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Odenton For-Sale Housing Inventory Tumbles Sharply

In greater Ft. Meade area, buyers are finding far fewer homes to choose from

The number of for-sale homes in the greater Ft. Meade area has dropped sharply year over year, leaving buyers in Odenton, Gambrills, Severn and Crofton with much stiffer competition for the fewer properties available.

Local housing statistics for November show that the number of homes for sale in key areas near Ft. Meade has dropped between 20 percent and 41 percent from a year ago (see table, below). Demand for local for-sale housing has increased steadily over the past year, with many buyers now having to settle for what they can find.

After years of steep price declines, home prices in the area largely have stabilized. Mortgage interest rates remain at historic lows and buyer appetite for local properties has increased.

Still, the pace of local home prices is lagging the upturn in buyer demand. Once the current inventory of local properties is absorbed by buyers, prices should begin to steadily increase.

The November housing numbers below were issued by the Metropolitan Regional Information Service.

No. of For-Sale Homes Available (on MLS)

Location

Nov. 2012

Nov. 2011

Percent Change

Odenton

89

135

-34.07%

Severn

116

145

-20.00%

Gambrills

38

58

-34.48%

Crofton

54

92

-41.30%

 

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).

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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