The number of homes sold in the popular Fort Meade-area community of Piney Orchard dropped 11 percent in 2015, according to year-over-year sales data compiled by Real Estate Business Intelligence (RBI).
The number of Piney Orchard “attached” homes – townhouses, duplexes and condominiums – dropped 10 percent (from 225 homes to 202 homes) from 2014. Five detached, single family homes sold in Piney Orchard in 2015 versus seven such homes sold in 2014.
Piney Orchard, located in Odenton, Maryland, is the largest planned residential community
in Anne Arundel County. With more than 4,000 homes consisting of apartments, condominiums, townhomes, single-family homes and 55+ residences, the community is highly sought after by people working in the Fort Meade, Baltimore, Annapolis and Washington, D.C., areas.
Median sale prices for homes sold in Piney Orchard in 2015 rose 1.87 percent over 2014. The average price of an attached Piney Orchard home was $297,205 in 2015. The average price of a detached home jumped 19 percent in 2015 to $442,670; however, that increase was based on only five home sales.
One positive sign for Piney Orchard homeowners is that homes in the community sold much quicker in 2015 than the year before. According to the RBI data, the average “days on market” for a home sold in Piney Orchard dropped 12 percent in 2015, from 66 days to 58 days, from 2014.
Of course, as always, homes that are priced at market value sell much faster than those priced above market value.
Of the 202 Piney Orchard homes sold last year, 111 were sold to buyers who used conventional financing, 46 were sold to buyers using VA financing, 25 were sold to buyers using FHA financing and 16 were sold to buyers paying cash.
Of the 202 Piney Orchard homes sold last year:
- 7 were two-bedroom properties;
- 99 were three-bedroom properties; and
- 23 properties had four or more bedrooms.
Seventy-eight Piney Orchard condos sold in 2015, for an average price of $231,804.
Jerry Kline is a Realtor with the Odenton, Md., 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/).purchase cialis ireland