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Crofton MD Real Estate Market Update – March 2013

Real Estate Market Update for Crofton, Maryland, March 2013

Crofton Home Sales Up Over Last Month

Real estate market data for Crofton, Maryland, provided by Margaret Woda, of Long & Foster Real Estate, Inc.

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Home sales during March were up more than 8% from February, but down quite a bit from March 2012.  

 

Days on market is another indicator of the real estate market and this number was up 80% from February but down nearly 40% from March 2012. In fact, the days on market haven’t been lower than this any March since 2006.  

 

Crofton home prices were down last month, whether you compared them with the previous month or the same month a year ago. This may be due, at least in part, to the lower average price for new Crofton listings during the same month.

 

These mixed signals indicate that the market is alive and well, but not showing any convincing trends in spite of some quick sales and a few bidding wars. One trend, however, is the listing inventory in Crofton MD, which has been trending down over the past the past 2 years, as you can see in this chart:

 

Listing Inventory

 

SUMMARY OF THE CROFTON REAL ESTATE MARKET:

 

Home Owners, a shrinking inventory is good for you because buyers have fewer choices. If this continues, home owners can anticipate more competition for the existing inventory, likely leading to improved home values. Don’t look for 2005 home prices, however, because any return to that level is unlikely in the immediate future.   

 

Home SearchHome Buyers, a smaller inventory means you’ll be competing with other buyers for fewer homes. It’s important for you to have a loan pre-approval before you begin your home search, and to work with an agent who is an experienced negotiator.

 

 

If you’re interested in knowing what’s on the market now in Crofton, you can find that information by clicking on the computer image.

 

 

To find out what you home is worth in the current market, contact me today.

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