Sales Last Month Up 83 Percent Over March 2015; Median Price Up 6.3 Percent
Home sales in the Odenton, Maryland, community of Piney Orchard in March soared 83 percent over the same period a year ago, leading a very strong spring housing market in the greater Fort Meade, Maryland, area.
Numbers released by RealEstate Business Intelligence (RBI) show that the median price of homes sold in Piney Orchard last month jumped 6.3 percent (from $287,000 to $305,000) from March 2015. Twenty two homes sold in Piney Orchard last month, compared to 12 homes sold in March 2015.
- 12 three-bedroom townhomes sold for an average price of $339,869;
- 1 four-bedroom townhome sold for $380,000;
- 1 detached, single family home sold for $470,000; and
- 8 condominiums sold for an average price of $238,800.
Given the close proximity of Fort Meade to Piney Orchard and the large number of local homebuyers who are retired and active-duty military personnel, it’s interesting to note that only two of the 22 Piney Orchard homes sold last month were purchased by buyers using VA mortgage financing. Also surprising is that none of the Piney Orchard homebuyers last month used FHA financing – a very popular mortgage option in most places.
Sixteen of the 22 Piney Orchard homes sold last month were purchased using conventional financing, one was bought using cash, and three other homes were purchased using other forms 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, or visit his website (www.JerryKlineRealtor.com) or blog (http://jerryklinerealtor.com/about/jerrys-blog/).