June 15th, 2014 Categories: Market Updates
Real Estate Update for Crofton, Maryland – May 2014
Good news for Crofton home buyers! May was a busy month for listings in Crofton, with 72 properties added to the inventory of available homes for sale. Today, June 15, there are 99 listings on the market for sale in the 21114 zip code, ranging from $109,000 (2-BR condo in The Tiers at Walden) to $800,000 (detached home on nearly 2 acres). This is the largest inventory of homes for sale in Crofton since November 2011.
By contrast, only 20 homes went under contract in the entire zip code during May. Even if you count the 24 contingent contracts (I’ll buy your house if and after my house sells), that’s only 44 offers accepted – definitely NOT in the same ballpark as 72 new listings, but it is an increase over May 2013.
What does this mean to you? When new contracts don’t keep pace with new listings, market conditions favor buyers over sellers. This usually translates into more days on market and more competitive pricing, as well. Disappointing to current Crofton home owners, but a great opportunity for home buyers.
Mixed news in “sold” statistics: Closings in May (37) were the highest we’ve seen in 2014, and an increase of nearly 6% over May 2013. The average days on market for the homes closed last month was 47, however, a 161% increase over the 18 days on market in May 2013. Average sold price to original list price was down approximately 2% from last year, but it was still a respectable 96.4%. The breakdown of attached vs. detached homes closed in May 2014 was nearly even at 18/19, compared to last year when it was 23/12.
This increase in sales of detached homes contributed to the nearly 4% increase in average sold price overall, but the average sold price of detached homes in Crofton dropped 5.6% from last year to $453,958 and the average sold price of attached homes dropped 7.05% to $251,564 from 2013.
Real estate statistics are only a small part of the story for Crofton home buyers and sellers, but they do help provide some perspective. Crofton homes are selling, but sellers and real estate agents should not be surprised if their property is on the market longer than it might have been at this time last year. Home buyers, this is an opportunity for you to take advantage of the relatively large inventory of homes on the market in Crofton while rates are hovering around 4%… chances are good that your monthly payment to own will be lower than rent on a comparable property.