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Crofton Real Estate Compared to Nearby Zipcodes

If you’ve been following my blog for very long, you know to look for my Crofton real estate market update around the middle of each month. As reported last week, we recently saw some improvement in Crofton sales statistics, so I thought it might be interesting to check out other nearby areas to see how they did in June 2008.

Crofton Area ASP MSP

 

 

 

 

 

 

 

 

Crofton Area DOM

 

 

 

 

 

 

 

 

Crofton Area Units Sold vs. Inventory

 

 

 

 

 

 

 

 

The last of these charts is probably the most telling because it illustrates the ratio of homes sold in June vs. how many are in inventory (on the market for sale). 

To carry this analysis a step farther, let’s look at the absorption rate, i.e., calculate how many months it would take to sell the inventory of homes available at the rate homes sold during June:

This is determined by taking the number of homes in inventory and dividing it by the number of homes sold in June.  It is purely theoretical, because this assumes that no additional homes will come on the market during that time – of course, we know that won’t be the case.  Nevertheless, it is interesting to see that Crofton’s absorption rate is far better than other areas around us.

How does Crofton compare with Anne Arundel County, as a whole?

Crofton Units Sold Pie ChartAA - Units Sold June 2008

 

 

 

 

 

 

 

 

Based on the percentage of inventory sold, Crofton is outperforming the County by 100%.  18% of Crofton’s inventory sold in June, compared to just 9% of that in Anne Arundel County.

In other categories, comparing June 2008 with June 2007:

Average Sold Price (ASP) in Crofton is up .4%; in Anne Arundel County, it was down 3.33%.

Median Sold Price (MSP) in Crofton is up 8.48% ; in Anne Arundel County, it is down 5.81%.

Days on Market (DOM) in Crofton are up a whopping 60%; in Anne Arundel County, they are up 28.87%.

Units Sold in Crofton are down 33.90%; in Anne Arundel County, they are down 29.44%.

Days on Market and Units Sold are two areas in which the County numbers are more favorable, but Crofton’s are better when it comes to sold price.  And, as the pie charts show, a larger share of home inventory sold in Crofton last month than sold county-wide.

There you have it, folks – A comparison of Crofton real estate with the area around us.

Source of data:  Metropolitan Regional Information Systems, Inc. (MRIS)

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While I realize that many people would not consider Crownsville part of the Greater Crofton Area, I usually include it in my comparisons because some communities in Davidsonville and Crownsville compete for the same buyers, and Crofton/Gambrills/Odenton are sandwiched between Davidsonville and Crownsville.

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