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Crofton Real Estate Update – April 2009

Average Crofton Home Prices Up Slightly

Money HouseIf you’re waiting to buy a home until prices drop lower, you should know that both the average and median prices of sold homes was slightly higher in April than March.  

Inventory is up in Crofton, too, with more great homes for sale than any time since October 2008.  With the $8,000 tax credit for first-time buyers and interest rates below 5% for a 30–year fixed rate mortgage, why wait?

Crofton homeowners know that good news for buyers is usually bad news for them and, unfortunately, that’s true now – although it is much worse in other areas than here in Anne Arundel County and the Crofton area.

Take a look at this chart, tracking real estate statistics for the same month over five years.  (You can compare April with earlier months this year by clicking on links at the bottom of this post.)April 2009 Market Study

The total number of homes sold last month varies only slightly from April 2008 and March 2009, but the average days on market went up 29% since last month and 6.61% since April of last year.   As you can see, all the numbers are quite different than they were in the boom years, less than five years ago.

As to new listings vs. new contracts in April (my #1 way of determining if the real estate market is gaining balance), new contracts numbered only 19 compared to 56 new listings.  This difference is huge, expanding the absorption rate from six and a half months in March to seven and a half months in April.  That’s not the direction we want to see.

These are statistics for the entire 21114 zipcode, and each neighborhood has trends within its own boundaries.  Instead of guessing, or trying to decipher statistics you find online, check with me.  I’ll be happy to help you figure out if the news is any better in your own immediate area.

Copyright 2009.  All rights reserved.  Margaret Woda.

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