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Odenton Market Study – May 2011

Monday Morning Market Report for May, 2011
Odenton, MD (21113)

The listing inventory is down slightly from May of last year in Odenton, and that’s good news for home sellers.  Even better: the number of new contracts increased from 17 in May 2010 to 26 in May 2011. 

Other statistics reported by MRIS:

21113-5.11

These statistics come with a disclaimer, however.  Last year’s numbers didn’t necessarily reflect actual market conditions because of the $8,000 tax credit for home buyers.  Therefore, the month on month figures –  measuring May against April of this year (MoM) –  should probably be the primary focus of our attention here. 

What do they mean to you?

Home Owners:  If you’re thinking of selling your home, there’s the usual mix of good and bad news.  Yes, it did take longer for homes to sell in May than it did in April, but more homes sold –  a lot more homes –  and that’s good news.  The pricing held relatively stable, but again I caution you:  this doesn’t mean the value of any one house changed, only that the average or median of homes sold during this period was higher or lower, including condos, townhomes and detacheds throughout the entire zipcode. The timing is probably good for putting your home on the market because we’re not seeing a dramatic downward trend in prices or a growing inventory of homes.

Home Buyers:  Rates remain low and prices are fairly stable… what are you waiting for?  With the inventory decreasing, prices in Odenton are more likely to go up than down.

While this is all interesting, to some degree, it is not conclusive.  For an accurate estimate of market conditions in your neighborhood or a neighborhood you’re considering, we need to narrow down the criteria to the type of home, or immediate neighborhood.  I’ll be happy to do that for you, if you click on Contact Margaret Woda.

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