Howard County, MD, December 2022 - During the month of November 2022, home sales activity in Howard County continued to cool down, as is expected during the winter months. However, the seasonal slowdown was largely due to the fall housing activity being so low, according to the Howard County Association of REALTORS® (HCAR).
The median sold price for homes in Howard County was $499,495, representing an increase of 1.9 percent compared to the previous month and an increase of 5.2 percent from Nov. 2021. Although the median home price was higher than it was this same time last year, prices have come down from their summer 2022 peaks. In the Central Maryland market, the drop has been most significant in Howard County, where November's median sales price was 15 percent lower than the peak price in Baltimore County.
New listings were down 16.5 percent (258) from last year (309) and down 14 percent from the previous month (300). The average days on market for units sold was 19 days, which is a 26.7 percent increase from the same time last year (15) and 31 percent below the five-year November average of 27 days.
Active listings in Howard County were up 39.7 percent (299) compared to the previous year (214). Closed sales (242) saw a 43.5 percent decrease compared to the previous year (428) and a 20.7 percent decrease compared to the previous month (305).
There was a 16.2 percent month-over-month (MoM) decrease in new contract activity with 244 new pendings; a 4.2 percent MoM decrease in all pendings (new contracts + contracts carried over from October) to 344; and a 9.7 percent decrease in supply to 299 active units.
This activity resulted in a Contract Ratio of 1.15 pendings per active listing, up from 1.08 in October 2022 and a decrease from 2.34 in November 2021. The contract ratio is 13 percent lower than the five-year November average of 1.33.
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.
-- XXX --
