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Are Crofton Home Prices on the Rise?

Crofton Real Estate Update
Crofton, Maryland –  July 2011

The question on everyone’s mind is this: “What’s happening to Crofton property values?” The answer is not a simple one, but I’ll let the numbers speak for themselves in this chart showing a 5–year history of real estate sales in Crofton during the month of July:

8-15-2011

Let’s look at some of these categories in greater depth:

Units sold:  As you can see, there was quite a jump in the number of closed sales (44%) from last year, and the number increased from last month (5.88%), as well.  This is the best July we’ve had for closed sales since 2007, when there were 50 of them.

Days on Market: The average days on market were up over July 2010 (25%), but down from June 1011 (10%). The days on market have topped this only once since 2005, when I began charting these numbers, when they hit 122 in July 2008.

Prices:  Both average and median sold prices are down since last year (over 10%), but they’re relatively stable since last month, with the median up only 1.24% and the average down less than a half percent.  Neither has been lower during any July since I started tracking prices in 2005. 

While home prices are definitely NOT on the rise, I sense more optimism in the Crofton real estate market.  Home owners seem to accept he new reality and they’re not expecting “bubble” prices.  As a result, more homes are selling and they’re selling more quickly. 

What does all this mean to you?  (My professional opinion)

Sellers: I expect the next few months to be good ones for Crofton home sellers, with interest rates near record low levels and buyers getting into the market.

Buyers:  Buy low, sell high.  That means NOW.  Prices are down and the rates are AMAZING.  If you don’t believe me, do your own comparison by clicking on Mortgage Calculator and compare a $200,000 mortgage with rates ranging from 4.5% to 6.5% and higher.

Watch for a real estate market update every Monday at Focus On Crofton.

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The purpose of this blog is to attract relocating home buyers to the greater Crofton area while keeping my neighbors informed about our community. Please feel free to contact me directly if you have any questions about the area or about Crofton real estate.. 

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