Howard County Housing Statistics

Things are definitely looking-up in the Howard County housing department!  In addition to being nationally ranked as one of the "Best Places to Live" our local housing market is well on its way to a robust recovery, as evidenced by recent RBI statistics.

The latest statistics from RBI (RealEstate Business Intelligence) show an increase in the average sales price of 1.98% from $430,834 to $438,347 in July of 2012.  The overall sold dollar volume has increased by a substantial 16.76% and the number of units sold (year over year) is up by 14.49%.

Another number which is important in the understanding of our Real Estate marketplace is the average "days on market" which shows how quickly a home goes under contract after being listed actively for sale.    The average days on market is continuing to decrease and is now a scant 68 days on average.  This is wonderful news for Sellers, but Buyers need to be aware that we are no longer in a "buyer's market" and, in fact, some areas are actually considered to be a "seller's market".  This is especially true in the price range below $250,000.00. 

Both "attached" and "detached" homes are enjoying an increase in average sales prices with attached homes up by 1.04% and detached home values rising 1.62%.

The news is very promising; however, many homeowners who have been holding onto their homes waiting for the values to come back-up may need to wait a little longer.  While consumers are ready and willing to pay higher prices for the homes, appraisers and lenders, still skittish following the recession, are not as willing to take risks with the values and we have been seeing a large number of homes under-appraising. 

For now, we are headed in the right direction and over time, the values will continue to rise, but it will be a slow ascent, unlike the meteoric rise we experienced during the boom, and I think this is a good thing!