Crofton Maryland Real Estate Report - November 2007

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

There's a little bit of Deja Vu, with this post, my 200th on ActiveRain.  My very first post was Crofton Maryland - Market Report for February 2007.  A few days later, a consumer who saw that post called to list her Crofton home with me.  Needless to say, that's all it took to convince me that ActiveRain is an excellent vehicle for communicating with consumers. 

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As I looked at the statistics released this week by Metropolitan Regional Information Systems, Inc. (MRIS) for Crofton, one thing jumped out and grabbed me:  The number of units sold in November 2007, compared to November 2006, was down 54%.  That may be the most dramatic drop we have seen all year, to the lowest point of 2007.  This is very disappointing after an increase in units sold last month, which suggested there might be a turn-around occurring.

In spite of this bleak picture, Crofton home sellers were asking 1.54% more for their homes in November of this year over 2006.  Perhaps they experienced a false sense of optimism, based on last month's improvement in units sold.

Units Sold Crofton

 

 

 

 

 

 

 

 

 

 

There was little justification for optimism, however.  While the drop in median sold price was not quite so dramatic in Crofton as the number of units sold, it was significant - 5.26%, to be exact.  This continues a 3-month trend, after a slight increase in August:

Median Price Crofton

 

 

 

 

 

 

 

 

 

 

On a brighter note, days on market were down for Crofton homes from this time last year, for the third consecutive month, and down significantly from the beginning of this year:

DOM

 

 

 

 

 

 

 

 

 

 

155 homes were on the market for sale in Crofton during November, while just 21 homes sold.  At this rate, it will take over seven months for the existing inventory of homes to sell.   Other numbers I consider, when evaluating the Crofton real estate market, are the number of new listings (32) and how many homes went under contract (19) during a single month.  As long as the listing inventory grows at a faster rate than it is selling, homesellers must be particularly aggressive to find and capture a buyer.  (Seven Ways to Compete Against "Desperate Homesellers")  

Crofton overview

 

 

 

 

 

 

 

 

 

 

That's a lot of information, so you may be wondering what a reasonable conclusion should be for Crofton homeowners who are contemplating a home sale.  In a nutshell, I would simply say that your home definitely won't sell if you don't put it on the market, so the first step would be to list it with an experienced real estate agent who knows Crofton well - one who has survived previous buyers' markets and knows how to market homes.  (Yes, There Is A Buyer for Every House)  

While it is important to be realistic about today's market, there is no point in being paralyzed by it!  When you sell your current home, you will be in an excellent position to take advantage of the buyer's market for your next home.  So, let's get started! 

 

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Crofton Maryland Real Estate

Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

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
632,088
Brian Block
RE/MAX Allegiance, Managing Broker/Branch Vice President - McLean, VA
Northern Virginia & D.C. Real Estate
Margaret, very nice market report.  It looks like your inventory in Crofton has been inching down since its Summer peak, which should help some sellers heading into January and early February.  Any ideas as to the dramatic sales number decline in November?
December 12, 2007 08:19 AM #1
Ambassador
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Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation
Hi, Brian - I haven't a clue!  These numbers totally caught me by surprise.  In fact, my office had a good month in Crofton.
December 12, 2007 08:27 AM #2
Rainer
14,950
Katie Landon Lewes
Jack Lingo REALTORS - Lewes, DE
REALTORS

Ummm great idea.  Congrats on your 200th post.   

December 12, 2007 09:52 AM #3
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889,526
Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation
Hi, Katie - These reports seem so boring, but consumers eat up this kind of information.
December 12, 2007 08:19 PM #4
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Margaret Woda

Maryland Real Estate & Military Relocation
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