The first-time home buyer tax credit is probably responsible for the decline in average and median home prices in Crofton Maryland since August, because first time homebuyers generally purchase at the low end of the market.  Overall for the year, however, the trend in prices has been upward with the average sold price at $268,400 in January and $319,137 in October, and the median sold price increasing from $250,000 in January to $308,000 in October.

Average and Median Sold Price

 

At the same time, that tax credit may be the reason more homes sold in September and October of this year than in 2008 - the only two months of this year when closings exceeded the same month last year.

Crofton homes sold

 

My crystal ball is still fuzzy about the future of Crofton real estate because statistics are providing mixed signals.  One thing is in clear focus, however:  The number of new listings went down this year, and the number of non-contingent contracts went up.  In fact, these two numbers are closer than they've been (for October) since 2006 - and that's something I'd like to see continue.

Crofton real estate statistics

 

If we could have a few more months with the number of new contracts and new listings, I'd say we have a positive trend going and the future is bright for real estate in Crofton. 

It will be interesting to see how the Crofton real estate market changes with the new expanded tax credit, which makes current home owners eligible for $6500 if they've owned and occupied a home for 5 of the past eight years.  Hopefully that will give a boost to home sales in a different price range.

P.S.  Be sure to click through and read Has Crofton Real Estate Bottomed Out Yet?

Copyright 2006-13. Margaret Woda. All rights reserved.

  DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

________________________________________

Margaret Woda, Crofton Realtor


Margaret WodaMargaret Woda, REALTOR & Associate Broker
Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114
Direct:  (410) 451-6245 or click on EMAIL

FREE Maryland home search online
FREE online relocation information
Read my reviews

 
This post has been included in Maryland Real Estate News Anne Arundel County, MD Real Estate News Crofton, MD Real Estate News
Post is included in group: Local Expert
Post is included in group: Market Reports
Post is included in group: Posts to Localism

19 Comments on Crofton Maryland Home Prices on the Rise

NOV
13
2009
815,127 Points Outside Blog Called Shot Master

Good article. We learn a lot from articles on Active Rain blogs. Thanks.
7:46am • #1
1,945,742 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

What I'm waiting to see is the effect of the tax credits for FTHB and repeat home buyers will have on the market when the tax credit ends. 

 
7:48am • #2
1,206,544 Points 193 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That's AWESOME news! Not quite the case yet for Frisco TX but we're working on it.
7:55am • #3
229,018 Points 22 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Margaret - looks like your market has really turned around!  I love your new picture!
8:03am • #4
488,801 Points Outside Blog Called Shot Master

Margaret, this is great news thanks for sharing. I hope all market follow this trend.
8:06am • #5
823,169 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Ed and Celia - One of the things I like is all the ideas for formatting a market study.  No two are alike!

Me too, Lenn - I doubt you had time to click through to the chart on my other blog, but the statistics are clearly reflecting the first-time buyer tax credit.

Loreeno - Typically I look at one month, and obviously it was down from Sept. to October, and it was down from October last year to October this year.  Things look much brighter when I look at this chart tracking every month this year.

Thanks, Lina - You're the first person to mention that.  We had a photographer in the office on Monday, and several of us got new photos.

Frank, I just hope it IS a trend.  A few more months will tell.
8:22am • #6
361,801 Points 5 Featured Posts Attended Rain Camp Called Shot Master

Looks like the FTHB Credit worked in your market. Interesting to see and hope the trend continues!
8:31am • #7
1,907,454 Points 383 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Margaret, forget about the housing stats.  Your new photo is beautifiul! 
8:41am • #8
156,743 Points 1 Featured Post

That's great news! Like to hear the positives about the market.
8:49am • #9
823,169 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Dick and Dixie - It has.  Now we just need it to work for move-up buyers in the "average" Crofton price range, not just the bottom!

Patricia - It's amazing what a little makeup can do for a gal, isn't it.  The next day I was in the office in a sweatshirt, ball cap and no make-up, and my office mates threatened to take my photo looking like that.  LOL.  The two faces of...

Joyce and Terry - Yes there are some positive numbers out there.  If you click through to the narrative on my other site, you'll see the news is not all rosy...
10:01am • #10
511,939 Points 1 Featured Post Outside Blog Called Shot Master

I love your new glam photo... ooo la la... it's beautiful!
11:18am • #11
823,169 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Gonna be in Texas next week... 'just wish you were closer!
12:31pm • #12

Great Post! Please follow me on twitter @davidperry and @daveperryrealty and in turn I will follow you. Together we can do great things if we all work together.

David Perry
2:03pm • #13
1,089,538 Points 201 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Margaret, I seen a lot of graphs and and lot of market reports that really help all us have a better perspective of our own relative markets. But I must compliment you on the graphs. They are clear and so concise and may be the best ones yet that I have seen. Those kinds of graphs I would certainly be interested in.
2:41pm • #14
510,151 Points 44 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Margaret - You've done a terrific job on this report here and at your other web site - very clean. I'm market report geek so I'm always interested what others do. I also love they way you incorporate your writing with the new and extended tax credit. Crofton seems like on its way to positive things.

BTW - I like your new picture :)
3:47pm • #15
463,655 Points 1 Featured Post

Hi Margaret......this is good new for you!   Nice new picture, I like it very much.

Patricia/ Seacoast NH
5:26pm • #16
463,655 Points 1 Featured Post

Hi Margaret......this is good new for you!   Nice new picture, I like it very much.

Patricia/ Seacoast NH
5:27pm • #17
344,632 Points 1 Featured Post

Hi Margaret.  I'm glad to hear that Crofton is doing well as it's such a wonderful place to live.  Nice charts too!
7:48pm • #18
NOV
14
2009
396,963 Points 17 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Margaret- You always put together such good reports for the readers in your area. Good job!
11:37pm • #19


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Margaret_print_11 Ambassador_large

Margaret Woda, Maryland Real Estate & Military Relocation Services

Margaret Woda

Crofton, MD

More about me…

Long & Foster Real Estate, Inc., Crofton, MD 21114

Address: 2191 Defense Hwy., #120, Crofton, Bowie, and Davidsonville, MD, 21114

Office Phone: (410) 721-1500

Cell Phone: (301) 346-2923

Email Me

Real Estate and community information for home buyers and sellers, military transferees, and rookie agents in the greater Crofton area, including Bowie, Davidsonville, Fort Meade, Gambrills, Odenton, and the U.S. Naval Academy in Annapolis.

EHO



Margaret Woda




Listings

Links

Archives

RSS 2.0 Feed for this blog

Find MD real estate agents and Crofton real estate on ActiveRain.