Odenton Year-Over-Year Home Prices Jump 27 Percent in February

 

Fewer homes are available for purchase here and properties continue to sell quicker than last year.

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The median price of homes sold in Odenton in February rose 27 percent over the same period last year, according to the latest housing sales data compiled by the Metropolitan Regional Information Service.

The median price of a home sold in Odenton increased to $323,000, thanks in large part to a strong increase in the price of detached homes. The average price of such homes jumped nearly $100,000 over the same period in 2012.

Meanwhile, the average price of attached homes — such as townhouses, duplexes and condominiums — rose a more modest 6 percent over last year.

The average number of days that sold homes stayed on the market in Odenton continued to drop, following a year-long trend in the west Anne Arundel County area. Also following a recent trend, the number of homes actively for sale in Odenton in February was well below the same period last year.

In general, the Odenton real estate market remains a strong seller’s market. Fewer homes are available for sale here, prices are increasing and buyers are fighting over the relatively few quality properties available.

On a personal note, seven of the eight buyer’s offers I’ve written in recent weeks have been in situations involving multiple bidders. In two of those cases, more than four buyers were bidding for the same property. In one instance, the winning bid was more than $20,000 over the $300,000 asking price for the home.

 

Odenton (21113) Monthly Market Statistics

 

Feb. 2013

Feb. 2012

% Change

Median Sold Price

$323,000

$254,450

26.94%

No. of Homes Sold

22

24

-8.33%

Avg. Days on Market

87

91

-4.40%

Attached Avg. Sold Price

$262,683

$247,812

6.00%

Detached Avg. Sold Price

$410,680

$313,986

30.80%

No. Active Listings

89

121

-26.45

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).

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