Howard County, MD, April 2022 - Home prices in Howard County continued to increase in April as available inventory dropped 22.7 percent, according to the Howard County Association of REALTORS® (HCAR). The median sales price for homes in Howard County was $512,000, representing a decrease of two percent compared to the previous month and an increase of 2.4 percent compared to the same time last year.
For the month of April, the total number of showings in Howard County was down 23.4 percent compared to a year ago. Showing activity has declined year-over-year for four consecutive months, reflecting the low availability of homes to view. The April dip in the number of showings is beginning to reflect cooler demand in the market as mortgage rates rise.
"Lack of inventory over the past two years has contributed to a backlog of prospective buyers, but the housing market is expected to cool down" said HCAR President Sarah Anderson. "As prices and interest rates continue to climb, the market may become less competitive, as some buyers will be priced out and those who can afford it will stay in."
The average sold price for residential properties in Howard County was $589,199, an increase of 4.9 percent from April 2021 ($561,952). Closed sales (389) saw a 6.9 percent increase compared to the previous year (364) and a 17.9 percent increase compared to the previous month (330). New residential listings (519) saw an 18.9 percent decrease compared to the previous year (640) and a 0.4 percent increase compared to the previous month (517). Active listings (222) were down 22.7 percent compared to the previous year (287). The average days on market for units sold was 9 days, which is a 35.7 percent decrease from the same time last year (14) and 62 percent below the five-year April average of 24 days.
There was an 11 percent month over month (MoM) increase in new contract activity with 473 new pendings; a 12.2 percent MoM increase in all pendings (new contracts + contracts carried over from February) to 571; and a 16.2 percent increase in supply with 222 active units.
This activity resulted in a Contract Ratio of 2.57 pendings per active listing, down from 2.66 in March and an increase from 2.53 in April 2021. The Contract Ratio is 64 percent higher than the five-year April average of 1.57. 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.
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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