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Crofton Home Prices Stifled by Large Inventory

“Are Crofton home prices improving any?” continues to be a popular question, wherever I go.  The answer depends on whether you’re a home buyer or seller…

Happy Face SmilingThe number of homes for sale in Crofton right now is a buyer’s dream because options for home buyers are many.  Buyers don’t have to “settle” for a home that’s too big or too small, too fancy or too plain, too expensive or…  Well, you get the picture.

Having a large inventory of nearby homes for sale empowers prospective buyers in negotiations because they can walk away from one home and make an offer on another similar home.  In many cases, buyers will get their way when it comes to condition, closing help, timing… because home sellers don’t want to risk losing anyone who shows interest in their home.

 

Sad face houseThis large inventory of homes is a seller’s nightmare, however, because options are few for home owners.  The hesitation of people to buy right now means that only a well-priced home is likely to sell; ideally, it will also be in “perfect” condition and the ONLY home in its niche – i.e., the only cape cod on the market, the only home backing to the golf course, the only townhome with a loft, etc.

 

THE INVENTORY:

There are 61 detached homes for sale in Crofton (21114) right now, ranging from $259,000 for a short sale 37-year old 3-bedroom rancher in Crofton Meadows to a stunning 13-year old 6-bedroom colonial in Walden priced at $639,000.  

93 townhomes are on the market in this zipcode, beginning at $169,900 for a 2-bedroom 37-year old Habitat unit to a 14–year old Walden townhome (one of eighteen on the market now) at $386,000.  Combined, that is a total of 154 homes for sale in Crofton.

View all homes currently for sale in Crofton, Maryland

Only 14 homes went under contract in Crofton during June, so let’s do the math:  It would take 11 months, at that pace, for the current listings to sell (assuming no new listings came on the market in the meantime).  Even if we consider the 12 additional contracts that were contingent (I’ll buy your house if mine sells), that’s nearly a six month inventory of homes.

 

Crystal ballWe have no reason to believe that home values will improve any time soon for home sellers, given the huge disconnect between supply and demand, the fear of unemployment, higher taxes, new health care costs and risk of falling home prices.  Even though this information is discouraging for home sellers, this may be as good a market as we’ll see for a while. 

If you’re thinking of selling in the next few months or even years, I recommend putting your house on the market now rather than waiting for a turnaround.  We just don’t know when Crofton home prices will improve.

But the news is discouraging only from the home-owner’s perspective. 

Home buyers, the market is great for you now and it will probably be good for you for a while IF, and that’s a big IF, the interest rates remain low.  No guarantee on that.  I wouldn’t risk waiting.

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Focus on Crofton is my way of attracting relocating home buyers to Bowie, Crofton, Davidsonville, Fort Meade, Gambrills, Odenton and other neighborhoods in Anne Arundel County, Maryland, while keeping current homeowners informed about the community and local real estate market.  For more information, contact Margaret Woda at Long & Foster Real Estate, Inc. or simply click on a button below for information you can review online:

 Homes in Crofton MarylandHome Values in Crofton MarylandRelocating to Maryland

 

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