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Sales Up in Crofton Last Month – May 2011

Margaret’s Monday Morning Real Estate Update
Crofton MD (21114)

Real estate statistics for Crofton in May 2011 sent us a mixed message about the market.  First the good news:

The number of homes going to closing in Crofton MD was up last month, compared to the previous month (24%) and the the previous year (14.81%).  

On the other hand, the average and median sold prices disappointed, whether you compare them with April 2011 or May 2010.  Adding to our frustration, the average days on market for these sold properties was up, as well –  Over 60% compared to May of last year and 27% more than April 2011. 

6-20-2011 7-23-19 AM

Home sellers:  It’s not your imagination… the days on market is literraly 10.5 times higher than it was at the peak of the bubble.  But this is today’s reality –  and, frankly, it’s consistent with the Crofton market for most of my career when sellers and agents alike expected it to take 4 months to sell, on the average.  

Home buyers:  I understand why you’re waiting to buy… home prices may go lower.  There’s just one problem with that strategy:  No one knows when something might happen somewhere in the world to push interest rates through the roof.  The $200,000 mortgage you might get today at about 4.5% for $1013 PI would run you $1,264 at 6.5% or $1,537 at 8.5%.  If you’re planning to purchase a home in the next year or two, this is just some food for thought.  Waiting could backfire.

If you’d like to see a breakdown of detached vs townhomes, 3 bedrooms vs. 4, or whatever…  just ask. 

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