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3-Month Snapshots of Crofton Area Real Estate

Margaret’s Monday Morning Market Update

If a picture is worth a thousand words, is this collage worth a thousand… is it worth four thousand, since it includes a snapshot of real estate activity in four nearby zipcodes?

3-month snapshot 

I’ve never shared real estate data in this format before.  Let me know what you think of it.  The data source is MRIS, our regional multiple listing service, and the charts were compiled by RBIntel, an MRIS partner.

If the print is too little for you to read, we’re looking at sold listings (green), new listings (red), and new pendings (blue) for June, July and August 2011.  Left to right, we’re seeing Crofton, Davidsonville, Gambrills, and Odenton.

Home sellers ruled the market 5 years ago, but now buyers are in charge. GREAT opportunity, if you’re currently renting or want to move up to a bigger better home.

Click on the link below to view homes for sale in…

CROFTON     DAVIDSONVILLE     GAMBRILLS     ODENTON

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Crofton area real estate statistics for August 2011

Real estate statistics for Crofton, Davidsonville, Gambrills and Odenton seldom mirror each other.  It never ceases to amaze me how adjacent zipcodes can differ so much.  Taken altogether, however, I think they provide a more accurate picture of the market in this area than any one zipcode considered alone.

Please note that YoY compares August 2011 values to August 2010, while MoM compares August 2011 values to July 2011. 

21114 August 2011

Crofton – The market didn’t show any solid improvement in August, although days on market are down. This is probably not a surprise to anyone in the area who has been watching “for sale” signs throughout the 21114 zipcodes.

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Davidsonville August 2011

Davidsonville – There were no closings at all in August; it doesn’t get much worse than that. Very discouraging for home sellers, but signaling home buyers that there are probably some highly motivated and worried home sellers willing to negotiate on price and terms.

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Gambrills August 2011

Gambrills – Sales were down, but prices were up last month. Unfortunately, the days on market went up, as well. Very mixed signals.

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Odenton August 2011

Odenton – There was nearly a 20% increase in real estate closings over the same month last year; this was the largest increase we saw in any of these four zipcodes. The prices were down, however.  The significantly higher days on market seem to tip the balance of closed sales/higher prices towards a toughter market, not a better one.

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What do all these numbers mean, anyway, and why should you care?  Well, the truth is that you probably don’t care, if you’re not thinking about buying or selling a home in this area in the near future.  Statistics can provide value to prospective home buyers and sellers because they are one indicator (among many) of possible market trends.  Having a handle on market trends can be helpful in developing one’s buying or selling strategy.

In a nutshell, the conclusion one can draw from these charts is this:

Home sellers must be patient, but they also must be aggressive with pricing.  Home buyers can write their own ticket, as the saying goes, and probably get a great home at a great price in today’s market.

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Odenton MD – Attractive for Real Estate Investors

Calling all real estate investors! There aren’t many places in this country with greater investment potential than Odenton, Maryland.

Odenton is home to Fort George G. Meade/NSA and about 21,000 households.  It was originally an agricultural area, and became a railroad town early in the 20th century.  Today, it is a suburb of both Baltimore and Washington, D.C. – still tied to its railroad tradition in a new role, as a commuting stop along the MARC route, and fortunate to be the destination for thousands of new jobs under BRAC 2005.  

The real estate market flourished in Odenton during the 1990’s, in the early days of two new residential communities:  Seven Oaks and Piney Orchard.  Today, those communities and others in the 21113 zip code are not immune to the downturn in the housing market, in spite of the presence of Fort Meade, nearby NSA, and the influx of jobs to the area under BRAC.  But these assets aren’t going away, and now is a great time to buy a residential property in this area, while prices and demand are down.

21113-7.11

While new listings were down from previous years in July (a good thing), sales were lower than any of the past five years except 2009 (not a good thing).  More important: the new listings still outnumber new non-contingent contracts 3 to 1. Ideally, these two statistics will be more balanced.

What does all this mean to you:

HOME SELLERS – Be prepared for 3-4 months on the market between listing and closing, and remember… that’s an average.  Some will be quicker and others slower.

Be realistic with your pricing, and accept that 2007 prices are gone.  If you purchased and borrowed at a higher level than you can sell your home for now, you do have options.  Number one, of course, is a short sale.  If you purchased your home before June 30, 2006 and received PCS orders out of the area, you may be eligible for a HAP sale.  If you have questions about either of these, please call me directly.

HOME BUYERS – Whether you’re an investor or owner-occupant, Odenton is a great place to buy a home while the prices and demand are down.  There are few, if any, more promising areas for real estate investment, with Fort Meade and NSA right in the neighborhood, and both D.C. and Baltimore within a half hour. 

No one has a crystal ball in perfect focus, and it’s impossible to forecast when the real estate market will turn around.  However, it’s a pretty safe bet that Odenton will be one of the communities that will come back quickly, with its commuting convenience to D.C. and Baltimore and its neighbors Fort Meade and NSA continuing to attract new jobs.

Odenton Maryland Homes for Sale
Odenton Homes for Sale

Click on the little house to view all listings in Odenton, or modify the results to your own price range or home preferences.  If you’d like to receive email notices for new listings, follow the on-screen instructions.

Copyright 2011.  All rights reserved. Margaret Woda

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Real Estate Update for Gambrills and Davidsonville

Margaret’s Monday Morning Real Estate Update – July 2011Crystal ball flipped
Gambrills, Maryland and Davidsonville, Maryland

There are relatively few transactions each month in Gambrills and Davidsonville, two communities adjacent to Crofton, Maryland.  It’s very difficult, if not impossible, to draw any conclusions from such a small sampling of sales. Unfortunately, the statistics don’t help to enhance the clarity of my crystal ball regarding any market trends.

Yet sales did take place and I’m sure you’d like to see those statistics if you live in one of these areas or if you’re considering a home purchase in one of them.  So…. here goes:

21054 - 8-23-2011

Davidsonville - 8.23.10

It never ceases to amaze me how different the ups and downs are from one zipcode to the next, or even the same zipcode compared from one month to the next.

My regular blog readers know that I frequently turn to one set of numbers for a general indication of where the market is headed:  Closed sales vs. new listings.  When we consistently see more sales than listings for several months, my crystal ball will be much more clear.  That’s because reduced inventory will impact the most basic rule:  supply and demand.  When supply is down, prices will stabilize and eventually increase.

Gambrills:  75 active listings including 22 new listings.  Only 13 homes closed in July, and 13 went under contract. 

The good news: Average and median sold prices are up, both Year on Year and Month on Month.

Davidsonville:  There were 47 active listings in July, including 7 new ones;  5 homes closed, and 1 went under contract.

The good news: Average days on market for closed sales went down, both Year on Year and Month on Month.

If you live in a townhome and wish you could afford a single family… if you’ve outgrown your current home and wish you could move to something larger… don’t assume it’s not possible.  This may be perfect timing for you to make that change.

The interest rates and listing prices are both low, and the inventory of homes is high.  If that isn’t the ideal situation for any home buyer, I don’t know what is.

Button Find my Next Home      Button - Sell my home     Button Relocation Info

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Are Crofton Home Prices on the Rise?

Crofton Real Estate Update
Crofton, Maryland –  July 2011

The question on everyone’s mind is this: “What’s happening to Crofton property values?” The answer is not a simple one, but I’ll let the numbers speak for themselves in this chart showing a 5–year history of real estate sales in Crofton during the month of July:

8-15-2011

Let’s look at some of these categories in greater depth:

Units sold:  As you can see, there was quite a jump in the number of closed sales (44%) from last year, and the number increased from last month (5.88%), as well.  This is the best July we’ve had for closed sales since 2007, when there were 50 of them.

Days on Market: The average days on market were up over July 2010 (25%), but down from June 1011 (10%). The days on market have topped this only once since 2005, when I began charting these numbers, when they hit 122 in July 2008.

Prices:  Both average and median sold prices are down since last year (over 10%), but they’re relatively stable since last month, with the median up only 1.24% and the average down less than a half percent.  Neither has been lower during any July since I started tracking prices in 2005. 

While home prices are definitely NOT on the rise, I sense more optimism in the Crofton real estate market.  Home owners seem to accept he new reality and they’re not expecting “bubble” prices.  As a result, more homes are selling and they’re selling more quickly. 

What does all this mean to you?  (My professional opinion)

Sellers: I expect the next few months to be good ones for Crofton home sellers, with interest rates near record low levels and buyers getting into the market.

Buyers:  Buy low, sell high.  That means NOW.  Prices are down and the rates are AMAZING.  If you don’t believe me, do your own comparison by clicking on Mortgage Calculator and compare a $200,000 mortgage with rates ranging from 4.5% to 6.5% and higher.

Watch for a real estate market update every Monday at Focus On Crofton.

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The purpose of this blog is to attract relocating home buyers to the greater Crofton area while keeping my neighbors informed about our community. Please feel free to contact me directly if you have any questions about the area or about Crofton real estate.. 

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