HIGHLIGHTS
New contract activity in Maryland is steady with 4,339 new purchase contracts signed during the week ending February 12, and showings have surpassed 2019 levels.
Median days on market have decreased to 15 during the week ending February 12, making it a good time to buy.
Inventory of available homes is up 65.4% compared to a year ago, with an average of 52,469 active listings during the week ending February 12.
Despite a decrease in home sales and new listings in Howard County, the median sales price increased by 8.3% to $520,000.
The average sale price of a home in Howard County has increased by 32% over the past five years.
MARYLAND UPDATE
Greetings Maryland homebuyers and sellers! It's time for your monthly realty update, and there is some exciting news to share!
New contract activity in the Maryland area has remained steady, with 4,339 new purchase contracts signed during the week ending February 12. This constant flow of buyers could be attributed to the steadiness of mortgage rates over the past few weeks.
We've also noticed that buyers are showing more interest, with the number of showings increasing week-over-week. In fact, for the second week in a row, showing activity has surpassed 2019 levels.
Maryland and DC have had the biggest increase, with showings up 20%+ over 2019 levels.
But, with the current market becoming more competitive than many expected, it's important to act fast! As the market cooled at the end of last year, the median days on market increased. However, at the beginning of the year, transaction times are declining, with the median days to contract being 15 during the week ending February 12. This is the fifth week in a row that the median days to contract has declined.
If you're a buyer, there's good news on the inventory front as well. The inventory of available homes has been steadily increasing, with an average of 52,469 active listings during the week ending February 12. This is up 65.4% compared to a year ago and is nearly the same level as during 2019. So, there's a good chance you'll be able to find your dream home on the market soon.
HOWARD COUNTY UPDATE
According to the Howard County Association of REALTORS® (HCAR), the Howard County housing market experienced a 21.1 percent decrease in home sales in 2022 compared to 2021. The total sales of 4,231 homes in the Howard County metro area were worth $2.4 billion, representing a decrease of 15.5 percent from 2021. Despite the decrease in sales, the median sales price for Howard County increased by 8.3 percent to $520,000.
Fulton in particular saw impressive growth, with a 26 percent increase in median sales price from 2021 to $930,000. Elkridge, on the other hand, saw a decline of 18.1 percent in new listings in 2022 compared to 2021, with a total of 530 new listings. Howard County as a whole had 4,832 new listings in 2022, which is a decline of 17.8 percent from 2020.
Despite the decrease in sales and new listings, the Howard County housing market saw a notable increase in the average sale price of a home over the past five years, with a 32 percent increase to $590,457. The sold dollar volume also increased by 15.7 percent, while units sold decreased by 12.8 percent. The average days on market for units sold decreased by 68 percent.
Additionally, according to Freddie Mac, the 2022 year-end closed with a 6.42 percent mortgage interest rate on a 30-year loan, compared to 3.99 percent in 2017.
Ready to start your search? Contact Adam today or visit his webpage today.
Source: Bright MLS and HCAR
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