February 26th, 2014 Categories: Crofton Events
Annapolis Restaurant Week – February 24-March 2, 2014
Check out the list of dining establishments that are participating in Annapolis Restaurant Week, and make plans to dine at one of the many restaurants you’ve never tried before – or maybe even an old favorite that you haven’t visited in a while.
More than three dozen restaurants in and around Annapolis are offering three-course, price fixed meal selections at a cost of $15.95 for lunch and $32.95 for dinner. Two newer Annapolis restaurants, the Metropolitan Kitchen & Lounge and Miss Shirley’s Café, also offer a two-course breakfast for $12.95.
There’s plenty of parking at the City’s four parking garages – Knighton, Park Place, Gott’s Court and Hillman – and you can hop aboard the City Circulator trolley to get around the city. The circulator makes a 2.1 mile loop between West Gate Circle and the City Dock, with 15 designated stops (including the parking garages). It will also stop for passengers who wave them down along the central business district loop.
A few Annapolis restaurants have menu prices that exceed my usual dining out budget, and this seems like the perfect time to give them a try!
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February 24th, 2014 Categories: Market Updates
This report is based on closed sales in the 20715 zip code during January 21114.
Here’s a look at some key real estate statistics in the 20715 Bowie zip code during January 2014, along with comparisons to the previous year (YoY) and month (MoM). These numbers do not necessarily reflect the statistics of other zip codes in Bowie.
Sales Volume: January sales in this area of Bowie were higher than any January since 2008, before the crash of the real estate bubble, and higher than the two previous months. This is in stark contract to nearby Crofton, where sales experienced the typical seasonal low during January.
Sold vs. List Price: The ratio of sold price to list price was down, however, from last year and last month. Fortunately, it’s still higher than four of the past six years.
Sold Price: The median sold price during January is higher than any January since 2010, but still more than $100,000 below the median price during the “bubble” years of 2006-2009. Anyone who bought during that timeframe will likely be facing a short sale, unless they’ve already negotiated something with their lender.
Keep in mind that this does NOT mean that YOUR home value has risen or fallen; this statistic is based on the prices of homes that sold.
If you compare Bowie real estate statistics for last months with those of Crofton (posted last week), it’s hard to fathom how different they are for two neighboring zip codes. The same can be said for other zip codes in the city of Bowie, which don’t necessarily mirror 20715. For information about those areas or anywhere in the greater Crofton area, please contact me at (410) 451-6245.
This is the time to sell your home, while inventory is low and demand is high, so don’t procrastinate on getting listed.
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REAL ESTATE F.A.Q.
A. My fist instinct is to reply with “Spring” – but all I have to do is look back at my own listings to know that would have been the wrong answer for some of them. In January 2013, one of my listings had seventeen appointments scheduled the first week, and four contracts the first day. The home literally sold for more than full price to a cash buyer in less than 24 hours. In fact, the average “days on market” for my listings in recent years has been less than two weeks, regardless of the timing.
The answer is further confused by the fact that “most new contracts” occur in Crofton at various times. Over the past 8 years, it has been June (2013 and 2011), July (2012 and 2008), October (2009), and March (2010, 2007 and 2006) when the most new contracts were written. The “most new closings” tend to follow by 30-60 days.
You probably won’t be surprised to learn that the “fewest new contracts” have often occurred during the colder months – December (2013, 2010, 2009,2008*, 2007 ), January (2010*), February (2012*) – with a few exceptions: October (2008*), November (2012*, 2011, 2008*) ), July (2006) and May (2010*). An asterisk (*) indicates an equal number of contracts in more than one month that year.
The bottom line is this: The best time to sell your home is whenever you want or need to sell. There’s not a single month in the eight years I’ve been tracking Crofton real estate statistics that no homes have gone under contract – not even during the worst real estate market in decades, as the real estate bubble burst here and all around us.
So stop procrastinating and waiting for the “best time to sell” because the best time may be NOW!
WANTED: Crofton colonial with basement and 2-car garage, 4 bedrooms, 2.1 baths, low $500’s. Relocating military family wants to buy in mid-April.
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February 19th, 2014 Categories: Crofton News
Have you visited Annapolis Mall recently? It’s been a while since I was there, but an appointment at the Apple Store and a long overdue mall-walk motivated me to make an early-morning visit to the mall yesterday. Look what I found!
While I didn’t try them out, I’m betting these wing chairs are a lot more comfortable than those low-to-the-ground sleek green contemporary couches that have been replaced. And they certainly gives Annapolis Mall a more upscale appearance.
Good job, Westfield Annapolis… This shopper approves!
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February 15th, 2014 Categories: Market Updates
Crofton Real Estate Market Update
This report is based on closed sales in the 21114 zip code during January 21114.
Sales Volume: The January real estate market in Crofton was much slower than it was last spring spring and summer. This is a seasonal occurrence and it does not mean the sky is falling. While this year’s January dip was significant, it’s the same number of January sales we saw in 2011 and more than double the 5 sales we saw in January 2009.
Sold vs. List Price: The ratio of sold price to list price was the highest we’ve seen in any January since 2005, at the height of the real estate bubble. This is the best news we had last month, followed by “Average Days on Market,” which remained relatively constant – up only one from the previous month, and just three from January 2013.
Sold Price: Both median and average sold prices dropped from the previous month and from 2013, but they exceeded the median ($219,000) and average ($254,250) sold prices in 2012. Yes, this is a statistic people like to follow, but it’s easy to misinterpret. This does NOT mean that YOUR home value has risen or fallen; this statistic is based on the prices of homes that sold. In other words, more lower priced homes sold than higher priced homes.
Following is a chart of January real estate statistics for Crofton released by MRIS, our regional multiple listing system (click on the image to enlarge it):
What you don’t see here: The number of homes for sale in Crofton during January was 59 – the lowest number in eight months. Meanwhile, the number of contracts written during January was 48 (19 non-contingent, 29 contingent). If this continues, home sellers may see multiple offers and home buyers will likely have to pay full price or more for a Crofton home.
Spring 2014 will be a good time to sell your Crofton home, while supply is low and demand is high! Contact me today to learn more about the local real estate market, the home-selling process, and what it takes to attract home buyers on Day #1 of your listing.
Be sure to visit MargaretWoda.com for more real estate information.
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