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 for more information about homes, communities, and the home buying or selling process in Maryland.

 

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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Topic:
Real Estate Market Trends
Location:
Maryland Anne Arundel County Crofton
Groups:
Local Expert
Market Reports
Posts to Localism
Tags:
crofton maryland real estate market
crofton home prices

Comments 19 New Comment

Rainmaker
581,499
Petra Norris
Realtor, Lakeland FL Homes for Sale
CDV TransAtlantic, Inc.

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 :)

November 13, 2009 03:47 PM
Rainmaker
496,755
Patricia Aulson
Realtor - Portsmouth NH Homes-Hampton NH Homes
PRUDENTIAL VERANI REALTY- Portsmouth NH Real Estate

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

Patricia/ Seacoast NH

November 13, 2009 05:26 PM
Rainmaker
496,755
Patricia Aulson
Realtor - Portsmouth NH Homes-Hampton NH Homes
PRUDENTIAL VERANI REALTY- Portsmouth NH Real Estate

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

Patricia/ Seacoast NH

November 13, 2009 05:27 PM
Rainmaker
390,087
Richard T. Dolbeare
R(B), ABR, CRS...Hawaii Multi-Island Specialist
Keller Williams Realty

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

November 13, 2009 07:48 PM
Rainmaker
398,592
John Cannata
Texas Home Mortgage - Purchase or Refinance
214-728-0449 http://TexasLoanGuy.com

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

November 14, 2009 11:37 PM
Ambassador
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Margaret Woda

Maryland Real Estate & Military Relocation
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Additional Information

Real Estate and community information for home buyers and sellers, military transferees, and rookie agents in the greater Crofton area, including Annapolis, Bowie, Davidsonville, Fort Meade, Gambrills, Joint Base Andrews, Millersville, Odenton, and the U.S. Naval Academy.

EHO



Margaret Woda