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Crofton Real Estate Market Update – January 2012

Flower-Daffodils 4Crofton weather in January was amazing, as residents enjoyed warmer than usual temperatures and an early hint of Spring ahead.  Even the daffodil bulbs, birds, and bunny rabbits were fooled by Mother Nature!

It felt a bit like Spring in the real estate market, too, as 24 homes went under contract in the 21114 zipcode during January. Since this is down from 30 in January 2011, why would I consider this good news?   The reason is simple:  I’m looking at this number in context with 17 new listings.  

When we see a higher ratio of new contracts to new listings, it indicates the market is moving in the seller’s favor.

I think we all agree this is a turnaround that’s long overdue.

If you’ve followed my market studies over the past few years, you know I always look to these two sets of numbers for some indication of a turnaround.  Instead of a growing inventory of homes for sale, we’re now seeing a decline in the inventory.  In fact, it’s down almost 30%, from 105 in January 2011 to 75 in January 2012.

This is not the first time we’ve seen more new contracts than new listings in the past 12 months.  In fact, it’s the third time.  And the ratio was relatively close in August, September, October and December.

Contracts vs. listings

My crystal ball isn’t always in perfect focus, but this chart seems to indicate that Crofton home sellers have good reason to be optimistic about 2012.

Click on Crofton real estate statistics to view more details on the Crofton real estate market, as reported by RBI, an MRIS company.

For more information about your own neighborhood or a breakdown of detached homes vs. attached homes sold in Crofton or currently on the market, please contact me.

Posted by Margaret Woda | Discussion: Comments Off on Crofton Real Estate Market Update – January 2012

Bowie Area Year-End Real Estate Closings

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:

1-5-2012 8-49-18 AM

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.

Bowie Zipcode mapSouth 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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Posted by Margaret Woda | Discussion: Comments Off on Bowie Area Year-End Real Estate Closings

Crofton Homes for Sale -January 2, 2012

Crofton Meadows2012 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

 

 

 

Posted by Margaret Woda | Discussion: Comments Off on Crofton Homes for Sale -January 2, 2012

Crofton Home Sales Steady

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. 

21114 - 11.21 SnapshotThe 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):

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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Posted by Margaret Woda | Discussion: Comments Off on Crofton Home Sales Steady

Crofton Home Inventory Down in September

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.)

Crofton Real Estate Market

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.

Posted by Margaret Woda | Discussion: Comments Off on Crofton Home Inventory Down in September

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