Howard County is facing a glut of active listings. There are currently 1,321 homes on the market, up nearly 44% from last year. Combined with the decrease in homes sold – 355 last month, compared to 396 last July, a drop of over 10% – and it’s even more impressive that prices are remaining steady.
While home prices are steady, people have been asking more for their homes and not getting it. The average sale price to original list price ratio has fallen to 96.5% from 98.7% last year, a drop of 2.2%. Given the increased inventory and aggressive negotiation from buyers, it’s more important than ever that you engage the services of a top agent to position and negotiate strongly in this market.
Howard County Stats – July 2014
We do have a ray of light for next month’s numbers – pending home sales are up 11.7% to 382 for Howard County. This bodes well for sales in the next 30-60 days, but won’t make much of a dent in the inventory still sitting on the market. Assuming interest rates hold steady, we should continue to see prices remain firm even in the face of decreased demand.
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 firstname.lastname@example.org.
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@example.com.