Crofton Maryland Real Estate Update for July, 2014
Home buyers and real estate agents in Crofton had a busy July. Whether you're currently in the market to buy or sell a home or you're simply a real estate "junkie", you'll want to take a look at these numbers:
Forty-two new listings went on the market in Crofton during July. Twenty three of the new listings were detached homes, four were condos, and fifteen were townhouses. Eight of these new listings are already under contract. (Down from 55 last month, up from 39 in July 2013)
Forty-eight homes went under contract altogether last month - good news for home owners because new contracts out-numbered new listings. Sixteen of these were detached homes, two were condos, and the others were townhouses. (Up from 27 last month and 26 in July 2013)
Forty-five homes went to closing in July, including fourteen detached homes, three condos, and twenty-five townhouses. (Down from 46 last month, up from 40 in Juy 2013)
However, five others homes scheduled to close last month are still showing in MRIS today as "under contract." It's possible that these properties closed yesterday and listing agents simply haven't yet updated their status in MRIS. If these five home did close, it would be the highest number of closings in Crofton during any month July 2007. Even if they didn't close, forty-five closings would be the third highest since August 2008 and just one fewer than closed in May 2014.
Ten homes went off the market last month without selling, including listings that were withdrawn, expired, or placed in "temporarily off the market" status.
What does this mean to you?
There did seem to be fewer showings on most listings in July, but apparently the buyers who were out and about meant business.
Home Sellers: Don't get discouraged with the low number of showings because homes ARE selling, and the listing inventory isn't expanding at a greater number than sales are taking place. If you're thinking of selling, this is a great time to put your property on the market.
Home Buyers: No time to waste, because prices usually go up as inventory goes down. Interest rates remain low and some sellers are highly motivated, especially as we go into fall and sales tend to slow down.
My predictions:
I actually do have a crystal ball, but I prefer to rely on the chart of Crofton real estate statistics that I've maintained since 2006. It tells me that the number of new contracts in August may show a very slight decline, but nothing dramatic. Experience tells me that this is because home buyers are distracted with summer vacations, back-to-school planning, etc.
Looking at year to year statistics, 2014 has outshined recent years every month in nearly every category. There's every reason to believe that August will do so, as well.
P.S. Watch for more details later this month, when MRIS releases average and median home prices, days on market, and other real estate statistics for the 21114 zip code.
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