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Odenton Sales Up in July

MARC StationThe Odenton real estate market showed a 46% increase in units sold last month, over July 2011, with 38 closings.  That’s the highest number for any July over the past five years, although that number is down slightly from 41 in June.

In more good news, the inventory of homes for sale in Odenton is down to the lowest point for July over those same five years –  to 107, compared to 185 last year and more than 200 the previous three years.  As the supply of homes for sale shrinks, conventional wisdom suggests prices will show improvement and days on market will go down.

In fact, the days on market in Odenton decreased over 10% to 91 in July 2012 from 102 in the same month last year, but it’s still slightly higher than the three previous years.  I expect the days on market to continue dropping, unless we have a flurry of new listings in Odenton during the next few months.

The average and median sold prices did not show any improvement, but I caution you to understand that does NOT mean the value of your property went down last month.  The 5% decline in average sold price and 12% decline in median sold price, comparing this July with July 2011, is based on the homes which sold…  more homes selling in the lower end will pull down these numbers.  It’s my observation that values are holding their own, and the shrinking inventory will help maintain them for Odenton home owners.

Fort Meade continues to have a transient population, and related businesses also continue to attract new hires.  If there’s a sound real estate market anywhere in Maryland, it has to be in the 21113 zipcode with so many affordable homes. 

Affordable Homes Near Fort Meade:

Seven Oaks
Piney Orchard

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