Crofton real estate statistics for January 2008 were released yesterday by the Metropolitan Regional Information Systems, Inc. (MRIS). As you know from my past reports, I feel this information is an important piece of the puzzle that faces home buyers and sellers today and in the coming months - How to price your home, if you're a seller; what to offer, if you're a buyer. That's why I take the time to review the data and create user-friendly charts for you.
Interest rates are a factor in analyzing market trends, as well, so I'm adding a new feature to my blog - a link at the bottom of each market study to Mortgage Rate Watch, a chart created by MarketWatch101 which displays the interest rate today, last week, and last month. Your interest rate and choice of loan programs may vary, depending on your credit score and other considerations, but this will give you an indication of what to expect when you finance a home. It is updated daily, so feel free to check back often.
Days on market are down by 13.68% to 101 from last year's 117 days (although that is 2.5 times the 45 days on market of January 2006). See chart at right.
While the average sold price went down in January, the drop was less than 5% to $373,698. This year's average sold price actually is 6.5 % higher than January 2006 and 11% higher than January 2004. If you bought your Crofton home in 2006 or earlier, you're still ahead of the game based on average sold price.
The median sold price actually went up 6.77% to $362,500 last month, which is almost 17% higher than the median sold price in January 2006 but 8% lower than 2004. Median price is the figure most used by the media because it tends to move more frequently and dramatically, contributing to headlines more easily than the average sold price.
16 sales closed in Crofton during January, 11 homes went under contract, and there were 42 new listings. With a total inventory of 142 active listings in January and just 16 closings, that suggests an inventory of almost 9 months (assuming the number of listings doesn't increase during that time). See chart at left.
It's interesting to track Crofton's real estate activity next to that of Anne Arundel County, because there is little similarity. In fact, Crofton's average sold price went down, while Anne Arundel County's went up slightly, and Crofton's days on market were down significantly, while Anne Arundel County's were up significantly. Here's the comparison:
In a market like this, motivated home sellers should address all the basics: accurate pricing, good condition, easy access, and an experienced agent! Home buyers looking for a "deal" can probably find one, but it may not be the home that is your first choice.
Statistics provided by the Metropolitan Regional Information Systems, Inc. (MRIS) based on properties in the MRIS system. Private conveyances are not included.
RELATED LINKS:
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Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland. Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.
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