September 29th, 2013 Categories: Market Updates
ODENTON REAL ESTATE UPDATE – AUGUST 2013
Sales statistics are the closest thing we have to a crystal ball in real estate because we can usually detect a trend that, should it continue, indicates what we might expect in the next month or so.
Pending home sales in Odenton were up more than 31% last month from August 2012, but don’t open the champagne just yet because sales slowed 6.67% last month from July. These mixed results were not unexpected, as mortgage interest rates crept up over the summer, putting a damper on the real estate market recovery.
Average and median home prices were down in Odenton during August, whether you compare them with the previous month or previous year. The same factors were at work here, plus we’ve seen conservative appraisals force sale prices lower than the original sale price agreed to between home buyers and sellers.
The average Days on Market in Odenton were up slightly to 95 days, in spite of some pockets that did better – 3-level garage townhomes in the 21113 zip code, for example, averaged 74 days from listing to closing in August.
There are other factors at work, of course, besides interest rates: Most notably, the housing inventory in Odenton was up nearly 10% over a year ago, which reflect a 40% increase in new listings during the month compared to new pending contracts just 5.88% higher. Overall, however, we saw a balanced market in Odenton with 116 active listings in August and 115 pending sales. When I see anything close to balance between listings and sales, it always makes me smile!
The bottom line:
ODENTON HOME SELLERS: The improving real estate market which was trending toward sellers’ favor may be in a “pause” mode, for now. I’m cautiously optiimistic that August sales statistics don’t favor buyers – it’s more of a draw. One thing is certain – it’s better to list and sell now than wait because the real estate market could go either way in the coming months.
ODENTON HOME BUYERS: It’s not a buyer’s market any more, because the huge inventory which drove down prices for about five year is no longer a factor. In fact, another factor is trending against buyers right now, and that’s the mortgage interest rates at about 1% higher than a year ago.
If you compare the monthly Principal and Interest payment on the median home price in the above chart ($283,000), that’s a difference of $163 per month in your payment. I wouldn’t postpone buying because it’s likely rates will hit 5% in the near future.
Odenton Homes for Sale
Detached homes in Odenton span a wide price range – from less than $200,000 to over $600,000 – as do townhouses – from under $200,000 to nearly $500,000. Click on Odenton Homes for Sale to view them all or click on “New Search” at the top of the page to modify the search criteria to match your own wants and needs. These listings are automatically updated so the list will be current, whether you click on it today or six months from now.