Study also finds Odenton homes sold 34 percent quicker last month than in August 2011
The Odenton real estate market had its strongest performance of 2012 in August, with the average price of homes sold spiking 31 percent over the same time last year.
In addition, Odenton homes sold 34 percent quicker in August than they did the same time a year ago, with sold homes averaging 88 days on the market as opposed to 134 days in August 2011.
Statistics released by the Metropolitan Regional Information Service (MRIS) show that sales of detached homes were particularly strong in Odenton last month, with an average sold price spiking 58 percent to $438,523. Thirteen detached homes sold in Odenton in August 2012 as opposed to eight such homes sold in August 2011.
The August jump in local home sale prices is welcome news for homeowners who’ve suffered several years of declining property values. It’s unclear whether last month’s solid growth in Odenton home prices is a one-time anomaly or whether local property values have finally turned a corner.
Month
Home Sale Prices in Odenton
(Percent Change YoY)
August 2012
30.58%
July 2012
-5.05%
June 2012
0.00
May 2012
2.25
April 2012
3.25
March 2012
-11.00
February 2012
-10.55
January 2012
-9.6
While the MRIS numbers paint a great picture for owners of Odenton single-family detached properties, prices for attached homes, such as townhouses, condominiums and duplexes, did not rise nearly as much. According to MRIS, the average price of Odenton attached homes in August rose only 6 percent over last year, from $250,557 to $266,044. Nineteen attached homes sold in August 2012 compared to 23 the previous August.
Another encouraging sign for local homeowners is a continuing decline in the inventory of for-sale housing in Odenton. According to MRIS, 39 percent fewer homes (106) were on the market in Odenton in August, as opposed to 173 homes on the market at the same time last year.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
