% for both median and average. The median price is defined as the mid price, with an equal number higher and lower; the average price is determined by adding the sold price for all homes that closed and dividing it by the number of homes sold.
Of course, this number doesn’t mean that the value of any individual home has increased an equal amount because the statistics are based on a limited number of homes – the 18 homes that closed in November 2013. This number dropped significantly – nearly 38% in November from the same month last year and nearly 22% from last month, October 2013.
With mixed news like this, what does it mean to Crofton home buyers and sellers? Well, there’s another indicator that I always look to for answering that question: I call it “balance.” When the number of new listings and new closed sales are the same, that indicates supply and demand are in balance. During November 2013, there were 16 new listings and 16 new pendings, including 7 contingent contracts.
These statistics are based on sales in the 21114 zipcode, but trends may be different in your own neighborhood or a neighborhood where you’re considering buying a home. Be sure to ask me or your own agent what’s been happening in different communities in and around Crofton.
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