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Margaret’s Monday Market Update – Bowie (20715)
January 24th, 2011 Categories: Market Updates
Bowie MD Market Update (20715)
December 2010
HOME SELLERS:
Homes sold 13.89% faster in December 2010 than in 2009. That’s GREAT news for home sellers in North Bowie. As you can see from this chart, that’s the fewest days on market for home sales in any December over a five year period.
The percentage of average sold price vs. list price was up last month. In fact, that is nearly back to 2007 levels. But don’t get too excited yet, because this was down from the previous month (94.36% in November 2010).
Median and average home prices dropped, which is disappointing, but less than 5%. We can count ourselves lucky compared to other communities in Prince George’s County and throughout the nation. In fact, it’s about half the drop that home prices experienced county-wide.
There was a 29% drop in home sales during December from the same month last year and from November 2010. There just isn’t any way to sugar-coat that statistic. One has to look at it in perspective, however, and consider that fact that the homes which did sell sold faster and at a larger percentage of list price.
The most accurate way to assess your home’s likely sale price, Mr. Seller, is to consult with me or the REALTOR of your choice who will evaluate your home’s condition, features, and location in the context of your competition, and make recommendations to you about everything from price to updating.
HOME BUYERS:
With 153 homes for sale in this zipcode of Bowie, buyers who want to live in this area have many options for finding and buying a home. Many of these homes have been on the market for 90 days or longer, and some of those sellers may be willing to negotiate.
Given these two ideal conditions and today’s low interest rate, this is an excellent market for buying a Bowie home with terms favorable to you.
INTERACTIVE HOME SEARCH FOR BOWIE MD (20715)
Please keep in mind that real estate statistics in this chart include all homes in the 20715 zipcode that were listed on MRIS, our regional multiple listing system.
For detailed information about your community in Bowie Maryland please contact me directly by cell/text at (301) 346-2923 or ask for me when you call Long & Foster (410)721-1500 EXT. 6245.
This post first appeared on Margaret’s Maryland Real Estate Blog on 1/19/11.
Copyright 2010. All rights reserved.
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Margaret’s Monday Market Update for Crofton MD
January 17th, 2011 Categories: Market Updates
Crofton MD Real Estate Market Update
December 2010
2010 was a rough year for the Crofton MD real estate market and I, for one, am glad to turn over the December page of my calendar. Before I do that, however, let me address the questions I know you have after viewing this 5–year chart I made of real estate statistics for the Crofton zipcode.
- How many homes sold in Crofton during December 2010? There was a 23% increase in home sales (16) from December 2009 (13) In fact, last month’s home sales were higher than the previous month, as well (14). I’m very happy to report this reversal in the four years of falling home sales, since 2006 when there were 36 homes sold in December. That’s good news for Crofton home sellers!
- What price range of homes are selling in Crofton MD? Along with that increase, we also saw that slightly more expensive homes sold in December 2010 ($341,188) than the same month last year ($328,776). This is true in spite of the fact that sale prices were only 92.9% of list price, compared to 93.87% last year. The bottom line is that the average sale price vs. list price was almost 4% higher in the last month of 2010 than it was in December 2009. Again, I think this is good news for Crofton home sellers.
- How long does it take to sell a Crofton home? Homes that sold in December 2010 were on the market longer (90 days) than those which sold in December 2009 (59), but many fewer days than November 2010 homes (117). Bad news/good news… a little bit of each!
- Have home prices stopped falling yet? Indeed, the average price of sold Crofton homes in December was $317,081, up 2.74% from the previous year at $308,638. The median price was down by 7.3%, however, to $282,750 from $305,000 the previous year. Again, home sellers, this news is mixed.
Home buyers, please note that good news for home sellers usually means that buyers are less in control of the real estate market in Crofton. I wouldn’t wait to buy, if I were you, because a number of the December 2010 statistics suggest that we’re heading into a better market for home sellers during 2011.
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Focus on Crofton is my way of attracting new home buyers to the greater Crofton area, while providing current real estate and community information to local residents. For more information about real estate in Maryland, please Contact Margaret Woda at Long & Foster Real Estate, Inc. or simply click on a button below for information you can review online at your own pace:
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Margaret’s Monday Market Report: Anne Arundel County
January 10th, 2011 Categories: Market Updates
Anne Arundel County MD Real Estate Market Report
December 2010
Serious home buyers and sellers find monthly updates regarding the local real estate market to be extremely helpful in their buying and selling decisions. I suspect there are some casual readers of FocusOnCrofton.com who enjoy keeping up with county and local real estate statistics, as well.
Beginning today, you can expect to find a market report posted each Monday. There will be monthly updates for county-wide statistics, Crofton (21114 in depth), the greater Crofton area (including Davidsonville, Gambrills and Odenton), and Bowie (20715, 20716, and 20720). If there happen to be more than 4 Mondays in a month… well, I’ll surprise you.
To view past Market Reports, simply click on the “Market Updates” category in the left navigation bar of this website. Now, here’s the most recent report on real estate in Anne Arundel County, MD:
I think this next report is particularly interesting, because it clearly shows how many homes have remained unsold throughout the entire year. Remember, all the sales statistics above are based only on the properties which actually sold.
Upward and downward trends can vary widely – even between adjacent zipcodes, and sometimes the local and hyper-local trends go in the completely opposite direction of county-wide trends.
By no means should anyone consider these numbers an indication that their home has lost (or gained) any value since this time last year, because that’s NOT what these statistics are saying. This is merely a report of the median and average prices of the homes which did sell County-wide during December 2010 vs. 2009.
Why look at real estate statistics?
Most likely, the only statistics you care about are the price your home will sell for, how long it will take to sell, and what the percentage of sale price to list price you will get. Right?
Real estate statistics won’t answer those questions, but they will help to inform a “best guess” of the likely selling price when considered with a Competitive Market Analysis for your property and a Property Condition Report. It’s the only factor, of these three, that I can give you without actually seeing your home.
The Bottom Line:
Sales were up county-wide in December 2010 from 2009. Prices were down slightly, but only slightly. Homes took longer to sell in December 2010 than they did in 2009. Etc.
Now, when someone on TV spouts off some national statistics, you can talk back to the TV with some authority and say “In MY market, it’s just the opposite!” And when your co-worker says “the real estate market sucks”, you can reply “Actually, sales were up over 2% in December over the same month last year.”
Market statistics may be only one factor in viewing the Anne Arundel County real estate market, but they ARE a factor that can’t be overlooked.
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Focus on Crofton is my way of attracting new home buyers to the greater Crofton area, while providing current real estate and community information to local residents. For more information about real estate in Maryland, please Contact Margaret Woda at Long & Foster Real Estate, Inc. or simply click on a button below for information you can review online at your own pace:
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Extra, Extra, Read All About Crofton MD on Forbes.com
December 20th, 2010 Categories: Market Updates
In Pictures: America’s 20 Most Stable Housing Markets
Congratulations to us! Crofton was named one of America’s 20 Most Stable Housing Markets.
It’s true… Just a week after I told you there’s no sugar-coating statistics about the Crofton real estate market for November 2010, Forbes.com found a way to do exactly that. Last week, they declared Crofton’s real estate market to be one of the 20 most stable in the nation.
They simply disregarded how drastically sales units were down in November 2010 from November 2009 and focused on the annualized percentage of homes sold and the average change in median home value based on an undefined timeframe. And there’s no mention of the ups and downs between the two book-end months, if they’re going from December 2009 or January 2010 to November 2010.
I guess this is what’s meant when people say you can make statistics say anything. But hey, who doesn’t like to read great things about their own community in a national publication?
Here’s hoping this good news attracts new home buyers to Crofton and the surrounding area:
- Median home value: $381,400
- Average change (2010): 1.2%
- Percentage of homes sold (annualized): 3.9%
- Baltimore, MD metro area
This planned community of 30,000 outside Baltimore was established in 1964. Home values are 65% higher than in the Baltimore metro overall.
To read the entire article, click on America’s Most Stable Housing Markets
Let’s also take a look at statistics reported by our regional MLS. It never hurts to have the actual numbers, so you can draw your own conclusions about the stability of our Crofton real estate market. (And yes, I did add some commentary of my own.)
MEDIAN SOLD PRICE:
Just for the record, here’s a graph of median home values over the past year, based on sales reported by MRIS, our regional multiple listing service:
The Median Price started out at $305,000 in December 2009, and 12 months later it was $304,000 in November 2010. That seems stable enough, BUT… In between, the median price hit extremes of $252,000 and $360,000. Stable? You decide.
SALES UNITS:
If you just look at December 2009 (13 homes) and November 2010 (11) homes, home sales appear relatively stable, don’t they?
BUT there were twice as many homes (26) or more homes sold during six of the intervening months, and I don’t know how one can overlook that and consider the market stable.
Do these REAL numbers published by our local multiple listing service look like the picture of stability to you? To make that claim, I kinda think these graphs should have less extreme peaks and valleys - maybe some minor ups and downs. I’m all for a positive outlook, but I also believe in providing accurate information. Just sayin’…
Forbes.com says Crofton is one of America’s 20 Most Stable Housing Markets. Hallelujah! Let’s celebrate that, but also look at the numbers reported by MRIS. No doubt about it, Crofton is a great place to live and own a home, but we are not immune to today’s economic ups and downs.
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No Sugar-Coating Crofton Recent Real Estate News
December 13th, 2010 Categories: Market Updates
CROFTON MD REAL ESTATE UPDATE, November 2010
Crofton MD Real Estate sales in November were down 65% from November 2009, with only 14 homes selling in the 21114 zipcode this year compared to 40 in the same month last year. Some people think you can always make statistics say anything, but I don’t believe there’s any way to sugarcoat this and interpret it as good news for our local real estate market.
Yet, 14 Crofton homeowners DID sell their properties and move on with their lives, while 14 other families became new Crofton homeowners. For those people 28 households, that IS good news!
Average and median sold prices were down, too, but not so drastically.
The median sold price was “only” down by 3.7% from 2009 to 2010. The average sold price was down 5.26%. On the other hand, the average days on market were up significantly from last year, 36.05% – from 86 to 117.
The best advice I can give anyone who may be thinking of selling in the next few months, or even years, is to put your property on the market now. While the real market is disappointing, it could be the best we’ll see for a while. If anyone tells you differently, they’re sugar-coating the facts.
Home buyers, YOU are the winners in this situation because there’s never been a better time to buy. Your options are many, because of the large inventory of homes for sale in Crofton, and rates are near historic lows. What are you waiting for?!?
* Compare the Crofton real estate market for November 2010 with the Anne Arundel County real estate market, as a whole.
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