Contact MargaretArchive for the 'Market Updates' Category
Bowie Area Year-End Real Estate Closings
January 9th, 2012 Categories: Market Updates
3–Year History of Bowie MD Real Estate Sales
As we begin the new year, it’s always good to reflect for a moment on the year behind us. I like to put that reflection in perspective by comparing it with two previous years:
North Bowie (20715) had 290 closings, the highest number in three years, with 216 in 2010 and 250 in 2009. Hopefully this trend will continue so the inventory of 79 homes currently for sale will drop consistently each month of 2012.
South Bowie (20716) had 201 closings, the lowest number in three years, with 241 in 2010 and 213 in 2009. There are 77 homes for sale in this area, as of 1/5/2012.
West Bowie (20720) enjoyed the highest number of sales in three years, but just barely, with 287 in 2011, 286 in 2010 and 274 in 2009. 101 homes are on the market now in this zipcode.
Southwest Bowie (20721) held its own in 2011, with 268 closings compared to 271 in 2010 and 254 in 2009. There are 86 homes currently for sale in this area of Bowie.
What does all this mean to you?
Home Buyers: With so many homes on the market, you should be able to find a seller who is willing to compromise on price or pay some of your closing costs. With low interest rates still available, condtions are perfect for you to buy your first home or move up to a bigger/better Bowie home.
Home Sellers: It’s still competitive for you, so you will have to entice buyers to your home with special incentives like closing help. Once you get them in the door, your home needs to be in top showing condition. And, of course, nothing sells a home like pricing it right for the market. The bubble years are gone, and there’s no point in waiting for 2005 home prices to return. It’s not likely to happen any time soon.
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Crofton Homes for Sale -January 2, 2012
January 2nd, 2012 Categories: Market Updates
2012 will be another good year for home buyers in Crofton, Maryland, and throughout the Crofton area. As we begin the year, interest rates remain low and there are many homes for sale. In fact, it may be easier for you to find a home for sale than it is to find a Crofton rental.
Mortgage interest rates in the Baltimore area range from 3.77% to 4.75% (1/2/12), according to Bankrate.com, making a home purchase affordable for many people who couldn’t have considered it during the so-called bubble years. It’s entirely possible that you could own a home comparable to the one you’re renting for about the same monthly payment as your current rent. If you’re currently renting, you owe it to yourself to explore your options for owning.
Detached homes for sale in Crofton range from a split foyer at $274,900 in Crofton Meadows to a brand new three-level colonial in Chaney’s Grant for $595,900. Townhomes and condos begin under $100,000 for a Habitat condo in Crofton Meadows to $335,000 for a 3–level townhome in The Knolls. For a complete list of homes currently on the market, you can always click on Crofton Homes for Sale to see the current inventory of homes for sale. This list is updated automatically to assure it is current whenever you click on the link, whether you do so today or next week.
In fact, you may want to bookmark this home search site and follow the Crofton real estate market from the perspective of “what’s on the market now?” – No registration or fee is required. You can even sign up for daily or weekly updates of new and revised listings to view homes at your own pace and convenience, without any obligation, and contact me only if you have questions or want to see any of the properties.
Coming Friday, January 6: Ready to Buy, but Can’t Sell Your Current Home? Options for down payment and closing costs.
Beginning in January: Common Sense Home Selling Secrets - A monthly series for home sellers.
Davidsonville Homes for Sale Gambrills Homes for Sale Odenton Homes for Sale
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Crofton Home Sales Steady
November 21st, 2011 Categories: Market Updates
Home sales remained relatively stable in Crofton, Maryland, between September and October. That’s good news in a real estate market that has seen a lot of bouncing up and down over the past year.
The inventory of homes didn’t go down, however, because new SALE signs in Crofton seem to be as plentiful as autumn leaves. You can see for yourself from this graph (on the right), the number of new listings has been creeping up. On the flip side, the number of new listings (29) is down 14.71% compared to October 2010 (34).
For a comprehensive view of the market, we have to compare last month’s real estate statistics with those of the previous month (MoM) and compare it with the same month in the previous year (YoY):
- 17 Closed sales: No change MoM, but down 17% YoY
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$287,500 Median sold price: Up 6.48% MoM, but down 3.35% YoY $311,988 Average sold price: Up 4.87% MoM, but down 4.65% YoY - 78 Days on Market: Down
29.09% MoM, and down 56.18% YoY - 94.63% Sold Price vs. Original List Price: Up
2.55% MoM, and up 3.52% YoY Overall, I think this is a good report, since sales improved in every category over the previous month and improved over last year in the last two categories. Not only that, but the median and sold prices dropped less than 5% from last year – not nearly as dramatic as the changes we’ve seen at times over the past 2–3 years.
If your home is currently on the market, you will probably experience a drop of showings through December due to the holiday season. I’m optimistic about 2012, however, since there’s a lot of pent-up demand. I believe people are tired of waiting for things to “get better” and they’re ready to take advantage of the great interest rates we have now.
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Crofton Home Inventory Down in September
October 17th, 2011 Categories: Market Updates
The number of homes for sale in Crofton was down in September – only slightly from the previous month, but substantially from the previous year.
As I skim the real estate market report for last month in Crofton, Maryland, I find other good news to report: The number of new listings is down and the number of new contracts remains even.
Some of the other statistics for September are disappointing, but there seems to be a lot of activity in my office at Long & Foster in Crofton. Activity is usually a pre-cursor to more sales, so I’m feeling optimistic about the remainder of 2011.
Here is a chart of the real estate statistics reported by our regional multiple listing service over a five-year span. (Click on the chart to enlarge it.)
This is a snapshot of the entire zipcode, and I can provide you with a breakdown of detached homes and townhomes, upon request. It’s also a good idea to look at individual neighborhoods before you draw any conclusions regarding your own property. Remember, the average and median sold prices are based on the homes sold in one 30–day period and they do not indicate a drop in the value of any one home.
As always, location and property condition are key components in home value. The best thing you can do to protect your home value is to maintain and update it.
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3-Month Snapshots of Crofton Area Real Estate
September 26th, 2011 Categories: Market Updates
Margaret’s Monday Morning Market Update
If a picture is worth a thousand words, is this collage worth a thousand… is it worth four thousand, since it includes a snapshot of real estate activity in four nearby zipcodes?
I’ve never shared real estate data in this format before. Let me know what you think of it. The data source is MRIS, our regional multiple listing service, and the charts were compiled by RBIntel, an MRIS partner.
If the print is too little for you to read, we’re looking at sold listings (green), new listings (red), and new pendings (blue) for June, July and August 2011. Left to right, we’re seeing Crofton, Davidsonville, Gambrills, and Odenton.
Home sellers ruled the market 5 years ago, but now buyers are in charge. GREAT opportunity, if you’re currently renting or want to move up to a bigger better home.
Click on the link below to view homes for sale in…
CROFTON DAVIDSONVILLE GAMBRILLS ODENTON
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