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Crofton Real Estate Market Study – March 2008


The truth may hurt, but here it is:
  Crofton’s real estate market for March 2008, compared to March 2007, is depressing.  The number of homes sold, average and median prices – DOWN.  The number of days on the market – UP. 

 

21114 Overview

To be more precise: 

Arrow down,jpgUnits sold – DOWN over 40%
Average sold price – DOWN over 9%
Median sold price – DOWN over 6%

Arrow up.jpg

Days on the market – UP over 39%   

 

Comparing March with February 2008, however, is a bit more encouraging.

Arrow up.jpg

Units sold – UP about 62%
Days on market – DOWN about 10%

 

The good news is that some homes ARE selling.  The key is price and terms.  Home sellers must accept the reality that their property will probably sell for 6–9% less in 2008 than it would have in 2007.  To put that in real numbers, a townhome that might have sold for $300,000 in 2007 could sell as low as $273,000 this year.  Homes priced at last year’s value, probably won’t sell in 2008.

Some homeowners would rather rent than sell at this lower price, but there’s no guarantee when or how much prices will go up again.  Remember, chances are the same phenomena is occurring wherever you move to next, so the net effect isn’t likely to be much different than it would have been a year ago – or even a few years ago, when we enjoyed a sellers’ market.

INTEREST RATES:

OTHER RELATED LINKS:  

Buyers and sellers alike may want to check out the report by FNMC Vice-President Chris Washburn on the New FHA Mortgage Limit for Crofton Real Estate.  Some articles that may be of interest to home sellers are Why Hasn’t My House Sold? or Crofton home pricing – Cost vs. Value of Improvements; and finally, read How VA Can Help Sell Your Crofton Home.  Buyers interested in foreclosure properties should visit FocusOnCrofton periodically to view the Freddie Mac foreclosures often posted there, since I sometimes include homes not yet listed on the mls.

 

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