Odenton’s Supply of Homes for Sale is Critically Low

Odenton homes for sale

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.

5 Odenton Single-Family Rentals Available Right Now

Need the space and privacy of a single family home, but not in the market to buy? Check out these five single family rental homes currently available right here in Odenton:  

1246A Breitwert Avenue (Bonaventure)

Homes for rent in Odenton

Monthly Rent: $2,000

No. Bedrooms: 3

No. Bathrooms: 2.5

Garage: No

Basement: Yes

Approximate Square Feet: 1,681

510 Oakton Road (Bonaventure)

Homes for rent in Odenton

Monthly Rent: $2,300

No. Bedrooms: 4

No. Bathrooms: 3

Garage: No

Basement: Yes

Approximate Square Feet: 1,280

2404 Almhouse Drive (Seven Oaks)

Homes for rent in Odenton

Monthly Rent: $2,750

No. Bedrooms: 4

No. Bathrooms: 3 Full, 2 Half

Garage: 1 car

Basement: Yes

Approximate Square Feet: 2,192

8502 Summershade Drive (Piney Orchard)

Homes for rent in Odenton

Monthly Rent: $3,500

No. Bedrooms: 5

No. Bathrooms: 3.5

Garage: 2 cars

Basement: Yes

Approximate Square Feet: 3,390

700 Thornwood Drive (Piney Orchard)

Homes for rent in Odenton

Monthly Rent: $3,500

No. Bedrooms: 5

No. Bathrooms: 3.5

Garage: 2 cars

Basement: Yes

Approximate Square Feet: 3,424

For more information on these rental properties, click here:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=4021770XPX7X&p=DE-323776375-453

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.

Odenton’s Seven Oaks: Home Sales Down 40 Percent from Last Year

Seven Oaks homes for sale

Year-to-Date Figures Show Odenton Housing Market Flourishing Even as Seven Oaks Sales Lag

Sales of residential properties in the Odenton community of Seven Oaks were down 40 percent for the first three months of 2016, even while home sales in the rest of Odenton were up sharply.

Figures recently released by RealEstate Business Intelligence (RBI) show that 18 homes sold in Seven Oaks through March of this year while 30 homes sold during the same period in 2015.

Sales of detached, single family homes in Seven Oaks were down 57 percent from last year, while sales of townhomes, duplexes and condominiums in the community were down 35 percent.

In contrast, in Odenton as a whole, sales were very strong (http://jerryklinerealtor.com/odenton-home-sales-explode-march/). 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 in March dropped 10 percent from March 2015, to 70 days.

It’s unclear why home sales in Seven Oaks are not tracking more directly with those of Odenton as a whole. It is one of several popular residential communities surrounding the burgeoning Fort Meade military complex.

RBI data show that availability of Seven Oaks homes is not a problem -- the number of homes actively listed for sale in the community in March 2016 (21) is roughly the same as it was in March 2015 (18). But those homes are not selling as briskly as last year.

Not all news for Seven Oaks home sellers was bad, however. The median price of a home sold in the community so far this year increased 2.3 percent over last year. Also, the amount of time needed to sell a home in Seven Oaks dropped significantly over last year, from 79 days to 41 days.

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.

Odenton Home Sales Explode In March

Odenton Homes for sale

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.

Home Sales in Odenton’s Seven Oaks Community Up 14 Percent in 2015

Seven Oaks homes for sale

The number of homes sold in Odenton’s Seven Oaks community jumped 14 percent in 2015, increasing to 117 homes from 103 homes sold in 2014.

The median price for Seven Oaks homes remained flat in 2015 at $270,000.

Attached units – including townhomes, duplexes and condominiums – led the increase in sales, rising from 87 homes in 2014 to 103 homes last year. The sale of detached, single-family homes dropped slightly to 14 homes in 2015 from 16 homes the previous year.

Another slightly negative trend for Seven Oaks homes was that they sold more slowly last year, on average, than the year before. The average Seven Oaks home sold in 58 days in 2014; in 2015, the average “days on market” was 62 days.

Located directly across MD Route 175 from the huge military complex at Fort Meade, Maryland, it’s not surprising that the Seven Oaks community remains extremely popular with retired and active-duty military personnel. According to the sales data, supplied by Real Estate Business Intelligence (RBI), 34 Seven Oaks homes were purchased in 2015 by buyers using VA financing.

Forty-two Seven Oaks homebuyers used FHA financing, 32 buyers used conventional financing and 7 buyers paid cash for their properties in 2015.

Seven Oaks homes for sale

Of the 117 homes sold in Seven Oaks in 2015:

- 1 was a two-bedroom home;

- 72 were three-bedroom homes;

- 34 were four-bedroom homes; and

- 10 were condominiums.

The increase in home sales in Seven Oaks in 2015 defies last year’s trend in Piney Orchard, another large residential community in the Odenton-Fort Meade area. The number of homes sold in Piney Orchard in 2015 was down 11 percent (http://jerryklinerealtor.com/piney-orchard-home-sales-dropped-11-percent-in-2015/).

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.