August Rewind/September Forecast!-Crofton Real Estate News

Good Morning and Happy September to everyone!  Hopefully you all have been enjoying the nice weather we have had so far this week!  Lets keep our fingers crossed that it continues!

Well it looks like the numbers are in for home sales in Crofton for the month of August.  Baring any settlements recorded late, their were 17 homes sold in Crofton during the month of August.  Given the economy, the fact that kids were heading back to school, as well as people getting in their summer vacations...17 sales for the month is not bad.  It is not great either, but August is usually the slowest or among the slowest months of the year for real estate sales not just in Crofton, but nationwide.  Those 17 homes sold for a combined $5,318,500.  You might read this paragraph and feel as though we had a bad month.  But don't be so sure.  

To summarize a given month in real estate as well as forecasting projections in a particular month, you have to look at many different numbers.  You have to go beyond sales.  For example 17 houses doesn't seem like we had a stellar month here in Crofton.  But when you look at the 43 homes currently under contract (a very good number) you might start to feel a little different. 

That tells us 1. That there was a lot more accomplished in August then the sales tell you, and 2. it gives you a glimpse into September. 

Lets assume a few things as we project the month of September for Crofton real estate.  Lets assume that of the 43 houses under contact, 8 of them are not scheduled to close until October.  Lets also assume that 6 will go back on the market because the buyers fail to obtain financing for whatever reason. 

That leaves us with 29 homes.  If those 29 homes sell for slightly higher amount then the August sales average ($312,000 or so) at say $314,000...we are looking at 29 sales for roughly $9,106,000...far exceeding September 2010 totals of 23 sales for $7,494,307.  Even if we are off by 4 more homes not closing that would give us 25 sales for $7,536,000.   Still a better September then last year!

Based on these numbers, it is safe to say we had a better August then you might think.  Also, I would not be surprised to see a solid September for Crofton.  I myself have Crofton homes going to settlement in September for buyer clients. 

I am predicting 26 sales for around $8,110,000.  Lets see what happens!

Until next time!

Alex Estill