While we still have a 28.3% larger supply of homes for sale than we did last year, prices remain steady in Howard County. The median sale price of a Howard County home for November, 2014 was $383,500, up 3% from last year at this time.
Days on market remains higher than 2013, with the average days a property spends on the market currently at 72, up a substantial 50% from last November. That said, sales volume remains strong, with 236 sales last month compared to 228 a year ago – an increase of 3.5%.
Howard County’s pending home sales are up from last year, so we should see a steady December. At the current supply of 5.03 months of inventory on the market, Howard County is a very balanced market, perhaps leaning slightly in favor of sellers. (A six month supply of homes for sale is the gold standard for a housing market equally balanced between buyers and sellers.)
With the increased days on market, sellers need to work closely with their agents to ensure maximum market exposure in the critical first 30 days on the market.
As always, the numbers that matter most are yours. Drop us a line for a complimentary market analysis of your home or neighborhood. We’re happy to help!
Laura Kittleman is a partner at The Kittleman Group of Keller Williams Select Realtors, working primarily in Howard County and Montgomery County, Maryland. She can be reached at 301-785-5889 or [email protected].
Tom Yeatts is a partner and Associate Broker with The Kittleman Group of Keller Williams Select Realtors. He can be reached at 443.364.8867 or [email protected].