Each month, between the 10th and 15th, I carefully review statistics published by our regional multiple listing service, MRIS. I usually find that numbers mirror anecdotal information shared by local real estate professionals, but I dutifully review them for the purpose of sharing accurate information with you through my blog.
In October, I was very surprised to see a spike in the average sold price, up almost 20% from October 2007, and the median sold price, up 18.16%.
Most homes which settled in October probably went under contract prior to that, so these numbers don't reflect all that occurred in the financial world in October.
The number of homes that settled in October was down over 60% from 42 in 2007 to 16 in 2008.
After the banking crisis and bailout in October, only 9 homes went under contract during the month, so look for "units sold" to go down in November and December.
Days on Market were actually down from last month, but up nearly 15% from the same month last year. Overall, in 2008, Days on Market have been greater than last year, except for January.
As I've mentioned in earlier Real Estate Updates, one of the things I look to for an indicator on what the future holds for real estate in Crofton is the absorption rate. With only 16 sold homes and 147 active listings in October, it looks like it would take almost 10 months for the existing inventory to be absorbed - and that's assuming no new listings for 10 months, which isn't going to happen.
The true effect of the banking crisis and the October economic bust, in general, will probably take a while to shake out. Be sure to check back between the 10th and 15th of each month for an update. And, if you prefer to see more statistics laid out in a single chart, visit FocusOnCrofton.com this weekend, when I'll be posting an update in that format.
CROFTON HOMES FOR SALE GAMBRILLS HOMES FOR SALE ODENTON HOMES FOR SALE
Source of data: MRIS
Charts: Margaret Woda
Copyright 2006-12. All rights reserved.
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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Margaret that is an excellent increase! I hope the market continues to improve and 09 is a lot better!
Great three charts Margaret which helps understand the month by month seasonality and also the year over year trends. In general other than Aug and Sept less homes are being sold at whatever price and DOM. That follows the dominant national trend. The October disparity in Units Sold mightbe because of the delays due to the election, the financial crisis from September, and general lack of confidence in the marketplace.
Hi Margaret- I like the look of your market reports. Very crisp, easy to follow. I would expect you'll see alot of visits to these posts in your stats!
Margaret you have some amazingly detialed market reports for the people of Crofton Maryland. In Green Bay Wisconsin things are picking up my showing calls are through the roof comparative to last months. Elections have that funny way of doing that. Have a great weekend
Margaret, very nice updates. Good work.
Amber