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Crofton Real Estate Market Update – March 2009

Crofton Homes Taking Less Time to Sell

Scary newsTurn on the TV or radio… pick up a newspaper or magazine…  You’re sure to find another bad-news real estate report from some expert somewhere.   It can be very disheartening, even frightening, to hear that property values have dropped – especially when it follows a news segment reporting losses in the stock market, increases in gasoline prices, or lots of new taxes coming our way.

Bad news (or good news) about real estate on a national level doesn’t necessarily reflect the real market in your neighborhood, however, or even your zipcode.  Like the weather, real estate is local. 

For Crofton (21114) in March, the good news was this:  The average “Days on Market” for homes to sell went DOWN last month from February (40%) and from March 2008 (24%), as well.  Yay!

The number of homes sold last month (25) was nearly double the number sold in the previous month (13) although it was down nearly 14% from the number of homes sold in March 2008 (29).

Home prices in Crofton did not fare as well:  The Average Sold Price ($306,019) was down 3% since last month and more than 7% since March last year.  Still, comparing it with most other states (and even areas within Maryland), our home prices were relatively stable.

21114 Overview

Remember, this information from Metropolitan Regional Information Services, Inc. (MRIS) is based on this one zipcode (21114) and the numbers could be quite different from any one neighborhood to another within that zipcode.  And trends often differ greatly between adjacent zipcodes.  “Average Days on Market” in Odenton (120), for example, went UP over 43% in March from last year while they went down 58% in Gambrills (126) and down 24% in Crofton (92).  

Another factor I always look for is this:  The number of new listings (43) vs. the number of new non-contingent contracts (19).  When these numbers are balanced for three months in a row, that will be a pretty good indication that Crofton real estate is headed for a better day.  We haven’t seen that in a long time.

While real estate statistics are helpful to know and may predict likely trends in real estate, they certainly don’t encompass everyone’s experience in today’s market.  One home in Crofton has been on the market for nearly 800 days, including a year+ with the current real estate firm, while another home seller had A Crofton Real Estate Success Story

In the end, the same ol’ “Seven Home-Selling Secrets” are more important to the sale of your home than what’s happening in the national or even the local real estate market.  There are some things you control, and your chances of selling are greatly improved if you do just that.

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Image:  iclipart.com and istockphoto.com

 

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