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Crofton Real Estate Update – April 2008

Crofton Real Estate Update for April 2008The most accurate source of information about what’s happening in Crofton real estate is probably the monthly statistics released by MRIS.  I usually review and report them for you between the 10th and 15th of each month, since regional and national real estate news doesn’t always reflect what’s happening in Crofton real estate.

Crofton home sellers are listing for higher prices, in spite of the fact that average and median sold prices are down slightly.  That contributes to the fact that the average sale price as a percentage of average list price is down to 92.92%, from 97.07% just a year ago.  In other words, if your $240,000 Crofton condo sold last month, it’s likely the actual selling price was about $223,000, compared to a year ago when it probably would have been close to $233,000.  What a difference a year makes!

But a comparison of April 2008 with the three previous years shows the Average and Median Sold Prices of homes in Crofton is still higher than it was in 2005.  Crofton real estate values are doing a much better job of holding their own than other communities across the country.  This may be due, in part, to the incoming personnel associated with the BRAC realignment to our area. 

21114 Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The greatest disappointment for Crofton home sellers has to be the increase of days on market before a home sells.  The following graph provides a comparison of this year, so far, with the three previous years.  As you can see, it’s not pretty – although the 121 days of March and April are more favorable than the 134 days in February 2008.

21114 DOM

My prediction regarding any improvement of this trend is guarded, since 78 new listings came on the market in Crofton during April and only 23 were marked “Under Contract.”  With the inventory growing at this rate, I’m afraid the length of time to sell will continue to be longer than homesellers like.  The only way to fight this is to price list your Crofton home conservatively and make sure it’s in top condition, including staging.  

 

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