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Crofton Real Estate Market Update – January 2009

Real Estate UpdateJanuary was not a good month for real estate in Crofton, no matter how you look at it.  I don’t see any way to sugar-coat the news because every statistic released by the Metropolitan Regional Information Systems, Inc. (MRIS) for last month seems to be worse than the last. 

Just take a look at these graphs comparing January of this year with the same month in recent years:

21114 Units Sold

 

The number of Units Sold in January 2009 dropped 68.75% from the same month last year.

Not surprising, then, that the Total Sold Dollar Volume was down 77.56%

21114 asp-msp

 

 

 

The Average Sold Price dropped 28.18% from January 2008 to 2009.

The Median Sold Price dropped 31.03% during the same period.21114 DOM

 

 

 

 

The only “up” between January of 2008 and this year is the figure for Days on Market, which increased 68.75%

 

 

 

Last month I reported that the number of new listings and contracts were on balance in December for the first time in many months.  Along with you, I crossed my fingers this would be a trend in 2009.  Unfortunately, there were 29 new listings in January, and only 7 newly ratified non-contingent contracts – a ratio of more than four to one.  This growing inventory is not good news for home sellers, who can expect Days on Market to increase and Average/Median Prices to fall in the near future.

The truth isn’t pretty, but I owe it to you to be candid. 

In spite of all this doom and gloom, SOME HOMES DID SELL!  If you don’t list it, there not much (if any) chance of that happening.

HOME BUYERSBad news for home sellers is good news for you, especially when you consider the tax credit for first time home buyers.  Use this “home search” or “market snapshot” button to check out the market or give me a call any time for more information.  You have the “perfect storm” right now… lots of highly motivated sellers and great interest rates.  Don’t kick yourself later for missing this opportunity.

Copyright 2009.  All rights reserved.  Margaret Woda 

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