The real estate market in Crofton, Maryland, is alive and well, even though the tax credit has ended.
- The median sold price in Crofton, last month ($335,000) was the highest we’ve seen all year, except for June when most tax-credit properties closed. In other words, half the homes which sold were higher-priced and half were lower-priced.
- 27 homes sold in Crofton during August, up two from the previous month and up one from August 2009.
- The average sold price ($343.167), was relatively stable - only 1.65% less than last year.
- The inventory of homes for sale (169) is down 15 homes from last month and down 1 from August 2009.
Unfortunately, it did take longer for homes to sell (89 days) than any month since February, and the average days on market are much higher than they were in August 2009.
Let's take a look at this 5-year chart so we can draw our own conclusions about any upward or downward trends.
What does all this mean to the average homebuyer? Well, my crystal ball is in need of a polishing, so I can't be sure. But my educated guess is that home buyers will continue to enjoy prices today's low prices; I don't see them continuing to fall signficantly, especially since the inventory has remained fairly stable for 3 years.
Compare Crofton with Anne Arundel County Real Estate - August 2010
Comments(1)