Home Prices Up Across the Board in Severn Last Month
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:
http://www.rbintel.com/statistics/zip-code-report?zip=21144
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).
Ronald
7:23 am on Sunday, June 24, 2012
Take a look at the real reasons: short-sales, increase in secondary mortgages, selling for less than they paid. The problem is still there so stop bullshitting us on how things are getting better.
Jerry Kline
2:02 pm on Sunday, June 24, 2012
I sense your frustration. And the problem of depressed housing values is still there. But the numbers are the numbers. "[S]hort sales, increase in secondary mortgages, selling for less than they paid" -- all of these reasons were in place last year when the numbers for Severn were lower. Fact is, more homes sold for more money in Severn last month than they did during the same period a year ago.
Jason Humm
8:50 pm on Thursday, June 28, 2012
Jerry: what are you expectations/predictions for how the BRAC is really going to affect house prices in the area? I know they are putting up a lot of apartments, but is there any indication that the people still to relocate to Ft. Meade will prefer to be owners instead of renters--thereby creating a localized market for sales?
Jerry Kline
10:51 am on Sunday, July 1, 2012
Jason,
Anecdotal and hard evidence so far suggests that tons of people are moving to the environs surrounding Ft. Meade and the NSA. But those people, by considerable margin, seem to renting rather than buying. (At least in Anne Arundel County. There is some data to suggest that of the new residents who ARE buying, more are buying in the eastern portion of Howard County.)
Sales of new and existing homes in the western portions of Anne Arundel County have increased markedly over the past year, and home prices have started to budge upward in places like Odenton, Gambrills and Severn. But this upward movement has been slow.
My expectations for the near future? As the remaining BRAC newcomers move into the area, I expect that home sales and prices will continue to inch upward, but at a subdued pace. But remember, it's very natural for new residents to this area to rent their first homes until they learn the area. Many then buy a home here in a year or two. I think this trend will be even more pronounced, given the astronomical rents in the area and the likelihood that mortgage rates will remain low.
The greatest catalysts for increased homes sales and higher home prices in this area are an improved economy and a dwindling supply of distressed properties. But those catalysts at this time are not on the horizon.