Howard County, MD, March 2022 - As inventory in Howard County becomes more scarce, home prices in the region continue to rise, according to the Howard County Association of REALTORS® (HCAR). At the end of February, the number of new listings was 307 and active listings was 127; this means that for every 100 new listings, 94 of those went under contract.
"Despite the high demand in Howard County, buyers will continue to face challenges due to a lack of available homes," said HCAR President Sarah Anderson. "Because the demand for single-family homes in Howard County is so high, we anticipate that owners who chose to hold their properties off the market last year, will decide to list them this Spring."
During the month of February 2022, Howard County saw a 7.1 percent decrease in the number of homes sold (237) compared to the previous year (255) and an 8.2 percent increase compared to the previous month (219). New residential listings (307) saw a 6.4 percent decrease compared to the previous year (328) and a 16.7 percent increase compared to the previous month (263). Active listings (127) were down 40.1 percent compared to the previous year (212). The average sale price was $512,071, a 4.3 percent increase compared to the previous year ($490,944). The average days on market for units sold was 30 days, which is a 50 percent increase from the same time last year (20) and 25 percent below the five-year February average of 40 days.
There was a 6.6 percent month over month (MoM) increase in new contract activity with 289 new pendings; a 10.6 percent MoM increase in all pendings (new contracts + contracts carried over from January) to 439; and no change in supply with 127 active units.
This activity resulted in a Contract Ratio of 3.46 pendings per active listing, up from 3.13 in January and an increase from 2.25 in February 2021. The Contract Ratio is 101 percent higher than the five-year February average of 1.72. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor.
HCAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
HCAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.hcar.org for more information.
More about the Howard County Association of REALTORS®
The Howard County Association of REALTORS® is fortunate enough to represent over 2,000 real estate professionals in Howard County. HCAR’s mission is to advance Howard County’s real estate industry by shaping public policy on real property issues; and encouraging, promoting, and teaching consistent standards for ethical practice and professionalism for our REALTOR® members.
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