Sales up 53 Percent, Median Sale Price Up 7.6 Percent Over the Same Period Last Year
Aggressive buyer appetite and a lack of residential properties for sale led Odenton home sales to spike strongly last month, according to year-over-year data released by RealEstate Business Intelligence (RBI).
The number of homes sold in Odenton in March (49) rose 53 percent over the same period last year, while the median price of a home sold in Odenton rose 7.6 percent. The average number of days it took to sell an Odenton home dropped 10 percent from March 2015, to 70 days.
RBI statistics show that the months of supply of housing available in Odenton remains critically low at 3.0 months. Months of supply is a good indicator of whether a real estate market is favoring buyers or sellers. Typically, a market with less than 6 months of supply favors sellers, while more than 6 months of supply indicates an excess of homes for sale, favoring buyers.
In Piney Orchard, a particularly popular community for local home buyers, the market for home sellers was even stronger. The months-of-supply figure for Piney Orchard in March was 2.1 months.
The boom in Odenton real estate was not confined to March, however. RBI year-to-date numbers show strong growth in the Odenton housing market since the beginning of the year.
In the Maple Ridge neighborhood, for instance, 13 homes sold in the first three months of 2016, compared to only two homes over the same period last year. That’s an increase of 550 percent. It’s not surprising, then, that the median Maple Ridge home price has jumped 23 percent since the beginning of the year.
The story is much the same in Piney Orchard. Year-to-date sales numbers for the community show an increase in sales of 55 percent over 2015, and the median price of a Piney Orchard home is up 4.2 percent so far this year.
Not every Odenton community has benefitted from the upswing, however. Year-to-date sales numbers for Seven Oaks, for example, show the number of homes sold there dropped 40 percent (from 30 homes to 18 homes) from the same period in 2015 -- although the median home price in that community did rise 2.3 percent). Given that the average number of days needed to sell a Seven Oaks home dropped 48 percent year over year, the drop-off in sales in Seven Oaks this year is probably explained by a lack of available inventory.
Home sales in other Odenton communities, including Chapel Grove, Four Seasons Estates, Kings Ransom and Eden Brook, remained largely flat compared to the same period in 2015. While sales in Lions Gate are up 66 percent so far in 2016, this increase is based on only five total sales this year (compared to three sales over the same period in 2015).
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/).