Crofton MD Real Estate Market - October 2013
Crofton, Maryland, is a golf course community located in the middle of a triangle formed by Washington, D.C., Baltimore, and Annapolis, Maryland. It's a favorite destination for relocating home buyers because of its convenience to these three major job markets, including Fort George G. Meade, NSA, BWI Thurgood Marshall Airport, Andrews AFB, the U.S. Naval Academy, several major government contractors, and the Maryland's State Capitol.
Whether you're a prospective home buyer or a home seller in the greater Crofton area, you're probably curious about the real estate market. Does it favor you or the other guy? In other words, is this a buyer's market or a seller's market in Crofton, Maryland?
You've been reading good news about real estate in this area for the past few months - at least, from the seller's point of view. The tables turned in October and buyers now have some good news:
New listings are coming on the market faster than current listings are selling. This means that the basic law of supply and demand is favoring home buyers, because a larger inventory gives you more options and more negotiating power with motivated home sellers.
- New Listings: 33 (up more than 22% from October 2012)
- Total Listings: 79 (up more than 46% from October 2012)
- New Contracts: 11 (down over 31% from October 2012)
- All Pending Contracts: 43 (down almost 35% from October 2012)
While closed sales during October did come in with a higher median price and higher average price than we've seen in recent years, those closings reflect consumer optimism in August and September when the contracts were written. Given concerns by so many people in October and November about job security and healthcare, plus the growing inventory of homes, it's likely that good news will be short-lived.
Home buyers have a fresh new opportunity to jump into the market while the inventory is up and rates are still low. Don't blow it this time! Contact an experienced agent who will help you obtain financing and find the home that best matches your budget and search criteria.
Home sellers can't be sure when the market will improve for them, so get that home sold now! Price it conservatively and have it professionally staged. Most important, choose an experienced agent who consistently sells homes in any market. Ask what their average days on market is for sold listings, because that is a good barometer of how effective they are at pricing and marketing.
Copyright 2006-13. Margaret Woda. All rights reserved.
DISCLAIMER: Information contained in this post is reliable on the date of publication but is subject to change without notice.
If you would like more information about homes, communities, and all things real estate, email me or call 410-451-6245. If you prefer, you can search for homes and explore the pages of my website at your own pace and convenience on MargaretWoda.com.