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Gambrills and Odenton Real Estate – October 2009

Earlier this month, I posted October real estate statistics for Crofton and Davidsonville.  Now, here is the information for Gambrills and Odenton:

Temp Gambrills

As you can see, the number of Gambrills sales in October 2009 was the highest since the same month in 2005, but the average and median sold price is the lowest we’ve seen in five years.  It’s likely that the first-time home buyer tax credit created an emphasis on the lower-priced properties in the community rather than any individual home prices dropping that much.  Days on market went down significantly in Gambrills from October last year to the level of 2006 and 2007.

Odenton Real Estate Stats 10/09

Odenton also showed an increase in the number of homes sold during October.  And again, a significant drop in the average and median sold price – probably triggered by that first time home buyer tax credit.  While it’s still taking nearly three months to sell a home in Odenton, that is down significantly from October 2008.

 

If anyone doubts that “all real estate is local”, just take a look at the following chart which tracks the average sold price for Crofton and three nearby zipcodes:

Temp - ASP 2009

While Crofton and Odenton have followed a pretty level track, Gambrills and Davidsonville numbers are all over the place.  There are two reasons for this:  First, the number of homes sold is lower in those areas than in Crofton and Odenton, so the statistics are less reliable; and second, home prices within the zipcode vary widely.  One very high-priced home or very low-priced home really affects the average.

Again, this chart is not an indication that property values are up or down or even level within the zipcode.  It is simply the average sold price, i.e. the total sales volume divided by the number of homes sold.

For a breakdown on other statistics in the local real estate market, CONTACT ME any time.  I’ll be happy to research the information for you and help you interpret it to determine whether it is relative to your own home sale or purchase.

Copyright 2009.  Margaret Woda.  All rights reserved.

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