The number of "days on market" for homes sold in Crofton during March was DOWN 24% from the same month in 2008 and 40% from last month. How's that for good news!?!
Two adjacent zipcodes have different results to report, however, proving again that all real estate is local. In Odenton, "days on market" went UP 43% from March 2008 and, in Gambrills, the number went DOWN 58% in March 2009 from the same month last year. That's quite a swing for three adjacent zipcodes that many people consider to be the "Greater Crofton Area."
I've been collecting statistics about Crofton real estate from MRIS, the regional MLS, and put together this table so you can see the trends from year to year:
For my analysis, just click through to Crofton Real Estate Market Update - March 2009 at FocusOnCrofton.com, my community and real estate blog for Crofton Maryland.
Margaret Woda is a licensed Associate Broker in the Washington, D.C. - Baltimore - Annapolis area. She specializes in Anne Arundel, Howard and Prince George's Counties, Maryland, including Fort Meade, Andrews AFB, and the U.S. Naval Academy. If you enjoyed reading this post, check out Focus On Crofton and Your Online Relocation Package for Anne Arundel County.
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DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
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We are seeing the Days on the market and the number of current listings going down both good numbers.
WOW, that is a good sign Margaret! We have a long absorbtion rate but our sales were actually up this past Feb compared to last year, which is good news.
Great looking market post and some good news to go along with it too!
Great news Margaret. We are seeing market time decreasing here as well. It has been a busy Spring so far.
Margaret, some of the DOM being down in the market is due to pulled inventory where sellers are sitting out the slow time thereby reducing total inventory and letting the current inventory sell faster due to less of it being out there.
I haven't done my for Washington DC yet but I am sure it is probably going to be similiar to yours. But home buying activity is about to pick up in Crofton Maryland. Thanks for sharing Margaret. Have a great weekend.
March was good for us too! We saw inventory supply go from 27 months to 18 months from the previous month. Still a big number but a good sign for spring!
Thats a big difference in DOM from last year to this year. That is certainly good news.
Days on the Market is such an important number. Real Estate is all about Supply and Demand.
Margaret, that is great news!
David - It is. Now, if we coud just get a balance of new listings and new contracts for a few months in a row...
James - I think the lower number reflects more realistic listing prices on the part of those sellers.
John - You're right, and it's a big difference from last month, too.
Michele - Wow, that IS a big number. We haven't gone anywhere near that in Crofton.
Lanre - I hope your market's getting better, Lanre. This is the season to expect it. If it doesn't happen now, who knows when.
Gary - That could be, but I prefer to think it's the effect of BRAC and military relocations that occur at this time of year. Maybe I'm kidding myself, but I hope...
Bill - I wouldn't call it "busy" hear, but definately better.
Russell - Thank you. I hope you got a chance to read the full analysis at Focus On Crofton.
Katerina - I know that Florida is suffering, and I'm glad to hear it was a little better last month.
Terry - Good that inventory is going down. Does that mean fewer new listings so they're more on balance with new contracts?
That IS good news. We just got our Association report today and I'll be hoping there's similar news in it for us!