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Crofton Real Estate Market – January 2014

Crofton Real Estate Market Update

This report is based on closed sales in the 21114 zip code during January 21114.

Crofton Gate Postcard 8.5 x 5Here’s a look at some key statistics in Crofton during January 2014, along with comparisons to the previous year (YoY) and month (MoM).

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):

Screen Shot 2014-02-16 at 6.07.02 AM

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 for more real estate information.

Posted by Margaret Woda | Discussion: Comments Off on Crofton Real Estate Market – January 2014

Crofton Real Estate Update – December 2013

Crofton Real Estate Update

This report is based on closed sales in the 21114 zip code during December 2013

Is this a good time to list my Crofton home?

L&F Sign Margaret-croppedThe answer to this question can be found in the housing inventory. There were only 68 homes available for sale in Crofton in December, compared to 75 in November and 79 in October. As the inventory drops, competition usually heats up for available listings, so I would say this is an excellent time to put your home on the market.

Here is some additional information that may give you a peak into the future…

The number of closings in Crofton was up from November 2013, and consistent with December 2012.

The average days on market were up from both November 2013 and December 2012.

The average and median prices were down from both November and December 2012. This is not to say that the value of any one house went down, only that more lower priced homes sold than higher priced ones – many of these were bank-owned and short sales, which throw off the “real” numbers. We can’t ignore them, however, because they are the competition.

When we look at the full year for 2013 in Crofton compared to 2012,the number of closings and home prices were up and the days on market down almost 50%.

So what does all this mean to you and your prospects of selling if you put your home on the market in the next few weeks or months? That’s the questieon of the day!

The answer isn’t “simple” because there are so many potential factors beyond our control – the economy, politics (from local to International and everywhere in between), and even the weather – but… barring any major changes from something beyond our control – I think we’re in for a better market in the next few months than we’ve seen during the spring season in any of the past three years. That’s good news for you if you’re thinking about selling your property.

Want more details? Give me a call at (410) 451-6245.

Visit my website at for more real estate information.

Posted by Margaret Woda | Discussion: Comments Off on Crofton Real Estate Update – December 2013

Home Prices Up in Crofton, Maryland – November 2013

Crofton Real Estate Market Update – November 2013

Home prices for closed sales increased during November in Crofton, Maryland – The median price went up over 23% from last year and the average price increased 14.5%.  Comparing November’s prices with October 2013, the increase was over 4% for both median and average.  The median price is defined as the mid price, with an equal number higher and lower; the average price is determined by adding the sold price for all homes that closed and dividing it by the number of homes sold.

Of course, this number doesn’t mean that the value of any individual home has increased an equal amount because the statistics are based on a limited number of homes – the 18 homes that closed in November 2013.  This number dropped significantly – nearly 38% in November from the same month last year and nearly 22% from last month, October 2013.

With mixed news like this,  what does it mean to Crofton home buyers and sellers?  Well, there’s another indicator that I always look to for answering that question:  I call it “balance.”  When the number of new listings and new closed sales are the same, that indicates supply and demand are in balance.  During November 2013, there were 16 new listings and 16 new pendings, including 7 contingent contracts.

These statistics are based on sales in the 21114 zipcode, but trends may be different in your own neighborhood or a neighborhood where you’re considering buying a home.  Be sure to ask me or your own agent what’s been happening in different communities in and around Crofton.

_______________________________ is my way of attracting prospective home buyers to our community and keeping my neighbors informed about real estate and community activities.  If you or your organization would like to share information that might be of interest to others, please click on the CONTACT button at the top of this page.

Posted by Margaret Woda | Discussion: Comments Off on Home Prices Up in Crofton, Maryland – November 2013

Crofton MD Real Estate Update – October 2013

Crofton Maryland Real Estate – October 2013

Crofton home sales were down in October, whether you’re counting new contracts or closings on contracts written in previous months. This is not surprising, given consumer uncertainty with everything from health care to job security, because the real estate market tends to be a good barometer of consumer confidence. The real estate statistics for Crofton, the greater Crofton area, Anne Arundel County, and Maryland seem to confirm that local consumer confidence was in the tank last month.  Let’s look at Crofton’s numbers:

L&F Sign Margaret-cropped

Crofton Home Sales

The barometer I tend to use for anticipating the real estate market in coming months is “balance” in supply and demand – how many new listings vs. how many closed and pending sales.  If the number of new listings is lower than the sales, the market is likely to tip in favor of home sellers because there will be greater competition for their home and buyers will have fewer options.  If the number of new listings is higher than the sales, sellers will be competing to attract buyers and we can expect to see lower prices and more days on market.  Given this explanation, let’s look at new listings in October:

Crofton Home Listings

Crofton Home Prices

On a much brighter note for home sellers, prices on sold homes were up last month!

What all this means to you

Crofton Home Buyers – It looks like you’ve caught a break.  Just as interest rates and home prices started creeping up and the inventory started shrinking, the Crofton real estate market hit the brakes.  You have another opportunity to step into home ownership while the tide is in your favor.  Don’t blow it this time!

Crofton Home Sellers – Don’t throw in the towel just yet, because the numbers are still better than we’ve seen in recent years and there’s no guarantee of a quick turnaround.  This may be the best market that home sellers will see for a while, so hang in there…. price your home conservatively, hire a professional stager to make your home appeal to likely buyers, and choose an experienced agent who knows how to overcome the challenges of any real estate market.




Posted by Margaret Woda | Discussion: Comments Off on Crofton MD Real Estate Update – October 2013

Odenton Real Estate Update – September 2013

Odenton Real Estate Update – September 2013

The Odenton real estate market remained robust in September, in spite of rising interest rates and uncertainty about the economy.  Average and median prices were up for closed sales, days on market were down, and more units sold than last year AND last month.

Odenton Real Estate - September 2013

Odenton Real Estate – September 2013

Odenton home owners should not take this as a license to be greedy, however, because other indicators suggest that darker days may be ahead, with more than three times as many new listings in September than there were new contracts.  This “balance” is a key indicator of the real estate market in the near future – a crystal ball, of sorts, that suggests the direction of supply and demand.

There are 132 homes for sale in Odenton today, including 34 new listings and 17 closed sales so far this month. This is a 2-1 ratio, not good news for home sellers.

OLYMPUS DIGITAL CAMERAHome Sellers:  With this imbalance in new listings and new sales, combined with the effects of the government shutdown, it’s likely that we’ll see declining home prices, more days on market, and fewer units sold in the coming weeks. Please be conservative in your pricing and choose an agent with an aggressive marketing plan, plenty of experience, and a great track record for average days on market.

Home Buyers: While it’s likely that housing inventory will grow and prices fall, given this imbalance of supply and demand in Odenton, interest rates have been on the rise for the past few months and new qualifying limitations seem to pop up weekly. For these reasons, it’s a real gamble for you to continue sitting on the sidelines and waiting for a return to the buyers’ market of 2009 and 2010.  Take advantage of this situation and start home shopping now.  You could be in your own home by Christmas, or even Thanksgiving.

Posted by Margaret Woda | Discussion: Comments Off on Odenton Real Estate Update – September 2013

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