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Crofton Maryland Real Estate Market Update – June 2008

Crofton Real Estate Market Update

 

 

 

 

 

 

After a relatively dismal May for Crofton Maryland real estate, I’m happy to report that things were looking better in June.  Both the average and median sold prices were up slightly from last year AND from last month!

The average sold price was up just .4%, but the median sold price was up 8.48% and average list price of sold homes was up 4.07% from last year.  In fact, both the average and median sold prices were the highest in June 2008 that they’ve been over the 4-year period tracked in this chart:

Crofton real estate sales June 2008

While this is good news for Crofton home sellers, it could signal buyers that they missed the bottom of the market.  As predicted, buyers won’t know for sure when prices have bottomed out until they start going up again.  We’ll be watching carefully to see if June’s real estate sales in Crofton are signaling a turnaround.

The inventory of homes for sale remains high, however, with Crofton homes taking 10 times as long to sell in June 2008 as they did in June 2005.  With 183 homes on the market, and just 39 homes sold last month, we have a 4 1/2 month supply of homes available.  That assumes no new listings come on the market during that same period, which is unlikely.

RELATED LINKS: 

Previous real estate market updates for 2008 including May 2008April 2008March 2008February 2008January 2008

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