Good news for home owners in Crofton MD... The number of homes sold in January 2010 was UP 160% from the same month in 2009. This year's magic number was 13 compared to only 5 units sold in January 2009.
Unlike some other months, when there was just one item of good news to report, we have other positive indicators for real estate in Crofton - at least for January 2010:
- AVERAGE SOLD PRICE - Up 17.57% from $268,400 (2009) to $315,552 (2010)
- MEDIAN SOLD PRICE - Up 16% from $250,000 (2009) to $290,000 (2010)
- AVERAGE LIST PRICE OF SOLD PROPERTIES - Up 13.39% from $297,360 (2009) to $337,169 (2010)
- UNITS SOLD - Down 47.65% from 164 to 86. Now THAT is good news!
It was fairly easy to explain a similar increase in "units sold" for November, given the fact that November 30 was initially the expiration date for the first-time homebuyer tax credit. That was somewhat confirmed when December numbers were much different - In fact, a 38% drop in "units sold" from the previous year. I really can't explain why the pendulum swung back in January since there was no huge incentive, change in mortgage rates or other single stimulus.
I guess we should just be grateful for the good news, as homeowners, and hope the trend continues.
Homebuyers, of course, would prefer to see the market continue favoring them over sellers, and buyers can take heart in the fact that there were 40 new listings in Crofton last month and only 8 new non-contingent contracts. With a ratio of more than 4 to 1 for new listings to new contracts, it looks like the inventory isn't shrinking any time soon. It's likely, therefore, that buyers will still have options - and that's what gives them strength in any real estate negotiations... the ability to walk away from one property and choose from others of similar size, features and condition.
For more specific information about your own neighborhood or type of home (detached, townhome, or condo), please contact me any time. I'll be happy to sit down with you and explore how real estate market conditions are likely to impact your home sale or purchase. I've been helping Crofton homeowneers since the 70's, and it would be a privilege for me to help you now.
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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.
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Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
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Every time I post numbers I feel like I'm being negative! ;-)