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Crofton Maryland Real Estate – After the Tax Credit

Crofton GateThe Crofton MD Real Estate Market was showing signs of improvement in early spring, but no one dared celebrate.  We suspected Crofton real estate sales figures might go into a free-fall after the tax credit expired.

Surprise!  Information released yesterday by MRIS, our regional multiple listing service, wasn’t all bad.  The results are much better than most people expected (and certainly better than many other areas of our state and country).

 

ANSWERS TO YOUR QUESTIONS ABOUT THE CROFTON REAL ESTATE MARKET (May 2010)

1.  How many homes sold in Crofton during May 2009?

UP arrowMarket is down

The Number of Homes Sold was UP 1% in May 2010 (25) from May 2009 (24), and I consider that a small victory, yet a victory.  A 24% drop occurred in new sold units from April 2010 (31), before the tax credit ended, so that puts a little damper on our celebration

 

2.  How long did it take for Crofton homes to sell last month?

The market is down

UP arrowThe Days on Market were DOWN 6% in May 2010 (78) from May 2009 (83), but UP a whopping 40% from last month, April 2010 (47).  I think this April to May difference illustrates the impact of the tax credit vs. no tax credit on our Days on Market figure.  Yet surely we must celebrate the improvement over 2009.

 

3.  Did Crofton home prices drop after the tax credit ended on April 30?

UP arrowThe Median Sold Price was UP just over 17% in May 2010 ($322,000) from May 2009 ($274,950) And (drum roll, please…) UP 19%  from April 2010 ($269,900).  Now THAT is good news we can all celebrate

UP arrowThe Average Sold Price was UP nearly 14% in May 2010 ($353,272) from May 2009 ($310,814) And (drum roll, please…) UP almost 10%  from April 2010 ($321,294).  MORE good news.

The sold prices in May, however, reflected closings for contracts written in March and April – before the tax credit ended.  On the surface, home prices are not only holding their own but going up.

The true impact of the tax credit ending and the competition it created among buyers for the best properties probably can’t be measured until July and August closings take place.

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If you prefer Crofton real estate statistics in a more visual format, here’s an example of the graphs from Altos Research you will find on the Real Estate tab of my Facebook business page:

Crofton stats


Don’t forget to click on when you visit my Facebook business page so you will be eligible for special offers from local businesses.

Copyright 2010.  All rights reserved.

 

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For answers to your real estate questions about Bowie, Crofton, Davidsonville, Fort Meade, Gambrills, Odenton and other communities in Anne Arundel County, Maryland, contact Margaret Woda at Long & Foster Real Estate, Inc. or simply click on a button below for information you can review online at your own pace:

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