Piney Orchard Home Sales in Odenton MD - a Decade in Review
It is hard to believe that we can be looking back at a decade of sales in Piney Orchard but it's true. I was working on some 2010 year end reports and out of curiosity kept going back further to track sales volume. Interestingly enough we are back to about 2000 stats when it comes to the number of homes sold per year. And Piney Orchard is one of the few areas where we are beginning to see a balanced market with supply and demand.
We still hear that many people are holding on to their homes so that they can sell them when values “go back up”. Which means our inventory may be artificially low. But I am a firm believer that we will not see the perfect storm of low interest rates, low inventory, high demand and loose lending requirements that gave us the boom of 2003 – 2005. Therefore, prices will never again (or not in the distant future) reach the peak pricing that we saw in 2005.
These statistics speak most strongly to the demand aspect of the market. You can see that even in Piney Orchard, one of Anne Arundel Counties’ most popular home buying destinations, the demand is way down over previous years. But it is not bad. There are roughly 2,500 homes in Piney Orchard and at the peak of the market we were seeing a 10% turnover each year. We are now back to a more normal and healthy turnover. Here are the sales figures for Piney Orchard by year since 2000.
141 sales in 2010
147 sales in 2009
174 sales in 2008
222 sales in 2007
268 sales in 2006
331 sales in 2005
359 sales in 2004
309 sales in 2003
250 sales in 2002
212 sales in 2001
127 sales in 2000
What we can see now is that Piney Orchard is proving to be one of the best areas in the county for stabilization on pricing. It has remained relatively unscathed on foreclosures (unlike some other areas of Odenton like Seven Oaks which is averaging upwards of 30% foreclosures) and has kept just an average amount of short sales. Proof that this popular neighborhood, built to provide top end amenities, is going to remain a stable real estate investment.
Home sales in December and January were brisk and properties that were priced right and properly prepared were selling in less than 30 days, many with multiple offers.
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