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Crofton Real Estate Report – November 2007

Crofton Real Estate ReportCrofton real estate statistics released by Metropolitan Regional Information Systems, Inc. (MRIS) today had one thing that jumped out and grabbed me:  The number of units sold in November 2007, compared to November 2006, was down 54%.  That may be the most dramatic drop we have seen all year, to the lowest point of 2007.  This is very disappointing after an increase in units sold last month, which suggested there might be a turn-around occurring.

In spite of this bleak picture, Crofton home sellers were asking 1.54% more for their homes in November of this year over 2006.  Perhaps they experienced a false sense of optimism, based on last month’s improvement in units sold.

Units Sold Crofton

 

 

 

 

 

 

 

 

 

Crofton real estate activity last month offered little justification for optimism, however.  While the drop in median sold price was not quite so dramatic in Crofton as the number of units sold, it was significant – 5.26%, to be exact.  This continues a 3-month trend, after a slight increase in August:

Median Price Crofton

 

 

 

 

 

 

 

 

 

On a brighter note, days on market were down for Crofton homes from this time last year, for the third consecutive month, and down significantly from the beginning of this year:

DOM

 

 

 

 

 

 

 

 

 

155 Crofton homes were on the market for sale during November, while just 21 homes sold.  At this rate, it will take over seven months for the existing inventory of Crofton homes to sell.   Other numbers I consider, when evaluating the Crofton real estate market, are the number of new listings (32) and how many homes went under contract (19) during a single month.  As long as the listing inventory grows at a faster rate than it is selling, homesellers must be particularly aggressive to find and capture a buyer.  (Seven Ways to Compete Against “Desperate Homesellers”)  

Crofton overview

 

 

 

 

 

 

 

 

 

That’s a lot of information, so you may be wondering what a reasonable conclusion should be if you are a Crofton homeowner who is contemplating a home sale.  In a nutshell, I would simply say that your home definitely won’t sell if you don’t put it on the market, so the first step would be to list it with an experienced real estate agent who knows Crofton well – one who has survived previous buyers’ markets and knows how to market homes.  (Yes, There Is A Buyer for Every House)  

While it is important to be realistic about today’s market in Crofton, there is no point in being paralyzed by it.  When you sell your current home, you will be in an excellent position to take advantage of the buyer’s market for your next home.  So, let’s get started! 

 

AR - copyscapeCopyright 2007. All rights reserved. Margaret Woda.

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