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Crofton area real estate statistics for August 2011

Real estate statistics for Crofton, Davidsonville, Gambrills and Odenton seldom mirror each other.  It never ceases to amaze me how adjacent zipcodes can differ so much.  Taken altogether, however, I think they provide a more accurate picture of the market in this area than any one zipcode considered alone.

Please note that YoY compares August 2011 values to August 2010, while MoM compares August 2011 values to July 2011. 

21114 August 2011

Crofton – The market didn’t show any solid improvement in August, although days on market are down. This is probably not a surprise to anyone in the area who has been watching “for sale” signs throughout the 21114 zipcodes.

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Davidsonville August 2011

Davidsonville – There were no closings at all in August; it doesn’t get much worse than that. Very discouraging for home sellers, but signaling home buyers that there are probably some highly motivated and worried home sellers willing to negotiate on price and terms.

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Gambrills August 2011

Gambrills – Sales were down, but prices were up last month. Unfortunately, the days on market went up, as well. Very mixed signals.

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Odenton August 2011

Odenton – There was nearly a 20% increase in real estate closings over the same month last year; this was the largest increase we saw in any of these four zipcodes. The prices were down, however.  The significantly higher days on market seem to tip the balance of closed sales/higher prices towards a toughter market, not a better one.

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What do all these numbers mean, anyway, and why should you care?  Well, the truth is that you probably don’t care, if you’re not thinking about buying or selling a home in this area in the near future.  Statistics can provide value to prospective home buyers and sellers because they are one indicator (among many) of possible market trends.  Having a handle on market trends can be helpful in developing one’s buying or selling strategy.

In a nutshell, the conclusion one can draw from these charts is this:

Home sellers must be patient, but they also must be aggressive with pricing.  Home buyers can write their own ticket, as the saying goes, and probably get a great home at a great price in today’s market.

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