Crofton Maryland Real Estate Update - April 2008

Crofton real estate prices are still higher than the 2005 level.

And that's good news for Crofton homeowners - especially the military families based at Fort Meade, NSA, USNA, and Andrews AFB, because relocation is not optional for you when you get orders!  For many other Crofton residents, the timeframe for moving is more flexible. 

The biggest issues we face, in Crofton, is the steadlily growing inventory and shrinking number of homes sold. 

People often ask me, "What about BRAC?"

..."Isn't that good insurance for our housing market?"  The short answer is yes, and I think perhaps that could be one reason prices haven't fallen lower.  As to that magic number of 22,000 new jobs - well, there are a lot of counties vying for those families, who will be easily absorbed across the entire region.  Only a small percentage of these families will find their way to Crofton, and I'm working with several of them right now.

Take a look at this chart I made, using statistics published by the Metropolitan Regional Information Systems, to give you some historical perspective for viewing today's Crofton real estate market:

 
The average and median sold prices are down less than 2% from April last year, and they're still higher than 2005.  Yet, because home owners are listing their homes too high, the average sold price is a much lower percentage of list price than I ever remember seeing in Crofton - 92.92% - and that may contribute to how long it is taking homes to sell. 

Come on Crofton, price your home right in the first place and it will probably sell faster and for more!

Speaking of how long it takes to sell, here's a graph showing this and the past two years:

The bottom line of all this is not much different than you expect: 

Crofton is not immune to this downturn in the real estate market, but we're a lot better off than most of the country and even our county.  Thank goodness for BRAC, and the incoming personnel that continue to discover why Money Magazine named Crofton one of the Top 100 Best Places to Live in 2007.

By the way, this is GOOD news for buyers, because you can feel fairly confident about your property holding its value, but you have a larger-than-usual inventory of homes to choose from.  Just contact me for a free subscription to home listings for the area, and you'll receive updates as new listings come on the market or current listings adjust their prices.

For information about Odenton, Gambrills, Davidsonville, Crownsville and other communities in Anne Arundel County and nearby Prince George's or Howard Counties, please contact me.