Home Prices in Gambrills Rose 24 Percent Last Month

The average price for homes sold in Gambrills last month rose 24 percent from the same period one year ago. While the average price increased from $349,000 to $433,000, the rise was based on fairly limited data, as only 10 homes sold in Gambrills in March.

The statistics, released by the Metropolitan Regional Information System (MRIS), show that homes in Gambrills are taking much longer to sell than last year. The average days on market for homes sold went from 157 days in March 2011 to 250 days last month.

The increase in average sold price for Gambrills homes stands in contrast to average the current sale-price trend in Odenton, where the average sold price for homes dropped 11 percent over last year. As in Gambrills, however, average time on market for Odenton homes also has increased dramatically from last year, pushing from 86 days to 136 days.

The March numbers show that the inventory of available housing for sale in Gambrills is down considerably from the same time last year. The number of homes for sale in Gambrills last month (43) was 31 percent less than in March 2011 (62)

Nine detached homes sold in Gambrills last month, while only one attached home—a condominium in the Village at Waugh Chapel—sold. The sale price for that two-bedroom, two-bathroom unit was $190,000, with a seller subsidy of $5,000.

The full MRIS housing statistics report for Gambrills is available at:

http://www.rbintel.com/statistics/zip-code-report?zip=21054

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship
Realty (1216 Annapolis Rd., Odenton.) For more information on the local real
estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).