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Crofton Home Sales Up, Prices Down in February

Margaret’s Monday Morning Market Report
Crofton (21114)

The real estate statistics for last month, compared to last year, are all over the place!

3-14-2011 4-09-42 PM

Roller Coaster


UP:
  New Non-Contingent Contracts (+54%), Listings Sold & Settled (+120%), Total $ Sold Volume (+75%), in a comparison with statistics for February 2010.

DOWN:  Average (-20%) and Median (-18%) Sold Prices and Average Days on Market (-10%), in a comparison with statistics for February 2010.

Five detached homes and seventeen attached homes sold – which is good news for other townhome and condo sellers because it never hurts to wipe out some of the competition.  This emphasis on detached homes is largely responsible for the lower average and median prices we saw last month.

REMINDER:

It’s important to get off the fence and buy a home during March for two reasons:

1) FHA costs go up by .25% on April 18.  That doesn’t sound like a lot, but it could mean $45 tacked on to your monthly payment for a $300,000 townhome forever after.  If you own your home for 10 years, that will cost you more than $5,000 in higher payments.

2) The Tax Credit Extension for Military Families expires on April 30.  Don’t let this $8,000 gift from taxpayers get away from you by waiting too long to buy!

This report is based on the entire 21114 zipcode.  Your own neighborhood may or may not follow these trends, so be sure to contact me for details on ther real estate market in the immediate area of your home.

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