Odenton, MD Real Estate Recap for April 2011
Real Estate stats are often compared to the previous years data to gauge the direction the market is going. However, we have to keep in mind we had a first time home buyers government tax credit in effect last year. If you look at the numbers compared to last year, at first glance you might panic and think things have really dropped off. While it is true we aren't seeing the boom bolstered by the tax credit last April, if you look to 2009's data, you will see we are still right on course. 61 Odenton homes were listed for sale in April of 2011; compared to 85 the previous April and only 55 in April of 2009. With the extension of the tax credit until June last year, many of my neighbors were inspired to join in the fray and list while the listing was good!
f16 homes sold in Odenton in April 2011. When you compare that to the 46 sold in April 2010 you can see what a difference the tax credit made! How do I know the majority of the homes sold can be attributed to the tax credit? 40 of the 46 were attached units (meaning townhomes or condos). While townhouses and condos aren't exclusive to first time buyers, they are extremely popular to a first timer as they are generally lower in price and a smaller area to maintain. When you look back to April 2009 figures, you see 20 Odenton homes being sold- which is pretty on track with what we saw this April.
The April 2011 Average Sold Price of $302,062 has dropped a bit from last years $305,698 but it is defintely up from April 2009's $296,980. I attribute this to the increase in Short Sales and Foreclosures we are seeing flooding the market. It is true that there were Short Sales and Foreclosures on the market last year during this time, but in order to get the tax credit (even with the extension) you needed to settle (officially pass the title) to the property by mid June. Short Sales and Foreclosures were advised against as prospects by many knowledgeable agents as they knew the paperwork and the process was much longer and would leave buyers out of the tax credit money because they wouldn't settle in time.
If you have a question about any of the information I've presented here, or about Real Estate in general, please feel free to contact me so we can discuss it further.