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Crofton Real Estate Market Study – Year-End 2007

Crofton Real Estate ReportCrofton real estate is much healthier today than many other areas of Anne Arundel County, Maryland, and across the country.  For that, we can breathe a huge sigh of relief, because it is extremely bad in some areas.  Yet, it would be unrealistic to expect the record-breaking “hot” real estate market of a few years ago to continue forever.  Real estate values, like your 401K portfolio, is a long-term investment that will experience both ups and downs over time.

Frankly, the $337,000 average sold price in Crofton during December is exactly the same in 2007 as it was in 2004, even though it is down 7.27% from last year’s $363,000.  As we digest all the negative news reports about housing today, this is something we need to keep in perspective.

 

Average Sold Price in Crofton did not experience any dramatic increases or decreases in 2006 or 2007, at least not compared to most other areas:

21114 ASP

 

 

 

 

 

 

 

 

 

 

The number of homes sold in Crofton during December 2007 was down 31.5% from 38 to 26.  Even in December 2005, which most people considered a “great” market, the number of homes sold in Crofton was down 30.43% from 46 in 2004 to 32.  This causes me to question how much of an indicator this figure is, but following are the ups and downs of this statistic in 2007:

Crofton homes sold

 

 

 

 

 

 

 

 

 

 

The Days on Market for selling a home, however, pretty much defines the difference in today’s Crofton real estate market from recent years.  It’s took 6 times as long to sell a Crofton home last month (93 days) as it did in December 2004 (15 days).   Again, let’s look at the entire year, comparing it with 2006 – an increase of about 8%:

Crofton Days On Market

 

 

 

 

 

 

 

 

Source:  Statistics, Metropolitan Regional Information Systems (MRIS);  Charts, Margaret Woda 

 

If you’re thinking of buying or selling a Crofton home, it’s important for you to recognize and understand the market, to help you with pricing.  You can’t rely entirely upon the national or even D.C. / Baltimore news reports to guide you in your real estate decisions.  The real estate market is local, and you should choose a local real estate agent who can help you evaluate whether this is a good time for you to buy or sell, and how to price the property.

Home owners who purchased or refinanced their homes in the past five years may be “upside-down” if they want to sell now – i.e. they owe more than the property is worth.  The Mortgage Relief Act, signed into law in December, does provide some tax relief for homeowners in this position.  Fortunately, today’s Crofton home listings don’t include many distress properties.

 
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