Odenton Real Estate Update and Market Statistics for August 2009

The Odenton real estate market saw a little bit of an increase in the number of homes sold in August 2009 as compared to August 2008.  A healthy sign that we are headed in the right direction.  Prices however continued to fall with a year over year average decrease of about 10%.  Much of this decrease relates to a high number of forelcosures and short sales particularly in the Seven Oaks area where inventory hit a record  high last winter.   Days on market saw a slight increase mostly related to the volume of short sales on the market and adjustments needed to determine the "right" price for todays buyers.  Even seasoned real estate pros are having a tough time valuing homes as prices on a very similar home in any neighborhood can vary by up to $50,000.

Odenton is one of the areas that will be feeling some positive effects of the BRAC relocation at Fort Meade.  So we've got our fingers crossed for a brief but welcome increase in the number of home buyers begining in late 2010.  Visit our BRAC BLOG for more information on how  BRAC will affect the Odenton real estate market.

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