Real Estate
Odenton's Seven Oaks: Home Sales Down 40 Percent from Last Year
Year-to-Date Figures Show Odenton Housing Market Flourishing Even as Seven Oaks Sales Lag
Sales of residential properties in the Odenton community of Seven Oaks were down 40 percent for the first three months of 2016, even while home sales in the rest of Odenton were up sharply.
Figures recently released by RealEstate Business Intelligence (RBI) show that 18 homes sold in Seven Oaks through March of this year while 30 homes sold during the same period in 2015.
Sales of detached, single family homes in Seven Oaks were down 57 percent from last year, while sales of townhomes, duplexes and condominiums in the community were down 35 percent.
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In contrast, in Odenton as a whole, sales were very strong (http://www.jerryklinerealtor.com/odenton-home-sales-explode-march/). The number of homes sold in Odenton in March (49) rose 53 percent over the same period last year, while the median price of a home sold in Odenton rose 7.6 percent. The average number of days it took to sell an Odenton home in March dropped 10 percent from March 2015, to 70 days.
It’s unclear why home sales in Seven Oaks are not tracking more directly with those of Odenton as a whole. It is one of several popular residential communities surrounding the burgeoning Fort Meade military complex.
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RBI data show that the availability of Seven Oaks homes is not a problem -- the number of homes actively listed for sale in the community in March 2016 (21) is roughly the same as it was in March 2015 (18). But those homes are not selling as briskly as last year.
Not all news for Seven Oaks home sellers was bad, however. The median price of a home sold in the community so far this year increased 2.3 percent over last year. Also, the amount of time needed to sell a home in Seven Oaks dropped significantly over last year, from 79 days to 41 days.
Jerry Kline is a Realtor with the Odenton, Maryland, office of Keller Williams Flagship of Maryland (1216 Annapolis Rd., Odenton, MD 21113.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his website (www.JerryKlineRealtor.com) or blog (http://www.jerryklinerealtor.com/about/jerrys-blog/).
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