February 15th, 2014 Categories: Market Updates
Crofton Real Estate Market Update
This report is based on closed sales in the 21114 zip code during January 21114.
Sales Volume: The January real estate market in Crofton was much slower than it was last spring spring and summer. This is a seasonal occurrence and it does not mean the sky is falling. While this year’s January dip was significant, it’s the same number of January sales we saw in 2011 and more than double the 5 sales we saw in January 2009.
Sold vs. List Price: The ratio of sold price to list price was the highest we’ve seen in any January since 2005, at the height of the real estate bubble. This is the best news we had last month, followed by “Average Days on Market,” which remained relatively constant – up only one from the previous month, and just three from January 2013.
Sold Price: Both median and average sold prices dropped from the previous month and from 2013, but they exceeded the median ($219,000) and average ($254,250) sold prices in 2012. Yes, this is a statistic people like to follow, but it’s easy to misinterpret. This does NOT mean that YOUR home value has risen or fallen; this statistic is based on the prices of homes that sold. In other words, more lower priced homes sold than higher priced homes.
Following is a chart of January real estate statistics for Crofton released by MRIS, our regional multiple listing system (click on the image to enlarge it):
What you don’t see here: The number of homes for sale in Crofton during January was 59 – the lowest number in eight months. Meanwhile, the number of contracts written during January was 48 (19 non-contingent, 29 contingent). If this continues, home sellers may see multiple offers and home buyers will likely have to pay full price or more for a Crofton home.
Spring 2014 will be a good time to sell your Crofton home, while supply is low and demand is high! Contact me today to learn more about the local real estate market, the home-selling process, and what it takes to attract home buyers on Day #1 of your listing.
Be sure to visit MargaretWoda.com for more real estate information.