Last month's Crofton real estate prices were a pleasant surprise when MRIS released them this morning.
Even though I've been a Crofton Realtor for over 30 years, and a student of local real estate statistics as long as they've been available, I couldn't be sure what to expect in November 2008. There's so much talk in the media about how terrible the real estate market is, but that seems to be contradicted by the amount of activity in my own office - and I know from experience that "all real estate is local."
Based on MRIS statistics published this morning, any "down" in Crofton home prices is in PERCEPTION, not fact. The truth is that the average sold price was higher last month than any November in the three previous years, as was the median sold price.
What IS down is the number of homes sold in November 2008 - lower than any November in the three previous years. While that's bad news, another thing is down which is good news - The number of homes on the market for sale, Mercifully, the inventory has dropped to the lowest point in three years.
Even looking at selling prices in a year-to-date comparison,neither the average nor median sold prices in November are the lowest of 2008. The rumor that prices have crashed in Crofton are clearly inaccurate!
Yet the average selling price vs. listing price was only 92.1%, for November 2008 compared to 95.2% in 2007. What does this mean to you, the consumer?
In my opinion, it means that consumers are still listing their homes too high for today's market. Remember, a home is worth only what a willing buyer and willing seller agree - a higher listing pice will only slow down the sale.
And that's exactly what's been happening. The pace of home sales has gone up as the percentage of selling vs. listing price has gone down. In November 2008, the days on market went up 56.25%. The moral of this, my friends, is to list your home at the right price in the beginning. It will probably sell much more quickly at a more realistic price.
COMING SOON: On Thursday, December 11, I'll be publishing a chart showing Crofton real estate statistic from 2005-2008 at www.FocusOnCrofton.com. Be sure to stop by and check it out.
Source of Data: MRIS
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