While the Crofton real estate market is not what we'd like to see, there are some homes selling. Let's take a look at the most recent month for which we have statistics from MRIS:
Crofton sales were down over 40% in March from 2007 - only 29 homes sold in the entire zipcode during the last month. However, that's 11 more homes than sold just a month earlier, in February, so I'm not complaining.
Crofton home prices held steady throughout 2007 - homes just took longer to sell than they did in 2006. Unfortunately, that's no longer true. The average sold price in March was down almost 10% for Crofton to $330,558, and the median sold price in March was down over 6% to $290,000.
Meanwhile, the length of time it took for homes to sell last month was up 39% from March 2007 - to 121 days. That was 2.75 times the 44 days it took to sell a home in March 2006.
Some homes are selling, as I mentioned earlier, in spite of lower prices and longer times on the market. Pricing has never been more important, and terms are important, too. If your home would have sold for $300,000 last year, remember that today's sale prices are almost 10% lower - that could mean $270,000 for the same property.
WHAT'S FOR SALE NOW IN CROFTON:
If you have a home on the market now in Crofton that's price in the $200,000's, you have a lot of competition - 65 homes, to be exact.
42 homes are on the market in the $300,000's, 23 in the $400,000's, 34 in the $500,000's, 9 in the $600,000's. Only 3 Crofton homes are priced over that.
Of the 176 homes now on the market, 72 are detached homes and the remainder are either townhomes or condos.
If you're thinking of buying a Crofton home, now is a good time, with rates hovering around 6%. There are no guarantees rates like this will hold in the coming months, and this means now could be the lowest monthly cost you're likely to see.
Consider a $250,000 Crofton home loan, for example: At today's 5.75% for a fixed rate loan, the Principal and Interest payment is $1498. The same $250,000 would be $1625 at 6.75% or $1791 at 7.75%.
RELATED LINKS:
- Previous real estate market updates for 2008, including February 2008, January 2008
- Your Online Relocation Package for Anne Arundel County Maryland
- Find out how today's mortgage interest compares with the rates last week and last month
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