Crofton Front Gate - Photo Copyright by Margaret WodaThe Crofton MD Real Estate Market was showing signs of improvement in early spring, but no one dared celebrate.  We suspected Crofton real estate sales figures might go into a free-fall after the tax credit expired.

Surprise!  Information released yesterday by MRIS, our regional multiple listing service, wasn't all bad.  The results are much better than most people expected (and certainly better than many other areas of our state and country).

 

ANSWERS TO YOUR QUESTIONS ABOUT THE CROFTON REAL ESTATE MARKET (May 2010)

1.  How many homes sold in Crofton during May 2009?

UP arrowMarket is down

The Number of Homes Sold was UP 1% in May 2010 (25) from May 2009 (24), and I consider that a small victory, yet a victory.  A 24% drop occurred in new sold units from April 2010 (31), before the tax credit ended, so that puts a little damper on our celebration

 

2.  How long did it take for Crofton homes to sell last month?

The market is down

UP arrowThe Days on Market were DOWN 6% in May 2010 (78) from May 2009 (83), but UP a whopping 40% from last month, April 2010 (47).  I think this April to May difference illustrates the impact of the tax credit vs. no tax credit on our Days on Market figure.  Yet surely we must celebrate the improvement over 2009.

 

3.  Did Crofton home prices drop after the tax credit ended on April 30?

UP arrowThe Median Sold Price was UP just over 17% in May 2010 ($322,000) from May 2009 ($274,950) And (drum roll, please...) UP 19%  from April 2010 ($269,900).  Now THAT is good news we can all celebrate

UP arrowThe Average Sold Price was UP nearly 14% in May 2010 ($353,272) from May 2009 ($310,814) And (drum roll, please...) UP almost 10%  from April 2010 ($321,294).  MORE good news.

The sold prices in May, however, reflected closings for contracts written in March and April - before the tax credit ended.  On the surface, home prices are not only holding their own but going up.

The true impact of the tax credit ending and the competition it created among buyers for the best properties probably can't be measured until July and August closings take place.

~~~~~~

If you prefer Crofton real estate statistics in a more visual format, here's an example of the graphs from Altos Research you will find on the Real Estate tab of my Facebook business page:

Crofton stats


Don't forget to click on when you visit my Facebook business page so you will be eligible for special offers from local businesses.

NOTE:  Posted originally by Margaret Woda at Focus On Crofton.

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

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7 Comments on Crofton MD Real Estate Market - After the Tax Credit

JUN
11
2010
712,458 Points 118 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Margaret,

We're seeing the same thing in Tucson.  :)

Mike in Tucson
11:41am • #1
1,091,913 Points 201 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Margaret, reporting similar here in San Diego. I think you are right that it might not be until Late July /Aug before we know it the trend is actually going to stay up or if it was driven by the tax incentive. With interest rates so low, everyone should be jumping on this. Long term lower payments generates greater individual prosperity and gives  one a heck of a lot of security. Nice to see you in the DC RainCamp video.
12:16pm • #2
128,224 Points 2 Featured Posts Called Shot Master

Margaret,

Your presentation is a great read. We're experiencing similar data here.
3:51pm • #3
628,094 Points 41 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

I am seeing some very wonky things here, Margaret with regards to the expiration of the tax credit - well, I guess not that wonky - it died!  This was a great report and was very easy to understand - i know both buyers and sellers in your area appreciate it greatly!

Wake Forest NC House Chick
6:02pm • #4
824,214 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Mike - Yes, I think we're all still enjoying the false illusion caused by that tax credit.  But heck... why not it enjoy it before reality sets in.

William - The lower rates are better for people than any tax credit, if one had to choose between the two.

Linda - Thanks for the compliment. 

Leesa - I hope buyers and sellers find it helpful.  When the results are mixed, like this, it may offer more questions than answers.

Thank you for your comments, my friends!
8:29pm • #5
JUN
12
2010
878,969 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Margaret are you not looking at the stats from when the tax credit was in place though? I suspect from the time the credit expired until now that sales are down in my area.
9:45am • #6
824,214 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Bill - Yes, you're absolutely right.  But those ARE the numbers for now.  That's why I suggested we won't know the true effects 'til July or August. 
10:25am • #7


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Margaret Woda, Maryland Real Estate & Military Relocation Services

Margaret Woda

Crofton, MD

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

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

Office Phone: (410) 721-1500

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