Many homeowners are worried about the values of their Crofton homes, and that certainly is understandable in this economic climate. Let me reassure you that the "average" and "median" sold home prices in September 2008 were only slightly lower than they were in 2005. (Probably the 2004 level, but I don't have the statistics to substantiate that.) Most of us were not unhappy with those prices at that time.
Yet homes which probably would have sold quickly in September 2005 or 2006 took many months to sell in the same month this year. There are many reasons for this, beginning with unrealistic home sellers who (understandably) find it difficult to accept today's market conditions - i.e., lower sale prices than recent years, much more demanding home buyers, and general lack of confidence in the real estate market.
With the bail-out, credit unavailability, and volatile stock market in recent days, we'll have to wait until the month is over to draw any conclusions about Crofton real estate in October 2008. For now, let's check out the listing and sale statistics released by MRIS today for September. To help you put them in perspective, I created a table comparing numbers in September each year since 2005.
Please click through to FocusOnCrofton.com to view the table, my recommendations to home owners and buyers, and links to other 2008 market studies.
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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
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Hi Margaret, it seems like many markets will have to take a wait and see how the stimulus package will impact them. It is hard to guess how the markets and clients will have to deal with future real estate transactions. Nice post Margaret.
Gary, thanks for your comments. I'm feeling optimistic - our market is fortunate to be impacted by the BRAC moves to our area, so I think we'll continue to outshine many other parts of the country.
You really do have terrific Localism Posts Margaret.......your community must love you!
Liz, Thank you! I keep telling myself that I'm positioning myself for the day when business picks up. LOL.
Margaret you along with Jennifer Fivelsdal of Rhinebeck NY write very good real estate market reports. Just like the rest of your blogs,your blogs are very good. Great post.
Lanre, thank you! A little too much bad news recently, though. It will be good to have something positive to report.
Margaret- You really presented a true depiction of what's really going on in your local Crofton Maryland area. It's really important for all of us to look at our individual markets and not just the national media. You are the Maryland Real Estate Expert! Keep up the great work!