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Severn, Md., Summer Home Sales Peaked in June
As summer progressed, the number of homes sold in Severn dropped 43 percent.
Severn home sales activity this summer peaked in the month of June, as more homes sold and the highest average prices were obtained in that month.
According to statistics provided by the Metropolitan Regional Information Service (MRIS), the average Severn home sale price dropped from $329,516 in June to $315,725 in August. The number of Severn homes sold also declined over that period, going from 35 homes in June to 20 in August, a 43 percent decrease.
Breaking down those numbers, the number of attached homes sold dropped from seven to three, while the number of detached homes sold dropped from 28 to 17.
MRIS Home Sale Statistics for Severn, MD (21144)
August 2012
July 2012
June 2012
Avg. Sold Price
$315,725
$328,079
$329,516
No. Units Sold
20
22
35
Avg. Days on Market
105
58
123
Attached Avg. Sold Price
$130,000
$83,275
$175,070
No. Attached Units Sold
3
4
7
Detached Avg. Sold Price
$348,500
$382,480
$368,128
No. Detached Units Sold
17
18
28
No. of Active Listings
139
146
143
Also notable is that roughly five times as many detached homes sold in Severn this summer than attached homes (such as townhouses, condominiums and duplexes). By contrast, over the same period in Odenton, the sale of attached homes outnumbered the sale of detached homes three to one.
The MRIS numbers for Severn also show that the average number of days that sold homes remained on the market this summer dropped slightly from 123 to 105. The number of homes actively for sale in Severn over the period remained about the same (143 to 139).
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.
HOA Meeting Turns Deadly
A recent HOA meeting in Louisville, Ky., resulted in two people dead. Unfortunately, it isn’t the first time a homeowner association meeting has resulted in gunfire. HOA Meeting Turns Deadly
Zillow Sues Trulia Over Home Valuations
Personally, I don't see what they're fighting over. Both services offer specious valuation info based on limited, outdated sources. Their projected home values usually are way off. Zillow Sues Trulia Over Home Valuations
The Housing Market Suddenly Gets Competitive for Home Buyers
This Money Magazine article offers potential buyers several tips if they want to get the winning bid on a home The Market Gets Competitive for Home Buyers
August Odenton Home Prices Jump 31 Percent Over Last Year
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.
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More Homeowners Lifted From Underwater
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More First-Time Home Buyers to Emerge in 2013?
The recent momentum of the housing recovery may cause more first-timers to finally get into the market, as they seek to take advantage of record-low mortgage rates and still-low home prices. More First-Time Home Buyers to Emerge in 2013?
Undeveloped Land in High Demand
Investors resell the land for up to 20 percent or more returns on their investment. Or, in a buy-and-hold strategy, investors partner with homebuilders to develop the land. Undeveloped Land in High Demand
