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Are Crofton Sales Up or Down From Last Month?

Crofton MeadowsCrofton MD Real Estate Statistics for December 2009

It was back to “normal” for Crofton MD real estate during December after a record-breaking 161% increase in November (over the previous year).  There were just 13 homes sold/settled last month compared to 40 during November.

Why the difference?  As I suspected last month, November statistics reflected a rush to settle for first-time homebuyers seeking the $8,000 tax credit incentive scheduled to expire in November.  As it turns out, the tax credit has been extended, so we may see another burst of real estate sales before that expires in 2010.

Best news of the month is the 37.23% drop of “days on market” for sold/settled homes – 59 compared to 94 in December 2008.  This figure is also better than the two previous months this year, when average for “days on market” was 86 (Nov.) and 83 (Oct.).

I’m pleased to see that the average sold price (as a percentage of list price) was nearly 94% – that’s a big improvement for home sellers over the 90.42% we were seeing a year ago in December.  Buyers should take note of this, however, because it could mean  they’ll need to make a better offer when they find a home to buy… they may have missed the bottom of the market.

Crofton Real Estate Update Dec. 09

The average sold price was the lowest we’ve experienced in Crofton in over five years (down almost 7% from last year), while the median sold price saw a slight bump (4.81%) during the same period.  Not surprising, then, that the average list price for sold/settled properties was the lowest last month it has been for any December in more than five years.

My Forecast for the next few months in Crofton real estate? 

As always, I’m looking at the number of new listings and new contracts last month as indicators of the future for Crofton real estate.  Unfortunately, there were only 5 new non-contingent contracts, but 18 new listings.  I need to see a better balance of these two figures before I’m willing to step out on a limb and predict a genuine improvement in the Crofton MD real estate market.

Copyright 2010.  Margaret Woda.  All rights reserved

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