Fortmeadehomes' Blog: Odenton Real Estate

The Odenton Maryland real estate market leveled out at Summers end with a year over year adjusted sales value of -5%.  We saw a strong finish to the selling season maintaining nearly the same volume of sales as in the same period in 2008. 

The low sale for the month was a foreclosure/auction property on Samantha Lane in Piney Orchard that sold for $183,500 with an opening bid of $174,900.

The high sale was a single family home in Piney Orchard that was priced at $489,900 and sold for $460,000 with a whopping $20,000 in closing help!

Of the 25 properties sold this month 2 were foreclosures and 4 were short sales.

Odenton Maryland 21113         …

The Odenton real estate market saw a little bit of an increase in the number of homes sold in August 2009 as compared to August 2008.  A healthy sign that we are headed in the right direction.  Prices however continued to fall with a year over year average decrease of about 10%.  Much of this decrease relates to a high number of forelcosures and short sales particularly in the Seven Oaks area where inventory hit a record  high last winter.   Days on market saw a slight increase mostly related to the volume of short sales on the market and adjustments needed to determine the "right" price for todays buyers.  Even seasoned real estate pros are having a tough time valuing homes as prices on a very similar home in any neighborhood can vary by up to…

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Just took a look at the final sales states for Anne Arundel County in July and they are a bit surprising.  Based on the volume of sales we are seeing on our family team I would have guessed we had another record month for Fort Meade real estate.  While the county as a whole was up 17% the areas immediately surrounding Fort Meade saw a decline in volume and home values.  Bring on the BRAC!

I pull these reports manually from the MLS sold data.  I've compared them to the monthly reports provided by MLS and there are very slight differences in  our data which I'm assuming relate to the entry date or update of the listing.   Not sure why that is, but I'm recording only units sold between the 1st and the last day of the month. 

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Fort Meade BRAC is undoubtedly the hottest topic affecting Anne Arundel County real estate in 2009.  Despite all the buzz it is very difficult to find one source that provides the answers to the most asked questions which are:

(1)    How may people/jobs will be coming to Fort Meade as a result of BRAC?

The answer is 5,400 which includes 4,300 DISA military, civilian, and contractor personnel.  While I've seen huge numbers bantered about on other real estate web sites and BLOGs (up to 30,000) that larger number takes into account all Maryland BRAC transfers...the bulk of which are going to points north of us including Aberdeen Proving Grounds.   

(2)   When will the new employees be arriving?

DISA which makes up the bulk of this transfer at about…

We've seen a huge increase in activity that we really expected to come out in the stats this quarter but it didn't.  In hindsight it looks like the increase we are feeling as Fort Meade area real estate professionals is actually due to the decrease in the number of Anne Arundel County real estate agents.  Our volume has almost doubled year to date and we've had to grow our team by one additional full-time Realtor and a part-time assistant.

Here's the most recent analysis of both 1st and 2nd quarter sales comparing 2008 to 2009

Odenton Maryland 21113     1st Quarter  Average sale price Days on market Number of homes…