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Crofton Real Estate Market Update – May 2009

Clouds - partially cloudyStatistics for Crofton real estate were disappointing again in May, with only a single ray of sunshine poking through the clouds:

The average sale price, as a percentage of average list price, was 95.02% – up from 94.46% in 2008, but not yet back to the 97.68% of 2007.

New listings out-paced new sold properties, as we’ve seen every month in recent memory – 48 to 20 during May 2009.  To me, these are the figures to watch, and here’s why:  Supply and demand.  As long as the supply continues to grow faster than the demand, buyers have many options and can simply move on to another property if they can’t negotiate a price that satisfies them on their first choice home. 

My daughter is a perfect example of this because she made offers on four homes last year, declining to even consider counter-offers from any of the sellers.  Had the 4th seller not taken her terms, she would have simply moved on to a 5th or 6th home.  This is what we’re seeing in our own community and throughout the country as a result of today’s huge inventory of homes.

This chart will help you compare Crofton real estate statistics for May 2009 with those during the same month in recent years:

Crofton Real Estate Information

As you can see, the number of homes sold in Crofton during May 2005 was 3.3 times the number of those sold last month.  When you consider the lower average and median sold prices, as well, it’s easy to see how we ended up with total sales volume only about a fourth of what it was in 2005… and down 26.42% just since May 2008.

What does this mean to you, Crofton home sellers?  You will not be getting for your home what your neighbor did back in 2005 or 2006.  This is reality, and today’s market is all we have.  As long as the inventory continues to grow exponentially, there won’t be any turnaround in the immediate future.  Waiting ‘til next year or the year after to sell will not necessarily benefit you.  Tough as it may be now, some homes are selling, and chances are good they’re selling for more now than they will in the foreseeable future.

Home buyers, you are in the driver’s seat!  Not only do you have the benefit of low interest rates (hovering around 5%) and the $8,000 tax credit (if you’re a first-time buyer), you also have many options due to the large inventory of homes for sale in Crofton.  Wouldn’t it be foolish to let this opportunity to get away from you!?!

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Remember, this information about Crofton real estate is based on the entire zipcode – detached homes, townhomes, and condos.   For information specific to your own neighborhood, contact me any time.   Look for my monthly real estate market update for Crofton between the 10th and 15th of each month.

To compare May 2009 with earlier months, click on the following links:

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Crofton Real Estate Market Update – May 2009.  Copyright 2009.  Margaret Woda.  All Rights Reserved.

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