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Howard County, MD, April 2023 - Spring has sprung in the Howard County housing market, as March 2023 saw a boost in activity compared to the previous month; but the data still is not measuring up to last year, according to the Howard County Association of REALTORS® (HCAR), which released its March 2023 Housing Report on Friday, April 28, 2023.
According to HCAR, in March 2023, the median sold price for residential homes in Howard County was $515,000, representing an increase of three percent compared to the previous month, and a decrease of 2.6 percent from March 2022.
The Howard County housing market is starting to transition in home demand. As reported by the Bright MLS T3 Home Demand Index (HDI), the index for Howard County in March 2023 rose to 103, indicating steady conditions.
Typically, a market with between four and five months of supply indicates a balanced housing market. Currently, there are 0.7 months of supply in Howard County, which is higher than the same time last year. The months-of-supply metric is based on average sales activity over the past 12 months. This measure can overstate how rapidly inventory is being consumed in a changing housing market.
New listings were down 36.4 percent (329) from last year (517) but showed an increase of 48.9 percent from the previous month (221). The average days on market for units sold was 21 days, which is a 19 percent decrease from the five-year March average of 26 days.
Active listings in Howard County were up 28.8 percent (246) compared to the previous year (191). Closed sales (271) saw a 17.9 percent decrease compared to the previous year (330) and a 42.6 percent increase compared to the previous month (190).
There was a 23.7 percent month-over-month (MoM) increase in new contract activity with 308 new pendings; a 6.2 percent MoM increase in all pendings (new contracts + contracts carried over from February) to 377; and an 18.3 percent increase in supply to 246 active units.
This activity resulted in a Contract Ratio of 1.53 pendings per active listing, which is a decrease of 1.71 and 2.66 compared to February 2023 and March 2022, respectively. The Contract Ratio was 18 percent lower than the five-year March average of 1.88.
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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