The average price for homes sold in Severn last month rose 15 percent over May 2011, according to the latest market statistics issued by the Metropolitan Regional Information System (MRIS).
MRIS figures show that the average price for detached homes in Severn increased 15 percent to $381,930. The average price of attached homes, such as townhomes, duplexes and condominiums, spiked 46 percent to $183,593.
Four attached units sold in Severn last month, while 27 detached homes sold. The 31 total homes sold in zip code 21144 were 19 percent more than during the same period last year.
There were several other positive housing market stats for Severn as well. The “average days on market,” a figure used to track how long it takes a home to sell, dropped 17 percent, from 103 days in May 2011 to 86 days last month. Additionally, the amount of “for sale” home inventory in Severn was down 20 percent year over year, dropping from 178 properties in May 2011 to 142 homes last month.
The MRIS numbers show the second consecutive month of significant growth for the Severn housing market. Much of the growth stems from the continued demand for housing in the areas surrounding Ft. Meade and Arundel Mills Mall.
The full MRIS housing statistics report for Severn is available at:
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship
Realty (1216 Annapolis Rd., Odenton.) For more information on the local real
estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).