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Laura Roskelly, Realtor ASR, ABR, GRI, Accredited Home Staging Professional

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Severn Real estate and Market Conditions Report in Maryland

08-24-08
Laura Roskelly, Realtor ASR, ABR, GRI, Accredited Home Staging Professional

Severn real estate outlook Our latest assessment of the Severn real estate market has us looking at single family homes with at least a one car garage. This is criteria that our customers often request when looking for a home to purchase in Severn or near Fort Meade.

Using this criteria we get the stats below:

  • There are a total of 140 homes either active, under contract or sold in Severn MD

  • There are 124 active and available for purchase ranging in price from $228,000 to $999,900

  • 23 homes are currently under contract awaiting closing ranging in price from $228,000 to $549,000

  • 8 of the 23 homes under contract (or 35%) are bank foreclosures or short sales 

    In the month of July 2008, 9 homes successfully settled and closed ranging in price from $369,900 to $525,000.

    The average days on market for the homes that sold was 51 with a high of 121 days and a low of 4 days. he average list price to sold price for these homes was a very respectable 98%
    The average closing help paid by the Seller for the buyer was $8,000 however on the homes where no closing help was offered there was a price concession of at least $10,000 so it's safe to say the average "concession" is in the $10,000 - $12,000 range.

    What's selling right now are the homes offering the biggest concessions to buyers. Homes that are not properly prepared, staged and priced are not moving or are moving at a huge discount. Agents and Owners who are not doing their homework on pricing with a thorough CMA are losing out on valuable days on the market as savvy home buyers are viewing all of the competition before deciding which home to buy. Based on our most recent data we are very close or just behind pricing that we were seeing in 2005.

    Although recent statistics from MLS tell us that prices have increased slightly that is not what we're seeing on the streets. In fact the past 6 months have brought bigger decreases in Severn area real estate than the previous two years combined.

    In some cases we are seeing a bit of pent up demand in home buyers who have been searching for the perfect property. These buyers know what they want and where they want it. As a result you'll see several homes for sale that have gone under contract in less than a week. And, those homes are commanding prices at or just below the asking price as consumers understand they may have to pay a bit of a premium to get "the" house for them. If you are a home owner with a property to sell in Severn, prepare it right with an experienced home stager and price it well. In a market where we have seen dramatic price decreases in the past 6 months, holding out for an extra $10k in "perceived" value could cost you $15k in value loss in just three months. Take a step back, detach from your home and view it as an asset in order to handle it wisely.  Hire a real estate agent experienced in your area that you trust to give you straight answers on how to prepare and price your home.  Be sure they back it up with solid market data and a personal sales history to show you their experience works!  It's very easy for an agent to prepare a report of all the properties that they have sold including original price, final sold price and days on market.  If you ask for one and don't get it, keep shopping!

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    Severn Maryland Community Information

    02-28-08
    Laura Roskelly, Realtor ASR, ABR, GRI, Accredited Home Staging Professional

    Severn Maryland is a suburban community of about 36,000 residents located in Anne Arundel county Maryland. Severn is located just outside of the entrance to Fort Meade which makes it a popular housing community for Fort Meade military and government employees. In addition, Severn is nestled right in the middle of several major commuting routes that will take you to Baltimore or Washington DC in about 30 minutes. Severn offers a variety of parks and recreational facilities and is just minutes to the Odenton MARC station.

    The recently built Arundel Mills mall borders the western edge of Severn and offers the area's best shopping and dining facilities and a fabulous cineplex movie theater.

    Housing choices within the community include townhomes and single family homes only. There are currently no traditional conduminums in Severn which helps it retain it's all American neighborhood feel. The majority of housing in Severn is single family homes. The city is made up of dozens of communities. Some of the most popular with our customers have been:

    The Quail Run subdivision which is a community of over 550 homes including back-to-back townhomes priced at about $275,000, traditional townhomes priced right around $300,000, luxury garage townhomes priced in the $340,000 range and single family homes priced at $500,000+. The subdivision was built in the early 1990's to keep pace with the growing demand for affordable housing in Anne Arundel County. The single family homes within the neighborhood are upscale, larger homes with basements and garages. The community is located just 5minutes to Fort Meade and Route 32 at 175 interchange. Amenities include open areas, tot lots and a dog park.

    The Carriage Pines subdivision is a sister community to Quail Run and is considered by many to be part of Quail Run. The community is comprised of 180 townhomes with most being built after 2000. Prices range from the high $290,000 range to $350,000.

    The Provinces subdivision which is divided into two sections, commonly referred to as the Old Provinces and the New Provinces.

    The old Provinces is made up of single family homes built between the early 1970's and the early 1980's. Home styles include Colonial, Ranch (one level) and split foyer homes and prices range from the low $300,000 to the low $400,000 range. This community is directly outside the gates to Fort Meade across 175 from the Rockenbach entrance to the base.

    The newer section of the Provinces was all built post 1990. It is also made up entirely of single family homes mostly in the Colonial style. These larger homes offer basements and many have two car garages. Prices range from the low $400,000 to $500,000. The newer section of The Provinces adjoins Quail Run.

    The Graham Farm subdivsion is a community of just under 90 single family homes on just 4 streets. This neighborhood is tucked away right off Severn Road and adjoins the Severn Woods community. The homes in this neighborhood vary in style from adorable cape cods (that are much more spacious than they appear), to larger colonial homes with and without garages. Prices range from about $340,000 - $400,000. This is a community where you do not see many homes for sale because of it's small size and low turnover.

    The Graham Farm South subdivision is a small add-on community to Graham Farm. These large single family homes feature basements and two car garages and are priced the $500,000 - $600,000 price range.

    The Severn Woods subdivsion is a community of just 115 single family homes, most with garages in the colonial, split level and split foyer style. The subdivision is made up of just 4 streets and is about a 5 minute commute to Fort Meade and the Route 32 at 175 interchange. The average home price in this community ranges from about $370,000 for a two level home to about $430,000 for a three level home with garage. You won't find a big selection of home to choose from as only 5 - 10 houses per year sell in this community. There are many more subdivisions in the area, too many to list here. When it's time to buy, or rent a home in Severn Maryland just call or e-mail us with your home search criteria and we'll help you pick the perfect neighborhood and the perfect house.

    The Roskelly Team
    RE/MAX Leading Edge
    www.FortMeadeHomes.com
    (410) 721-6694

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