October 21st, 2013 Categories: Market Updates
Odenton Real Estate Update – September 2013
The Odenton real estate market remained robust in September, in spite of rising interest rates and uncertainty about the economy. Average and median prices were up for closed sales, days on market were down, and more units sold than last year AND last month.
Odenton home owners should not take this as a license to be greedy, however, because other indicators suggest that darker days may be ahead, with more than three times as many new listings in September than there were new contracts. This “balance” is a key indicator of the real estate market in the near future – a crystal ball, of sorts, that suggests the direction of supply and demand.
There are 132 homes for sale in Odenton today, including 34 new listings and 17 closed sales so far this month. This is a 2-1 ratio, not good news for home sellers.
Home Sellers: With this imbalance in new listings and new sales, combined with the effects of the government shutdown, it’s likely that we’ll see declining home prices, more days on market, and fewer units sold in the coming weeks. Please be conservative in your pricing and choose an agent with an aggressive marketing plan, plenty of experience, and a great track record for average days on market.
Home Buyers: While it’s likely that housing inventory will grow and prices fall, given this imbalance of supply and demand in Odenton, interest rates have been on the rise for the past few months and new qualifying limitations seem to pop up weekly. For these reasons, it’s a real gamble for you to continue sitting on the sidelines and waiting for a return to the buyers’ market of 2009 and 2010. Take advantage of this situation and start home shopping now. You could be in your own home by Christmas, or even Thanksgiving.