Howard County, MD, November 2022 - Buyer traffic slowed down in October 2022 in Howard County, as new listings were far below what they would be in a typical market, according to the Howard County Association of REALTORS® (HCAR).
The median sales price for homes in Howard County was $490,000, representing a decrease of 5.8 percent compared to the previous month and a decrease of one percent compared to the same time last year. According to the Bright MLS T3 Home Demand Index (HDI), buyer traffic continues to track lower than last year and suggests a further slowdown in buyer demand in the weeks ahead.
Howard County saw a significant drop in new listings, down 34.2 percent (331) from last year (456) and down 25.9 percent from the previous month (405). Despite fewer new listings, inventory increased slightly as homes stayed on the market longer. The average days on market for units sold was 20 days, which is a 33.3 percent increase from the same time last year (15) and 20 percent below the five-year October average of 25 days.
Active listings in Howard County were up 5.4 percent (331) compared to the previous year (314). Closed sales (305) saw a 28.1 percent decrease compared to the previous year (424) and a 19.1 percent decrease compared to the previous month (377).
There was an 11.6 percent month-over-month (MoM) decrease in new contract activity with 291 new pendings; an 8.9 percent MoM decrease in all pendings (new contracts + contracts carried over from September) to 359; and a 9.6 percent decrease in supply to 331 active units.
This activity resulted in a Contract Ratio of 1.08 pendings per active listing, which is no change from September 2022 and a decrease from 1.89 in October 2021. The contract ratio is seven percent lower than the five-year October average of 1.16.
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. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer'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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