The Fort Meade-Area Housing Community Remains Extremely Popular With Buyers
Odenton, Maryland's, Piney Orchard residential community faces a severe shortage of homes for sale.
The continued shortage of homes for sale in Odenton, Maryland’s, Piney Orchard community pushed the median home price there up 24 percent last month, according to year-over-year real estate data just released by MarketStats.
The median price for homes sold in Piney Orchard in December was $312,000, up from $251,600 in December 2016. Seventeen homes sold in Piney Orchard last month, while 18 homes sold in December 2016.
December 2017 data for Piney Orchard, Odenton, Maryland, provided by MarketStats by ShowingTime.
Despite the sharp jump in median home price, Piney Orchard homes took considerably longer to sell last month (65 days), on average, than in December 2016 (37 days). Still, the new data shows there simply are not enough homes for sale in the community to satisfy demand.
The “months of supply” of homes for sale in Piney Orchard last month was 1.8 months. Typically, less than 6 months of supply of homes indicates a market favorable to sellers, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
The number of homes actively listed for sale in Piney Orchard in December (36) also was well below the five-year average for the community.
Of the 17 homes sold in Piney Orchard last month, 15 were attached homes (townhomes and condominiums) and two were detached single family homes. Buyers in six of those transactions used conventional financing to purchase their properties, four used Veterans Administration-backed loans, four used FHA loans, two purchased with cash and one buyer used another kind of financing.
Jerry Kline is a Realtor with the Odenton, Maryland, office of Keller Williams Flagship of Maryland (1216 Annapolis Rd., Odenton, MD 21113.) For more information on the local real estate market, contact him at (443) 924-7418.
