Crofton Maryland Home Prices on the Rise

By
Real Estate Agent with Long & Foster Real Estate, Inc., Crofton, MD 21114

The first-time home buyer tax credit is probably responsible for the decline in average and median home prices in Crofton Maryland since August, because first time homebuyers generally purchase at the low end of the market.  Overall for the year, however, the trend in prices has been upward with the average sold price at $268,400 in January and $319,137 in October, and the median sold price increasing from $250,000 in January to $308,000 in October.

Average and Median Sold Price

 

At the same time, that tax credit may be the reason more homes sold in September and October of this year than in 2008 - the only two months of this year when closings exceeded the same month last year.

Crofton homes sold

 

My crystal ball is still fuzzy about the future of Crofton real estate because statistics are providing mixed signals.  One thing is in clear focus, however:  The number of new listings went down this year, and the number of non-contingent contracts went up.  In fact, these two numbers are closer than they've been (for October) since 2006 - and that's something I'd like to see continue.

Crofton real estate statistics

 

If we could have a few more months with the number of new contracts and new listings, I'd say we have a positive trend going and the future is bright for real estate in Crofton. 

It will be interesting to see how the Crofton real estate market changes with the new expanded tax credit, which makes current home owners eligible for $6500 if they've owned and occupied a home for 5 of the past eight years.  Hopefully that will give a boost to home sales in a different price range.

P.S.  Be sure to click through and read Has Crofton Real Estate Bottomed Out Yet?

Posted by

Margaret Woda, Long & Foster Real Estate, Inc.
Military Residential Specialist (MilRES®)
(410) 451-6245    mwoda@mris.com

Margaret Woda

 

Search for homes and explore the pages of MargaretWoda.com at your own pace and convenience. You'll find information about homes, communities, military relocation, and the home buying or selling process throughout the greater Crofton area. It will be a privilege to help you, and disappointing you is simply not an option!

 

Information contained in this blog post is reliable on the date of publication, but it is subject to change without notice.

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Show All Comments
Rainmaker
974,130
Edward & Celia Maddox
Solutions Real Estate - Queen Creek, AZ
We Take The High Road

Good article. We learn a lot from articles on Active Rain blogs. Thanks.

Nov 13, 2009 07:46 AM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

What I'm waiting to see is the effect of the tax credits for FTHB and repeat home buyers will have on the market when the tax credit ends. 

 

Nov 13, 2009 07:48 AM #2
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Loreena Yeo
3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co. - Frisco, TX
Realtor® | Frisco TX Community Ambassador

That's AWESOME news! Not quite the case yet for Frisco TX but we're working on it.

Nov 13, 2009 07:55 AM #3
Rainmaker
230,653
Lina Robertson Jones
Ozark, Nixa, Republic & Willard Real Estate - Springfield, MO
REALTOR, Springfield MO Area Homes for Sale

Margaret - looks like your market has really turned around!  I love your new picture!

Nov 13, 2009 08:03 AM #4
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Frank Rubi
Frank Rubi Real Estate, LLC. - Metairie, LA
Homes for Sale Metairie, La.

Margaret, this is great news thanks for sharing. I hope all market follow this trend.

Nov 13, 2009 08:06 AM #5
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Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation

Ed and Celia - One of the things I like is all the ideas for formatting a market study.  No two are alike!

Me too, Lenn - I doubt you had time to click through to the chart on my other blog, but the statistics are clearly reflecting the first-time buyer tax credit.

Loreeno - Typically I look at one month, and obviously it was down from Sept. to October, and it was down from October last year to October this year.  Things look much brighter when I look at this chart tracking every month this year.

Thanks, Lina - You're the first person to mention that.  We had a photographer in the office on Monday, and several of us got new photos.

Frank, I just hope it IS a trend.  A few more months will tell.

Nov 13, 2009 08:22 AM #6
Rainmaker
426,858
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Looks like the FTHB Credit worked in your market. Interesting to see and hope the trend continues!

Nov 13, 2009 08:31 AM #7
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Margaret, forget about the housing stats.  Your new photo is beautifiul! 

Nov 13, 2009 08:41 AM #8
Rainmaker
188,278
Joyce Thomas
REMAX Home Expert Realty - Florence, AZ
Anthem Merrill Ranch AZ Real Estate

That's great news! Like to hear the positives about the market.

Nov 13, 2009 08:49 AM #9
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Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation

Dick and Dixie - It has.  Now we just need it to work for move-up buyers in the "average" Crofton price range, not just the bottom!

Patricia - It's amazing what a little makeup can do for a gal, isn't it.  The next day I was in the office in a sweatshirt, ball cap and no make-up, and my office mates threatened to take my photo looking like that.  LOL.  The two faces of...

Joyce and Terry - Yes there are some positive numbers out there.  If you click through to the narrative on my other site, you'll see the news is not all rosy...

Nov 13, 2009 10:01 AM #10
Rainmaker
525,954
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Homes

I love your new glam photo... ooo la la... it's beautiful!

Nov 13, 2009 11:18 AM #11
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Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation

Gonna be in Texas next week... 'just wish you were closer!

Nov 13, 2009 12:31 PM #12
Rainer
51,180
David Perry
Wainwright Real Estate - Portsmouth, VA

Great Post! Please follow me on twitter @davidperry and @daveperryrealty and in turn I will follow you. Together we can do great things if we all work together.

David Perry

Nov 13, 2009 02:03 PM #13
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William Johnson
RE/MAX Associates - San Diego, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE

Hi Margaret, I seen a lot of graphs and and lot of market reports that really help all us have a better perspective of our own relative markets. But I must compliment you on the graphs. They are clear and so concise and may be the best ones yet that I have seen. Those kinds of graphs I would certainly be interested in.

Nov 13, 2009 02:41 PM #14
Rainmaker
602,180
Petra Norris
CDV TransAtlantic, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Margaret - You've done a terrific job on this report here and at your other web site - very clean. I'm market report geek so I'm always interested what others do. I also love they way you incorporate your writing with the new and extended tax credit. Crofton seems like on its way to positive things.

BTW - I like your new picture :)

Nov 13, 2009 03:47 PM #15
Rainmaker
509,697
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hi Margaret......this is good new for you!   Nice new picture, I like it very much.

Patricia/ Seacoast NH

Nov 13, 2009 05:26 PM #16
Rainmaker
509,697
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hi Margaret......this is good new for you!   Nice new picture, I like it very much.

Patricia/ Seacoast NH

Nov 13, 2009 05:27 PM #17
Rainmaker
401,449
Richard T. Dolbeare
Keller Williams Realty - Lihue, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

Hi Margaret.  I'm glad to hear that Crofton is doing well as it's such a wonderful place to live.  Nice charts too!

Nov 13, 2009 07:48 PM #18
Rainmaker
398,596
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Margaret- You always put together such good reports for the readers in your area. Good job!

Nov 14, 2009 11:37 PM #19
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Margaret Woda

Maryland Real Estate & Military Relocation
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