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Crofton Real Estate Market Update – February 2009

Real Estate Update

Ups and downs in the real estate market are mind-boggling these days, to say the least.  February in Crofton is no exception.

The message is very mixed, since we’re showing improvements over January in every category I’m tracking BUT the opposite when I compare them with February of 2008.

21114 ASP

 

Let’s start with a look at the Average Sold Price in Crofton.  At $316,215, it’s UP since last month, but down 8.23% from February a year ago.  The Median Sold Price ($313,000) was more steady:  UP from last month and almost even with last year, declining less than 1%.

 

21113-Units Sold

 

 

How many homes sold in Crofton last month, you ask.  Well, follow the purple tower to track February each year since 2005 and the blue tower to track January each year.  As you can see, the number of homes sold went up from January (5) to February (13) this year, but it’s down almost 28% to 13 in 2009 from 18 in 2008.

21114 DOM

 

 

Days on Market for Crofton homes continue to increase.  It now takes an average of five+ months to sell a Crofton home.  This graph shows the steady trend upward each year since 2006, including a 15% increase since last year. BUT we do have some good news… it’s DOWN since last month from 164 days to 154 days.

 

 

Other statistics that might interest you:

I’ll be happy to reduce these statistics down to your neighborhood or your type of home.  Just call me at Long & Foster (410) 451–6245 or contact me by email. 

If you’re ready to retire or move up or relocate, do not assume that selling your home will be a nightmare.  I re-listed a home that didn’t sell last summer, and it sold within hours AT FULL PRICE in February.  After it goes to settlement, I’ll be posting more information about this real estate success story – hopefully March 23.

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