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Crofton Real Estate Market Update – June 2011

Crofton home sales were up last month by nearly 10% from the previous month, but that’s not all…

The average sold price was up 11% and the days on market were down 20% from May 2011.  All of that is good news for Crofton home sellers, and bad news for Crofton home buyers.

Let’s take a look Crofton real estate statistics over a 5–year period:

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Okay, now that you’ve seen the numbers, what do they mean?  Let me begin by saying that June of last year is an anomaly, since closings were inflated by the $8000 tax credit requiring closings to take place before June 30, 2010.  All the 2010 statistics are “suspect”, therefore, as whether they truly reflect market conditions at the time.  That being said, the five-year picture helps put last year and this into perspective.

Crofton Home Sellers:  Don’t expect your home to sell in less than 3–4 months –  and, frankly, this has been the norm for most of my real estate career so don’t let that discourage you.  There were more closings last month than either of the two previous years, even 2010 with the tax-credit closings.  The median and average sold prices are down, BUT this doesn’t not mean any single property declined in value that much; it would take a more in-depth analysis to confirm my suspicion that it’s an indication more townhomes sold than the more expensive single family homes.

Crofton Home Buyers:  Supply and demand has been in your favor for many months, but you can see that the inventory is down and there are fewer new listings. In fact, these numbers were lower in 2011 than any June in the past 5 years!  Less competition for home sellers means fewer options for buyers, and that’s not good news for you.  It weakens your negotiating power.  Please take heed of this, and get out into the Crofton real estate market sooner rather than later.

For market information about your specific type of home or neighborhood, please contact me directly.

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