May 19th, 2014 Categories: Market Updates
Real Estate Market Update for Crofton, MD – April 2014
Crofton home owners will be happy to learn that sales were up more than 34% last month over last month (March 2014) and last year (April 2013), with 31 closed sales.
There were 57 new listings last month but, fortunately, the new pending sales exceeded that number with 64 new pending contracts, up 45% over last year. About half of these were contingent contracts, so let’s hope the market continues with its annual Spring rebound to convert those contingent contracts to firm “under contract” status.
It’s interesting to note that the majority of buyers who closed in April used Conventional financing (15), in spite of the tighter restrictions in place for Conventional loans. Thirteen buyers used VA or FHA, two paid cash (probably investors), and one used “other” – perhaps an assumption or owner financing.
Average and median home prices for the properties that closed last month were down, but I wouldn’t lose sleep over that. It doesn’t mean that any one property dropped in value, just that more lower priced homes sold last month than a year ago. This is reflected in the ratio of attached/detached homes, which was 22/9 this year compared to 15/8 in 2013.
Overall, I think Crofton residents can feel good about the real estate market in Spring 2014. If you’re a prospective buyer, however, it’s time to get off the fence. When the market is good for sellers, it’s less favorable for home buyers.
This home is currently for sale in Crofton. Please contact me at 410-451-6245 for more information.