A Strong Market for Odenton Home Sellers Pushed Prices Up More than 10 Percent Last Month
The average price of a home sold in Odenton last month rose more than 10 percent from the same time a year ago, according to new market data released by RealEstate Business Intelligence (RBI).
The increase in home prices stems in large part from an acute shortage of for-sale housing in Odenton, as the number of available homes for sale there dropped 37 percent from last year.
The shortage of available homes for sale was particularly notable in Odenton’s popular Piney Orchard community. The number of homes actively listed for sale in Piney Orchard (20) dropped 47 percent in February over the same time in 2016.
In Odenton’s Seven Oaks community, the number of available homes for sale in February (19) held steady from the previous year.
The “months of supply” of available homes for sale in Odenton remains critically low at 1.5 months, indicating an extremely strong market for home sellers. Anecdotal evidence shared by local realtors supports this data, with very active buyer-showing and open-house activity and multiple-bid scenarios involving many available Odenton properties.
Specifically, 24 townhomes, duplexes and condominiums sold in Odenton last month for an average price ($291,846) that was 10.29 percent higher than in the previous February. Six single-family detached homes sold in Odenton last month for an average price ($414,983) that was 10.21 percent higher than last year.
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, or visit his website (www.JerryKlineRealtor.com) or blog (http://jerryklinerealtor.com/about/jerrys-blog/).