Odenton Home Sales Up, But Prices Down 11 Percent

The average price for homes sold in Odenton last month dropped 11 percent from the same period one year ago.

But while the average price dropped from $325,000 to $289,000, the number of homes sold in Odenton last month (29) was up 61 percent from the same period in March 2011 (18).

The latest housing market statistics for Odenton were released by the Metropolitan Regional Information System (MRIS). The MRIS integrates more than 70,000 active residential real estate listings in Washington, D.C., Maryland, Virginia and portions of Pennsylvania, Delaware and West Virginia.

The MRIS numbers show that homes in zip code 21113 are taking considerably longer to sell than last year. Specifically, the average days on market for homes sold in March 2012 rose 58 percent (from 86 days to 136 days) from the same period one year ago.

MRIS data show markedly different market conditions for attached and detached homes. The number of attached homes sold in Odenton last month (24) was more than double the amount sold in March 2011 (10). Meanwhile, the number of detached units sold in Odenton last month (5) was 38 percent less than the number sold (8) in March 2011.

The number of homes for sale in Odenton last month (136) was 17 percent less than in March 2011 (164). Thus, at the moment, the inventory of available housing for sale in Odenton is slightly down from the same time last year.

Interest rates remain historically low and home prices locally still are dropping – although not as quickly as a few months ago.

For those considering buying and then renting out residential investment properties, it’s a particularly advantageous time to purchase such real estate; rents in Odenton continue to spike higher, as federal employees move to the area for work at Ft. Meade and the National Security Agency.

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

http://www.rbintel.com/statistics/zip-code-report?zip=21113

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).