There is no question that January 2009 was not a good sales month for Crofton, MD home sales. While December 2008 wasn't bad with about one home per business day going to settlement, January sales fell considerably, with only 5 homes going to settlement.
Average prices fell as well, but that data was easily skewed by the relatively low number of home sales.
It's not time to panic. Crofton is still one of the most sought after destinations in Anne Arundel County and will rebound from an unusual and really, unexplainable, January.
While the trend is clearly down from the superheated years of 2005 and 2006, January 2009 is impossible to explain with any degree of accuracy. Keep in mind that nothing catastrophic has happened in the Crofton MD Real Estate area to warrant such a drop. A couple of things might be happening though:
- Buyers were waiting for interest rates to drop even lower.
- Inventory in Anne Arundel County is still high making it more difficult for some buyers to make up their mind.
- Unemployment has crept up and people are afraid of making that large a decision if they think their jobs may be in jeopardy.
- Companies are cutting down on relocation.
- Things were put on hold during the change of administration in Washington, DC.
- The overall economic climate in the country is severly depressed.
- Crofton tends to be a move-up destination for buyers. Right now a lot of potential sellers who could sell and buy in Crofton are just staying put.
- The inbound effects of the Base Realignment and Closure, BRAC, haven't really hit the area yet. Crofton is one of the communities that are projected to get additional buyers as a result of BRAC.
- The President will be signing a stimulus bill shortly which should have a positive effect on the economy as a whole.
- The growth of government in DC should have an effect on Crofton Home Sales.
- Interest rates continue to look very attractive.
Crofton Total Units Sold:
| Year |
Dec |
Jan |
| 2009 |
N/A |
5 |
| 2008 |
21 |
16 |
| 2007 |
26 |
38 |
| 2006 |
38 |
45 |
| 2005 |
32 |
37 |
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist
©2009 - RichSellsHomes, All Rights Reserved
Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
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I wonder if the unusually cold January had anything to do with the low sales in the area in general. It just seems like everything is (was) frozen.
Hi Rich:
We've been busy here in NJ (thank goodness!).
Hoping that it turns around for you this weekend with the warmer weather.