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Crofton Real Estate Market Update – January 2012

Flower-Daffodils 4Crofton weather in January was amazing, as residents enjoyed warmer than usual temperatures and an early hint of Spring ahead.  Even the daffodil bulbs, birds, and bunny rabbits were fooled by Mother Nature!

It felt a bit like Spring in the real estate market, too, as 24 homes went under contract in the 21114 zipcode during January. Since this is down from 30 in January 2011, why would I consider this good news?   The reason is simple:  I’m looking at this number in context with 17 new listings.  

When we see a higher ratio of new contracts to new listings, it indicates the market is moving in the seller’s favor.

I think we all agree this is a turnaround that’s long overdue.

If you’ve followed my market studies over the past few years, you know I always look to these two sets of numbers for some indication of a turnaround.  Instead of a growing inventory of homes for sale, we’re now seeing a decline in the inventory.  In fact, it’s down almost 30%, from 105 in January 2011 to 75 in January 2012.

This is not the first time we’ve seen more new contracts than new listings in the past 12 months.  In fact, it’s the third time.  And the ratio was relatively close in August, September, October and December.

Contracts vs. listings

My crystal ball isn’t always in perfect focus, but this chart seems to indicate that Crofton home sellers have good reason to be optimistic about 2012.

Click on Crofton real estate statistics to view more details on the Crofton real estate market, as reported by RBI, an MRIS company.

For more information about your own neighborhood or a breakdown of detached homes vs. attached homes sold in Crofton or currently on the market, please contact me.

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My Davidsonville Real Estate Listings