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%.
If you have any questions about the Crofton real estate market, I'd be glad to answer your questions - I've been helping home sellers and buyers in this community since the 70's, and helping you would be my pleasure.
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Beautiful report, Margaret. I'm always impressed by what you put together.
It looks like your market is moving along the same lines as ours.... slowly. The good news, of course, is that homes are still selling. There are a lot of good values to be had if buyers are willing to look.
Margaret: Such ability you have. Here you go... turning what normally would be a boring Market Update into a very nice presentation. Was re-doing your Active Rain blog into this new version very difficult to do ? This is definitely one of the best, if not the best AR blog make-over I have seen. You are just so talented. Want to adopt me ?
Margaret- AH, I just love these colors and theme you chose to pimp your blog with. I wish I could do this as nice as you did. I keep trying colors and changing them back to the plain AR page cause nothing looks right and I do not know how to do that banner thing. It looks so beautiful and upscale and professional.
Love the way you lais this out, very eye catching. Now I need to get my butt in gear and figure out how to make something half as nice.