2011 Odenton Real Estate Year in Review - Single Family Homes
Here's a re-cap of how the Odenton single family real estate market did in 2011. Odenton saw 76 single family homes sold in 2011 ranging in price from $36,000 for a home on Collins Avenue to a $655,00 property on Star Stella Drive.
There are some things you need to keep in mind when looking at these (and other figures.) The lows and highs are just that, extremes. So while the $36,000 is low, the next lowest sale price was $105,000- quite a jump. These super low amounts often come from foreclosures, or "handy man specials" being sold as-is. Looking at the $655,000 property, only two other properties of the 76 where sold for over $600k. Let's break them down to give you a better picture:
So you can see that the majority of the sales fell in the $200k to $400k range. The average Odenton single family home was priced at $359,569 when it went under contract and averaged a net sales price of $339,368. Sellers provided buyers with an average of $6,438 in closing cost assistance and homes stayed on the market an average of 95 days.
This is down a bit from the 2010 year end stats where the average single family home was priced at $386,022 when it went under contract and averaged a net sales price of $365,079. An average of $6,857 in closing assistance was given and the average number of days a home stayed on the market was 100.
I think we will see the average days on market continue to hover near the triple digits due to skewing of the numbers by short sales and to some extent foreclosures, both of which can take a long time to get bank approval for offers on.
Finally, to give you some greater perspective, I'm including a chart that tracks the highs and lows of the past ten years. So, while prices are down from their heydays of 2005 - 2006, they are up from where they were in 2001. 
These figures are only ranges and averages, so if you are thinking of buying or selling, give me a call and we can discuss specifics.
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Christie Lane Craven
Long & Foster (410) 451-6211 Christie.Craven@longandfoster.com http://welcomehomemaryland.com      
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