After a relatively dismal May for Crofton Maryland real estate, I'm happy to report that things were looking up in June. Both the average and median sold prices were up slightly from last year AND from last month!
The average sold price was up just .4%, but the median sold price was up 8.48% and average list price of sold homes was up 4.07% from last year. In fact, both the average and median sold prices were the highest in June 2008 that they've been over the 4-year period tracked in this chart:
While this is good news for Crofton home sellers, it could signal buyers that they missed the bottom of the market. As predicted, buyers won't know for sure when prices have bottomed out until they start going up again. We'll be watching carefully to see if June's real estate sales in Crofton are signalling a turnaround.
The inventory of homes for sale remains high, however, with Crofton homes taking 10 times as long to sell in June 2008 as they did in June 2005. With 183 homes on the market, and just 39 homes sold last month, we have a 4 1/2 month supply of homes available. That assumes no new listings come on the market during that same period, which is unlikely.
RELATED LINKS:
- Previous real estate market updates for 2008, including May 2008, April 2008, March 2008, February 2008, January 2008
- Your Online Relocation Package for Anne Arundel County Maryland
- Find out how today's mortgage interest compares with the rates last week and last month
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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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Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Hi Margaret,
You are so right, the bottom won't be known until the upward trend take hold. We keep reminding buyers to do it now and make their best offer, one that they will be comfortable with today and tomorrow.
Margaret, with the turning up, the buyers need to get out there I agree. Still great prices for your area. Now if only people can get themselves qualified.
Your Market report looks nice, I just did one for Washington DC. But it was my first one Margaret. The more I do them and read other agents market reports here,I will become better. Great post.