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Crofton MD Real Estate Update – September 2009

Crofton Gate Fall Leaves2Crofton Maryland homeowners want to know, “Is the real estate market stabilizing in Crofton?”  Using statistics from the five most recent years, I’ll do my best to answer that for you.

Good news:

My daughter-in-law, Christine, prepared this chart so we can see a five-year trend in all the areas tracked by Metropolitan Regional Information Services (MRIS).  I think this expanded look at the Crofton real estate market is necessary to get a true picture of any trends occurring in the Crofton Maryland real estate market:

21114 Market Study 9.09

Not all Crofton real estate news is good, however:

Looking at all these numbers, that last bullet point is the one things that best answers the question, “Is the market stabilizing in the Crofton real estate market?”  As long as new listings outnumber new non-contingent contracts, we will have a supply and demand problem in Crofton Maryland real estate. 

Right now, if you divide the number of September listings (155) by the number of new non-contingent contracts (17), you will see a 9+ month absorption rate.  The scariest thing about that may be the fact that we don’t know how home values may change during that 9+ month period – they could go down.  For that reason, I encourage anyone putting their home on the market now to be aggressive in pricing their home so it sells sooner rather than later.

This chart and my commentary are based on figures for the entire 21114 zipcode.  If you’re thinking of buying or selling a home in the near future, you will want information that’s specific to your neighborhood, or at least to the type of home (detached vs. townhome, for example). 

Contact me any time for this information or, if you prefer, you can request a MARKET SNAPSHOT online.

P.S.  Thanks, Christine, for preparing this chart of Crofton Maryland real estate statistics for September 2009.

Copyright 2009 by:

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