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Crofton Real Estate Update – September 2013

Crofton Real Estate Sales UP (and down) in September 2013

Roller CoasterCrofton real estate news in September was good, when compared to September 2012 – at least in some categories we track monthly.  Month to month statistics were not quite so positive, however, in the face of rising interest rates in July and August when contracts were written for most of the sales that closed in September.

Crofton home prices reflected the declining consumer confidence in September.  Fortunately, prices remained fairly stagnant and didn’t show a huge decline.  In fact, the average sold price was up 8% to $351,241 over September 2012, while dropping nearly 5% from August 2013. The median sold price of $322,75o was down, but less than 2% from last year and less than 3% from August 2013.

21113 - 10.12As you can see from this chart, the market was still better last month than 3 of the past 5 years.  Let’s hope for better news next month because I’d hate to see this become a trend.  It was kinda fun to see things get back to “normal” for Crofton real estate.

Home Sellers:  Given last month’s sales statistics, it’s a good idea for you to be conservative in pricing if you want to move and get settled into your new home before Thanksiving.  If consumer confidence continues to decline and interest rates keep going up, your odds may not be favorable for getting today’s pricein another month or two.

Home Buyers:  It’s your lucky day because the housing inventory is up, thanks to increasing listings and decreasing sales.  Interest rates have stalled, so that’s more good news if you’ve been thinking of firing your landlord.

About Focus on Crofton:

FocusonCrofton.com is my way of attracting relocating homebuyers to the greater Crofton area while keeping current residents updated about local real estate, news, and events. Please click on Contact Margaret Woda if you would like to see information about your community organization or local event posted on FocusonCrofton.com or our Facebook page.

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

Odenton Real Estate Update – August 2013

ODENTON REAL ESTATE UPDATE – AUGUST 2013

Sales statistics are the closest thing we have to a crystal ball in real estate because we can usually detect a trend that, should it continue, indicates what we might expect in the next month or so.

Girl on swing2Pending home sales in Odenton were up more than 31% last month from August 2012, but don’t open the champagne just yet because sales slowed 6.67% last month from July. These mixed results were not unexpected, as mortgage interest rates crept up over the summer, putting a damper on the real estate market recovery.

Average and median home prices were down in Odenton during August, whether you compare them with the previous month or previous year. The same factors were at work here, plus we’ve seen conservative appraisals force sale prices lower than the original sale price agreed to between home buyers and sellers.

The average Days on Market in Odenton were up slightly to 95 days, in spite of some pockets that did better – 3-level garage townhomes in the 21113 zip code, for example, averaged 74 days from listing to closing in August.

There are other factors at work, of course, besides interest rates: Most notably, the housing inventory in Odenton was up nearly 10% over a year ago, which reflect a 40% increase in new listings during the month compared to new pending contracts just 5.88% higher. Overall, however, we saw a balanced market in Odenton with 116 active listings in August and 115 pending sales.  When I see anything close to balance between listings and sales, it always makes me smile!

The bottom line:

ODENTON HOME SELLERS: The improving real estate market which was trending toward sellers’ favor may be in a “pause” mode, for now. I’m cautiously optiimistic that August sales statistics don’t favor buyers – it’s more of a draw.  One thing is certain – it’s better to list and sell now than wait because the real estate market could go either way in the coming months.

ODENTON HOME BUYERS: It’s not a buyer’s market any more, because the huge inventory which drove down prices for about five year is no longer a factor. In fact, another factor is trending against buyers right now, and that’s the mortgage interest rates at about 1% higher than a year ago.

If you compare the monthly Principal and Interest payment on the median home price in the above chart ($283,000), that’s a difference of $163 per month in your payment. I wouldn’t postpone buying because it’s likely rates will hit 5% in the near future.

Odenton Homes for Sale

Detached homes in Odenton span a wide price range – from less than $200,000 to over $600,000 – as do townhouses – from under $200,000 to nearly $500,000. Click on Odenton Homes for Sale to view them all or click on “New Search” at the top of the page to modify the search criteria to match your own wants and needs. These listings are automatically updated so the list will be current, whether you click on it today or six months from now.

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

Real Estate Update for Crofton Maryland – August 2013

By Jenn Morson.  Posted originally at Activerain.com

August Market Study for Crofton, Maryland

Homes are on the move in Crofton, Maryland, according to RBIntel’s August data. In August 2013, 44 home sales closed successfully, which is up nearly 19% from August 2012, when 37 homes closed. Even better, the average list price has increased by over 20%. The one number that has gone down is a great one: days on market! As anyone who has sold a home can tell you, keeping it ready for interested buyers can be a bit of a pain, but Crofton sellers this past month only had to keep those rooms neat and tidy for an average of 30 days, versus last August’s 49 days. That’s about 39% less time spent waiting to sell your home! – See more at: http://activerain.com/blogs/jennmorson#sthash.bj9q6IJ4.dpuf

Crofton August Market Stats

So why the great news? Several factors. With interest rates rising, people are moving to get those rates locked in at favorable numbers. But another major contributer to this seller’s market is the lack of inventory. From reading other market-related posts on Active Rain, I know that this is a common situation in a lot of different areas. Here in Crofton, Active Listings in August were 60, whereas last August, there were 76 active listings. Basic principles of supply and demand at work.

Inventory

What does this mean for you?  

Sellers: If you are a Crofton resident looking to list and sell your home, there is no time like the present. Your home is a coveted commodity in our current market. With inventory down, your home will not be competing with as many other homes as it was last year. Why not strike while the iron is hot?

Buyers: Yes, it’s true. There are less homes available, which makes for a better seller’s market. That being said, interest rates ARE climbing. If you are a first-time buyer, now is the time to get in there and find your home before inventory drops further and you are competing against more buyers.

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Jenn Morson is a former client and now she is a licensed real estate agent and ASP stager with Team Woda at Long & Foster in Crofton, Maryland.

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

Real Estate Market Update Anne Arundel County, Maryland – August 2013

Anne Arundel County Real Estate – August 2013

We all know that market conditions for real estate are local . Statistics we hear quoted on TV, see printed in the media, or posted online regarding home sales on a national level don’t reflect every single real estate market across the country. In the back of our minds, we can’t help thinking “Okay, but what’s happening with real estate in MY back yard?”

You’ll be glad to know, as an Anne Arundel County home owner, that the residential real estate market in this area has experienced a turn-around over the past few months that is very favorable to you. In fact, sales statistics from our regional multiple listing service (MRIS) have been better for home owners and sellers in recent months than we’ve seen in the same month during previous years – in some case, for as long as the past five years.

Let me share with you the statistics I watch each month.  These numbers are county-wide (Anne Arundel) for August 2013, compared to August 2012. If you’d like to see numbers that are even more local, ask me for a zip code analysis.

Crystal ball croppedBALANCE:

Closed Sales: 683 – up 25% from 545
Pending Sales (under contract):  1250 – up 2% from 1223
New Listings: 900 – up 20% from 745

Balance is probably the closest thing to a crystal ball that we have in real estate for predicting the future, because it addresses the question of supply and demand.  There have been many months over the past few years when new listings were double the number of pending sales, but now we see home sales closing at a 5% faster rate than new listings are coming on the market. Yay!

PRICE:

Median Price of Closed Units:  $320,000 – up 3% from $310,000

Median is the middle sale price, with an equal number of higher and lower priced homes. Most housing analysts consider to be a more accurate indicator than Average Price.

Average Price of Closed Units: $367,111 – down less than .2% from $367,710

Detached homes: up 2%
Attached homes: up 5%

Average is determined by dividing the total sales volume by the number of closed homes.

 DAYS ON MARKET:

75 days – down 27% from 103 days

SOLD vs. ORIGINAL LIST PRICE:

94.5% – up 2% from 92.4%

If you’d like to see the numbers for your own zip code, let me know.  I’ve maintained a chart of real estate statistics going back to 2005 for most Crofton area zip codes, so you can follow the ups and downs of the real estate market by month or year or both.
I’m happy to provide this information to local home owners at any time, even if you’re not thinking of selling in the near future.  Sometimes, it’s just good to know the value of your home.

Copyright 2013. All rights reserved.

About Focus on Crofton:

FocusonCrofton.com is my way of attracting relocating homebuyers to the greater Crofton area while keeping current residents updated about local real estate, news, and events. Please click on Contact Margaret Woda if you would like to see information about your community organization or local event posted on FocusonCrofton.com or our Facebook page.

__________ SEARCH CROFTON HOMES ONLINE__________

Posted by Margaret Woda | Discussion: Comments Off on Real Estate Market Update Anne Arundel County, Maryland – August 2013

Crofton Real Estate Market Update – July 2013

Crofton Real Estate Market Update – July 2013

Crofton Gate Postcard 8.5 x 5The Anne Arundel County real estate market looked good in July, with every indicator trending in the direction we like to see:  home prices, units sold, and the percentage of sold vs. list price all increased, while the days on market were down from the same month in 2012.  These statistics suggest this is a great time to sell your Anne Arundel County home if you’ve been waiting for the market to improve.

Crofton real estate statistics for July did not parallel the county numbers exactly, but they still bode well for Crofton home owners.

Units Sold – 40 homes sold in the 21114 zip code last month, compared to 28 in July 2012.  That’s a 42% increase. In fact, this was the best July for “units sold” since 2007.

Days on Market – Average days on market were down a whopping 44% from 47 last year, to just 26 days in July 2013.  Compare this to 2011, when it took three months to sell.  Would you be surprised to know that 2005 was the last time more homes sold during July in Crofton?

Home Prices – The average and median price of attached homes that sold in July were down, and the number of attached homes that sold (25) outnumbered the more expensive detached homes (15). This may help to explain why the average and median sold prices both dropped overall in Crofton last month from the previous year. This does not suggest that the value of any one townhouse dropped – only that more of the low-end homes sold than the high end.  I don’t think this is any reason for concern, since the median sold price for detached homes actually increased slightly.

Sold vs. List Price – It looks like Crofton real estate agents are doing a good job in advising their clients regarding list price, because homes sold in July 2013 at nearly full price – 99.49% of list price, to be exact. This average includes some homes that sold above full price.

Balance – My crystal ball for indicating the future of Crofton’s real estate market is based on comparing the number of new listings with the number of new pending contracts for Crofton homes during any given period.  In July, we saw 39 new listings compared to 46 new pending contracts.  When the supply of homes goes down, the demand typically goes up – and this usually results in price increases.  That’s good news for home sellers, and bad news for home buyers in Crofton.

For more information about the Crofton real estate market, give me a call.  It might be helpful for you to see what’s happening in your immediate neighborhood, or with homes similar to yours.

Copyright 2013. All rights reserved.

About Focus on Crofton:

FocusonCrofton.com is my way of attracting relocating homebuyers to the greater Crofton area while keeping current residents updated about local real estate, news, and events. Please click on Contact Margaret Woda if you would like to see information about your community organization or local event posted on FocusonCrofton.com or our Facebook page.

__________SEARCH CROFTON HOMES ONLINE__________

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

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