Howard County, MD, April 2024 - It’s finally Spring - the weather is getting warmer, house prices are increasing, and the housing market is beginning to spring into action in Howard County. March 2024 data shows that while numbers may look low in a year-over-year comparison, the market is showing more life than it did in the previous month, according to the Howard County Association of REALTORS® (HCAR), which released its March 2024 Housing Report on Friday, April 19, 2024.
According to HCAR, in March 2024, the median sold price for residential homes in Howard County was $600,000, representing an increase of 8.6 percent compared to the previous month, and an increase of 16.5 percent from March 2023.
The Howard County housing market remains relatively stationary in home demand. As reported by the Bright MLS T3 Home Demand Index (HDI), the index for Howard County in March 2024 rose slightly to 108, indicating steady conditions, remaining consistent with February 2024.
Typically, a market with between four and five months of supply indicates a balanced housing market. Currently, there is 0.73 months of supply in Howard County which is 0.3 percent lower than a year ago. 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 21.3 percent (259) from last year (329), and up 11.6 percent from the previous month (232). The average days on market for units sold was 13 days, which is a 38.1 percent decrease from the same time last year (21) and 35 percent below the five-year March average of 20 days.
Active listings in Howard County were down 18.3 percent (201) compared to the previous year (246). Closed sales (245) saw a 9.6 percent decrease compared to the previous year (271) and a 26.3 percent increase compared to the previous month (194).
There was a 19 percent month-over-month (MoM) increase in new contract activity with 300 new pendings; an 11.4 percent MoM increase in all pendings (new contracts + contracts carried over from February) to 382; and a 0.5 percent decrease in supply to 201 active units.
This activity resulted in a Contract Ratio of 1.90 pendings per active listing, up from 1.70 in February 2024 and a decrease from 1.53 in March 2023. The contract ratio is eight percent lower than the five-year March average of 2.06.
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 --
