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Mar 20, 2012

HOWARD COUNTY PENDING HOME SALES JUMP 11.52% IN FEBRUARY!


RBI, an MRIS Company, recently released its home sales data for the month of February and it looks like Howard County is in the midst of a robust recovery. Year over year the Sold dollar volume has increased by 9.77% and pending contracts for the month of February have increased by an impressive 11.52%. In February of 2011 there were 460 pending sales and last month there were 513 homes under contract.

A surprising finding in the report is that the active inventory has decreased from a year ago with a total active inventory in Howard County of 1,068 homes as compared with 1,154 a year ago. Economists speculate that this shift is due to the fact that many homeowners are “under water” and cannot afford to sell their homes. In addition, the homes that have been foreclosed on or the “shadow inventory” have not yet hit the market, which is certainly a contributing factor in the decreased inventory.

With the recent positive jobs numbers that have emerged, consumer confidence has increased; therefore, we have more buyers in the marketplace. In addition, with interest rates at historic lows and housing prices hitting bottom, many consumers are of the mindset that now is a great time to buy a home.

Although the sales have increased average home prices are still down with the average sales price of a single-family home dropping to $472,945 which is down (4%) from $492,530 a year ago. The average price of an attached home (townhome) decreased as well with the average currently at $252,838 vs. $273,853 in February of 2011.

So, what do all of these numbers mean to you? If you are a Seller, now may be the perfect time to put your home on the market. With inventory at very low levels, we are actually seeing the return of multiple offers. If inventory levels remain low for an extended period of time, the end result will be an increase in home prices. If you are thinking of purchasing a home in the near future, don’t wait! Call or click today; 410-381-3331 or www.clickcolumbiahomes.com


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