Howard County, MD, July 2022 - Despite the increase in active listings, inventory still remains very low in Howard County, according to the Howard County Association of REALTORS® (HCAR).

 

Active listings in Howard County during the month of June 2022, were up 8.4 percent (309) compared to the previous year (285). New residential listings (611) saw a 2.4 percent decrease compared to the previous year (626) and a 16.6 percent increase compared to the previous month (524). The median sales price was $580,000, representing an increase of 4.3 percent compared to the previous month and an increase of 16.5 percent compared to the same time last year. Closed sales (492) saw a 20 percent decrease compared to the previous year (615) and an 8.8 percent increase compared to the previous month (452). The average days on market for units sold was 8 days, which is an 11.1 percent decrease from the same time last year (9) and 53 percent below the five-year June average of 17 days.

 

"Although active listings have increased, there is still less than a month of supply," said HCAR President Sarah Anderson. "We are seeing that this supply-demand imbalance is causing some prospective buyers to decide to exit the market, allowing more options and less competition for those that decide to stay."

 

There was a 15.5 percent month over month (MoM) decrease in new contract activity with 437 new pendings; a 13.4 percent MoM decrease in all pendings (new contracts + contracts carried over from May) to 523; and a 56.9 percent increase in supply to 309 active units.

 

This activity resulted in a Contract Ratio of 1.69 pendings per active listing, down from 3.07 in May and a decrease from 2.71 in June 2021. The Contract Ratio is 16 percent higher than the five-year June average of 1.46. 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.