Real Estate statistics for Odenton, in May, were "not too bad" - which is another way of saying they were "almost good" by comparison with almost everywhere else in the area last month! I'm fairly sure this is a reflection of the community's proximity to Fort Meade, BWI, and major defense contractors such as Northrup Grumman because they contribute a steady turnover and boost to the local economy and real estate market.
The best news of all was the fact that days on market have declined to 102 this year from 134 last year. The bad news was that 70 new listings came on the market, while only 30 sold/settled during May and only 25 went under (non-contingent) contract.
This imbalance of supply and demand impacts all the other statistics for May 2009:
The average and median sold pricess were DOWN from May 2008 but UP since last month; the same is true of the average list price for sold properties; only the percentage of list vs. sold prices is down from both last year and last month. Now you see why I said it's "not too bad" in Odenton... Many other nearby communities declined since last month as well as last year.
Of course there are variables from one Odenton neighborhood to the other - from homes in Piney Orchard compared to those in Seven Oaks and outside those two planned communities. If you'd like to see how your own neighborhood is doing, please give me a call.
6/17/2009 - UPDATE
A client of mine made an offer on a Piney Orchard townhome yesterday. 'Turns out there were a total of four offers in one day! It appears that well-priced homes in good condition are in demand. Plenty of buyers who are willing, ready and able!
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