March 10th, 2014 Categories: Market Updates
Crofton Real Estate Market Update
This report is based on closed sales in the 21114 zip code during February 21114, which were released by RBIntel and MRIS on 3/10/14.
Here’s a look at some key statistics in Crofton during February 2014, along with comparisons to the previous year (YoY) and month (MoM).
Sales Volume: Sales picked up last month, whether we compare February closings with January 2014 or with February 2013. Good news, with more good new yet to come.
Sold Price: Both the median and average sold prices increased in February – only slightly from February 2013 but a LOT better than last month (January 2014).
Sold vs. List Price: The ratio of sold price to list price down less than one percent from last year and up less than one percent from last month. I’d say that’s pretty consistent! Homes are selling about 96% of full price, and not too many home sellers will complain about that.
Days on Market: The days on market were up in February – more than double last year BUT the lower than any previous February since 2006.
Following is a chart of February real estate statistics for Crofton (click on the image to enlarge it):
What you don’t see here: The number of homes for sale in Crofton during February was 72, a significant increase over February in 2012 and 2013, but not yet back to 2011 levels. This is likely due, in part, to bad weather keeping prospective buyers indoors during February and also to 42 new listings going on the market during the month compared to 25 in February 2013, a 68% increase.
Home Buyers – Rates aren’t as low as they once were, but they’re still below 5% for most loans. There’s no telling what they’ll be in six months or a year, so I wouldn’t wait for falling interest rates to buy a home… you can always refinance if rates drop in the future.
Home Sellers – You have good reason to be optimistic, with median and average home prices increasing and a high sold vs. list price ratio. But the competition is stiff, and you can’t afford to stick a sign in the ground and wait for a buyer. Smart sellers are removing excess belongings from their property, bringing in a professional stager, and investing both time and money in home sale preparation. While price trumps everything, to coin a phrase from HGTV, property condition is more important than ever to selling your Crofton home.