Anne Arundel County $1.5+ Million Luxury Home Sales Rise 41 Percent This Spring

Annapolis luxury homes

High-End Properties Are Selling Faster Than Last Year, But Competition is Heavy

Sales of Anne Arundel County luxury properties priced $1.5 million or more have risen dramatically this spring, with more total homes sold and homes selling more quickly than they did in spring 2015.

Owners seeking to sell such properties must have unique, feature-filled homes or be able to offer a great price, however. Otherwise, heavy competition in the county’s luxury home market will easily thwart their efforts to sell.

Year-to-date luxury home sales figures published by Metropolitan Regional Information Systems (MRIS) show that 17 Anne Arundel County luxury homes priced $1.5 million or more sold through May 17 – an increase of 41 percent over the same period last year.

Moreover, these homes sold 20 percent more quickly, on average, than they did last spring. The average number of days on market for the luxury properties sold this year is 161 days, as opposed to 202 days for homes during the same period in spring 2015.

Anne Arundel County’s luxury home sellers should do all they can to sell their homes in the first six months they are on the market. After 180 days, MRIS figures show, the chances of finding a buyer for such homes become very remote.

For example, on May 17 there were 109 Anne Arundel County homes for sale priced $1.5 million or more. Of those properties, thirty-eight had been on the market for nine months or more, and twenty-four had been on the market for a year or more.

In contrast, of the 17 Anne Arundel County $1.5+ million properties sold this year, all but two were on the market six months or less. (The other two properties were on market 452 days and 1,402 days, respectively.)

Through the same period in 2015, 12 luxury homes were sold. Five of those homes had been on the market six months or less.

The main hurdle facing the county’s luxury home sellers is the current overabundance of for-sale luxury inventory. At the current absorption rate of 3.75 sales a month, there is a 29-month supply of county homes priced $1.5 million or more.

As of May 17, there were 21 county properties priced $1.5 million or more that were under contract and headed for closing.

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.

Congratulations, Laura, on Your New Home!

Homes for sale in Upper Marlboro

Laura Reiter was tired of commuting from her home in Woodbine to her job in Greenbelt. She contacted me to help her buy her first home, and about a month later, we found the perfect property in Upper Marlboro. Her lovely new home has gleaming hardwood floors and a park-like setting, and it cuts her commute to 10 minutes!

Thanks, Laura, for choosing me as your buyer's agent!

If you or someone you know needs help buying or selling a home in the Baltimore/Annapolis/Washington, D.C. area, call me today (443) 924-7418. I can't wait to work with you!

Just Listed: 8109 Beverly Rd. Severn -- $275,000

Homes for sale near Fort Meade

This cute rancher (MLS#AA9656168) is located on a quiet street in Severn, just steps from 5-star Ridgeway Elementary School. It was built in 1998 by Habitat for Humanity and is very close to Fort Meade.

The kitchen and baths were just renovated, and the house features a new roof, HVAC system and flooring.

Fort Meade homes for sale

There's also a great fenced rear yard with a solid deck and two storage sheds. The interior of the home is freshly painted with neutral colors.

Fort Meade Homes for sale

The home offers one-level living with a sturdy, convenient ramp to front door.

The home is as neat as a pin and ready to move in!

For more information on the property, call the listing agent, Jerry Kline of Keller Williams Flagship, at (443) 924-7418.

Congratulations, Trent, on the Sale of Your Severn Home!

Fort Meade homes

Trent Pitsenbarger lived in his Severn, Maryland, home for more than 30 years! Recently retired, he decided to sell the four-bedroom rancher and move to Nevada to enjoy the vast open spaces and natural settings.

Best of luck with this exciting new chapter of your life, Trent! And thank you very much for engaging me as your listing agent.

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.

Gambrills Home Sales: It’s a Strong Market for Sellers

Gambrills Home Sales

Sales Last Month Up 150 Percent Over March 2015; Median Price Up 36 Percent

Home sellers in Gambrills, Maryland, enjoyed a very strong month of buyer activity last month as the median price of a Gambrills home jumped 36 percent from March 2015.

Numbers compiled by RealEstate Business Intelligence (RBI) show that buyers of Gambrills homes gobbled up the properties 40 percent faster than in March 2015. The average time needed to sell a Gambrills home dropped from 134 days to 81 days, year over year.

The number of homes sold in Gambrills last month – 15 -- far outpaced sales in March 2015 (6), an increase of 150 percent. The rise was due to a strong jump in the number of detached homes that were sold (13). Four such homes sold in March 2015.

The median price of a Gambrills home last month rose to $570,000.

The robust home sales figures for Gambrills mirror those of other Fort Meade-area communities, including Odenton. 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 (http://jerryklinerealtor.com/odenton-home-sales-explode-march/).

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.

Piney Orchard Townhomes: Are End Units Worth More?

Piney Orchard homes

Yes. $5,499 more, on average.

Since the beginning of 2015, 120 townhomes have sold in the Piney Orchard section of Odenton, Maryland. According to Metropolitan Regional Information Systems (MRIS), the local multiple listing service, 88 of those homes were “interior” units, and 32 were “end” units.

The average sale price of the interior townhomes sold in Piney Orchard during that time was $330,864. The average Piney Orchard end-unit townhome sold for $336,363. That’s a difference of $5,499.

Why would that be?

Many buyers prefer end units to interior units when purchasing a townhome. Among the reasons:

- end units offer more privacy and serenity, because they have only one adjacent neighbor;

- end units often have larger interiors in terms of total square feet;

- with windows on three sides, end units usually allow more natural light inside;

- with a yard on three sides, they offer more outside space to spread out; and

- they sometimes offer more architectural interest, inside and out.

Garages usually increase a home’s value. But curiously, the $5,499 premium buyers have paid for Piney Orchard end units since the beginning of 2015 is not because a greater proportion of the end units had garages.

In fact, the opposite is true: 31 percent of the interior townhomes purchased in Piney Orchard since the beginning of 2015 offered a garage, while only 19 percent of end-unit townhomes did.

The simple fact is that if you want to buy an end-unit townhome in Piney Orchard, expect to pay about $5,000 more for it than you would for an interior townhome. Sales data since the beginning of 2015 shows that the added benefits of owning an end unit make them worth more.

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.

Piney Orchard Home Sales Rocket Into Spring

Piney Orchard home sales

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.

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.