The Crofton, MD real estate market had a pretty good November 2011, compared to last year, and last month. Two of the most important sales statistics, Sold Dollar Volume and Closed sales, increased nicely. The median sold price has dipped since last year, but this is affected greatly by the types of housing sold in any given month. Considering that Crofton, MD has homes in the $100K price range, and all the way up to $700K, a few extra sales in the lower price ranges affect the median and average sold prices.
Days on the market compared to October 2011 showed a pretty large increase of 41%…not particularly good news for sellers. The average for November is close to four months now.
Moving forward, this is a pretty interesting chart. In November, 2011 the pending contracts outpaced new listings. Pending contracts is an early indicator of future performance. The more pending contracts, the more sales in the coming months. With pending contracts up, and new listings down, this is an indication that the Crofton, MD inventory will shrink. Good news for current sellers, and a great motivator for buyers to get off the fence.
