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Crofton Real Estate Market Update – September 2008

Real Estate UpdateMany homeowners are worried about the values of their Crofton homes, and that certainly is understandable in this economic climate.  Let me reassure you that the “average” and “median” sold home prices in September 2008 were only slightly lower than they were in 2005.  (Probably at the 2004 level, but I don’t have statistics for that year to verify this.)  Most of us were very happy with our home values at that time.

Yet homes which probably would have sold quickly in September 2005 or 2006 took many months to sell in the same month this year.  There are many reasons for this, beginning with unrealistic home sellers who (understandably) find it difficult to accept today’s market conditions – i.e., lower sale prices than recent years, much more demanding home buyers, and general lack of confidence in the real estate market.

With the bail-out, credit unavailability, and volatile stock market in recent days, we’ll have to wait until the month is over to draw any conclusions about Crofton real estate in October 2008.  For now, let’s check out the listing and sale statistics released by MRIS today for September.  To help you put them in perspective, I created a table comparing numbers in September each year since 2005:

Crofton Real Estate Statistics September 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Now let’s look at some percentages:  The AVERAGE SOLD PRICE in Crofton last month was down 10.67%, while the AVERAGE MEDIAN PRICE was down 3.03%.  The AVERAGE LIST PRICE for sold homes was down 9.39%, and the percentage of sold price to list price was about 95%.  I think these numbers suggest that home sellers should probably expect to sell their homes for about 10% less than they would have last year.

Crofton, MDAnd, while home buyers will find some great homes on the market, chances are they won’t get as much of a “bargain” in Crofton as they would buying a home in Florida or California.  Again, think 10% – any greater discount from last year’s home prices is not realistic in the greater Crofton area.

If you’re a Crofton home owner who purchased your home since 2004, you probably don’t have much equity and may even be “upside down”.  On the other hand, if you’ve owned your home for a decade or more, you probably do have equity in your home (unless you’ve already withdrawn it by refinancing).   In any case, Crofton remains relatively stable compared to the rest of the country, and our real estate will probably come back before other areas do as a result of BRAC transfers to Fort Meade.  If you have to move now, it may be a good idea to rent your property, and I can recommend some excellent property managers in the area; If you don’t have to move now, you may want to stay where you are until the inventory goes down a little.  

I’ve been helping Crofton home buyers and sellers since the ‘70’s – during recessions and inflation, war and peace, buyers’ markets and sellers’ markets.  Whatever your questions, I can probably answer them if you Contact Me.

 

2008 Real Estate Market Updates for Crofton:

As to the general good health of the market in this area, you may want to read my earlier post, The PMI Risk Index – What Does it Say About This Area?

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