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Crofton MD Real Estate Market – June 2013

Home buyers and sellers in Crofton MD can both find some satisfaction in the June 2013 real estate statistics for Crofton, MD (21114).

While sellers can celebrate that sales are strong, prices are holding, and days on market remain below 30 days, buyers saw the apparent trend towards a seller’s market slowing a bit.

7-13-2013 6-57-02 AM Contract SnapshotUNITS SOLD in this zipcode last month (31) were down slightly from May (35), but still the 2nd highest since August 2012.

DAYS ON MARKET were up slightly (21) from May (18) but the second lowest month since September 2005.  Now, that’s good news for all!

AVERAGE SOLD PRICE was up ($354,036) in June, compared to May ($342,731), but down from June of last year. (Average sale price is determined by dividing the total sales volume by the number of units sold.)

MEDIAN SOLD PRICE was down ($310,000) from last month ($327,900) and last year ($339,000). (Median is the mathematical result indicating that one half of the group is higher and one half is lower.)

If you’ve followed my blog for any length of time, you know that I look for BALANCE in the Crofton real estate market as an excellent predictor for the future.  I am happy to report that we had 54 new listings in Crofton during June and 53 new contracts.  You can’t get much more balanced than that!  After many many months, in fact years, of new listings greatly outnumbering sales, the market has finally leveled off.  As long as these two numbers remain on balance, we won’t see the extremes of the pre-2007 bubble or the bust of recent years. Fingers crossed!

If you’d like to know more about the Crofton real estate market, please contact me today.  I can send you a full report on the local area or a very detailed report that zeroes in on your neighborhood or type of home. Just click on the “Contact” tab at the top of this page.

Copyright 2013. Margaret Woda. 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.

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Crofton MD Real Estate Market Update – March 2013

Real Estate Market Update for Crofton, Maryland, March 2013

Crofton Home Sales Up Over Last Month

Real estate market data for Crofton, Maryland, provided by Margaret Woda, of Long & Foster Real Estate, Inc.

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Home sales during March were up more than 8% from February, but down quite a bit from March 2012.  

 

Days on market is another indicator of the real estate market and this number was up 80% from February but down nearly 40% from March 2012. In fact, the days on market haven’t been lower than this any March since 2006.  

 

Crofton home prices were down last month, whether you compared them with the previous month or the same month a year ago. This may be due, at least in part, to the lower average price for new Crofton listings during the same month.

 

These mixed signals indicate that the market is alive and well, but not showing any convincing trends in spite of some quick sales and a few bidding wars. One trend, however, is the listing inventory in Crofton MD, which has been trending down over the past the past 2 years, as you can see in this chart:

 

Listing Inventory

 

SUMMARY OF THE CROFTON REAL ESTATE MARKET:

 

Home Owners, a shrinking inventory is good for you because buyers have fewer choices. If this continues, home owners can anticipate more competition for the existing inventory, likely leading to improved home values. Don’t look for 2005 home prices, however, because any return to that level is unlikely in the immediate future.   

 

Home SearchHome Buyers, a smaller inventory means you’ll be competing with other buyers for fewer homes. It’s important for you to have a loan pre-approval before you begin your home search, and to work with an agent who is an experienced negotiator.

 

 

If you’re interested in knowing what’s on the market now in Crofton, you can find that information by clicking on the computer image.

 

 

To find out what you home is worth in the current market, contact me today.

Copyright 2006-13.  All rights reserved.

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Crofton Real Estate Market Continues to Improve

Crystal ball flippedThe closest thing we have to a crystal ball for predicting the Crofton real estate market is the real estate statistics released monthly by MRIS and RBIntel.

The best predictor among these statistics, in my opinion, is the balance between new listings and sold properties. That balance was looking very healthy last month with 18 new sales reported and 17 new listings for January 2013.  Now THAT is balance!

With only 41 active listings on the market, that gives us an absorption rate of just over 2 months – 65 days, to be exact. That’s good news for Crofton home owners who have been waiting for the market to turn around.

21114.2013.01In other news, the average and median sold prices rose significantly over January 2012 and the average days on market declined over 35% in January from the a year earlier. In the interest of full disclosure, however, the numbers in January were not as favorable as they were in the previous month, December 2012.

We have good reason to feel optimistic, and I’m thinking that it will be a busy Spring for Crofton real estate agents.

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Crofton MD Home Prices Coming Back

Median and Average Sale Price UP in Crofton

Crofton Postcard Market SnapshotThe AVERAGE home sale price in the 21114 zip code last month (December 2012) was $345,274.  This is the highest we’ve seen in any December since 2006, when it was $363,155.  The low point was December 2009, when the average sale price in Crofton was $308,638.

The MEDIAN home sale price was $330,000, the same as December 2006, and 26% higher than December 2011. 

Both of these numbers are good news for Crofton homeowners, who wondered how long it might take for home values to get back to 2005–2006 levels.

The average “days on market” totaled 62 days for sales closed in December.  This was down 11% from the previous month and a whopping 53% from December 2011. More good news for Crofton home owners!

On the flip side:  It’s not unusual for home sales to fall between November and December, and this year the drop was nearly 41%.  I’m actually more concerned about the 22.73% drop from December 2011… but I don’t think it’s any reason to panic, given the strong prices and relatively few days on market.

View all Crofton homes currently for sale

All real estate is local, of course, and that means that statistics for your immediate neighborhood may or may not have seen these same directions in December 2012. Why don’t you contact me for an update on the real estate market in your neighborhood or for your home type (detached or townhouse) throughout Crofton.

Copyright 2013.  All rights reserved.

 

 

 

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2012 Real Estate Sales in Crofton, MD

Sold sign2Happy New Year!

As we look forward to a new beginning in 2013, a quick glance back at  home sales in 2012 suggests that Crofton home owners can feel good about our local real estate market. 

12.5% more homes sold in Crofton, Maryland, during 2012 than 2011 and 2010. 

2012:  307 homes sold and settled in the 21114 zipcode last year, including 113 homes listed as “detached” that ranged in price from $269,900 for a short sale in Crofton Village to $624,000 for a 9–year old colonial in Braddock Farms. 57 of the total closed sales reported by MRIS (18.5%) were “distress sales” –  i.e., a short sale, foreclosure, or bank-owned property. 

2011: 273 homes sold and settled in Crofton the previous year, including 96 detached homes ranging in price from $270,000 for a home in Crofton Meadows to $590,000 for a 16–year old colonial in Walden. 59 of the 273 homes sold throughout the year (more than 21%) were reported in MRIS as “distress sales.”

2010: 270 homes sold and settled two years ago, including 102 detached homes that ranged in price from $270,000 for a home in Crofton Meadows to $782,912 for a brand new colonial in Chaney’s Grant. 42 of the 270 total home sales in Crofton during 2010 (15.5%) were listed as “distress sales.” 

Remember, there was a home-buyer tax credit for part of 2010 that artificially boosted sales, so none of these numbers are an accurate reflection of how dismal real estate market conditions were at that time – not just in our area, but nationwide. 

*All data obtained from MRIS, the regional multiple listing service used by REALTORS and appraisers. Only homes listed on MRIS are included in these numbers.

Check back to this website in mid-January for more real estate statistics, including charts and graphs of the monthly median price, days on market, and units sold in Crofton MD during 2012. 

If you’re thinking of selling your home in 2013, be sure to contact me sooner rather than later for a free consultation on getting your home ready to sell.

Home buyers, click on the photo below to view every home currently listed for sale in Crofton, MD.  You can customize your home search and even request email notices of new listings when they come on the market.

Crofton Gates Cropped2_edited

Homes for Sale in Crofton, MD (21114)

Copyright 2013.  All rights reserved.

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