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Crofton Real Estate Market Update – August 2008

Crofton Town HallCrofton Maryland Real Estate sales went up 40% between July and August, 2008.  Not only that, sales were up 6.67% from the same month last year, as measured by number of units sold.

Yay!  It’s about time for us to see some improvement, don’t you agree?

Looking at last month’s sales through another lens – average sold price – we saw a 4.84% drop from the same month last year, and even more since last month, from $364,712 to $345,600.  Median sold price also saw a drop – 7.69% from last year – and down $44,750 just since last month.

But we also saw another drop since last month … a GOOD drop… in average days on market for sold properties from 122 to 85 from July to August of this year.  Unfortunately, however, that same 85 days on market is up 28.79% from 66 in August 2007.

If you’ve followed my monthly reports, you know that I always keep a close eye on the housing inventory as a key indicator of future trends.  Last month (August), there were 163 active listings – of which 48 sold.  The numbers were much less favorable in July with 176 active listings of which 34 homes sold.  With such an improved absorption rate, from 19.3% to 29.4%, I’d have to say things are looking better for Crofton real estate right now.

Let’s see if this continues another month or two…  Three months of improved absorption rate will be an indicator of a “true” improved trend in market conditions!

If that happens, home buyers, it will mean you missed the bottom of the market.  As predicted many times previously, you won’t know when the market hits bottom until it’s headed back up.  If you’re thinking about buying a home in the next 6–12 months, I think now may be the time to go from “just browsing” through listings to “let’s get serious” about buying a home!

TOWN HALL PHOTO:  MWoda

Copyright 2008.  Margaret Woda.  All rights reserved.
Crofton Real Estate Market Update – August 2008.  Protected by Copyscape.

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