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Crofton Maryland Real Estate Update, May 2008

Front Entrance to I was eager to see Crofton Maryland real estate sales statistics for May, especially since I expected some improvement in the market.  One of the reasons for this was the fact that one of my buyers couldn’t get a home inspection appointment without waiting a full week.  In my mind, that was a good indication that sales were picking up in the area.

It turned out that things were not so rosy as I expected.  When comparing May 2008 to May 2007, the Average Sold Price was down over 10%, the Median Sold Price was down over 20%, and the number of Units Sold was down 42%.  My jaw was dropping at all these negatives, when suddenly I saw a statistic that wasn’t a negative – but then I realized it was “bad” news, as well… the Days on Market went up over 37%.

Here’s a look at the four year trend for real estate statistics in zipcode 21114, Crofton, Maryland:

Crofton Maryland Real Estate Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

So what does all this mean to sellers of Crofton Maryland Real Estate? 

It means that pricing is critical, and you’ve got to let go of those 2006 numbers.  Your friends and neighbors may not be up to date on this market, and you must turn a deaf ear to their well-meaning but uninformed advice.   Not only that, YOU can’t fall in love with your list price, because chances are… you won’t get it, even if your home is price “right”.

YET – homes are selling!  29 of them did in May, and yours could be one of those that sells in June or July.  In fact, since prices are declining, you may be better off selling now than waiting.  And the good news is that prices are probably down in your destination location, as well, so the net effect is really very balanced.  In fact, the situation is much worse in many other places than we’re experiencing here in Crofton, Maryland, so you may come out on top by selling and buying now.

I’ve been selling Crofton homes for too many years to count, and I can honestly say that it’s never been more important to choose the right agent – someone experienced in real estate who is also proficient in technology.

P.S.  Now that you see the Crofton Maryland real estate trends, check out today’s interest rate and trends.

 

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