Howard County, MD
Real Estate Market Statistics

May 2010 Summary:

Source: RBI

Howard County, MD
From: 01/01/2010 to 01/31/2010                Statistics generated on: 02/09/2010

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2010 – Information deemed reliable, but is not guaranteed.

Sales volume is UP about 40% in Montgomery and Howard Counties.  So people *are* buying homes.  That’s the good news.

The question is: what are people buying?  It’s certainly NOT expensive homes.  There were a mere 247 sales in all of Montgomery County priced above $500,000 last month (26.2% of the total sales), compared with 695 sales under $500k.  In Howard, 53 sales topped the $500,000 mark (or 19.9%)., while 214 sold for under $500k.

While sales volume is up, prices remain flat.  The median sale price is down 10.8% in Montgomery to $330,000.  In Howard the median price fell 8.5% to 325,000.  (The median sale price is the price at which half the houses sold for more, and half sold for less.)

Days on market is down significantly from last year in both MoCo and HoCo, to right at 80 days on average in both counties.  This is about a 30% reduction in selling time in both counties.

Nationally, rehab and investor loan volume is up.  Given these statistics, it’s clear that distressed properties, sold at a discount, are being removed from inventory. 

Active listings are heading down in a seasonal pattern; however, even taking seasonality into account, the available inventory has decreased significantly.  Sales volume is up, again looking beyond the seasonal variations.  These two trends, decreased inventory and increased sales, bode well for market stabilization.  Barring any major shock to the system (shadow REO inventory being dumped on the market, prolonged economic woes, etc.), the trend appears to be one toward stabilization of prices.

Howard County, MD
From: 10/01/2009 to 10/31/2009                Statistics generated on: 11/09/2009

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.

Montgomery is still taking a harder hit than its neighbor to the north, with a larger decline in median sale price (5.7 percent, compared to 1.4% for HoCo).  But some people clearly think there are some deals in Montgomery, with volume picking up by a solid 11.9% over this time last year.  By comparison, Howard’s sales volume is up only 2 percent.

Days on market are down across the board, with Montgomery showing the biggest decline in DOM (a 17% drop in days on market to an average of 83).

Howard is getting a bit closer to asking price at the time of sale, 93.3% to Montgomery’s 91.5%.  This is consistent with the increase in volume; it appears that more sellers are making a deal in MoCo, and in this market, that means accepting a slightly lower price.

It’s still a buyer’s market out there, unless you’re a first time homebuyer looking at homes under $300,000.  With the $8,000 Federal Tax Credit, we’re seeing a spike in sales activity and many multiple offer situations in that price range.  Time is running out, so if you’re looking to score that tax credit, you should already be out house shopping!

Here are the actual numbers:

Howard County

Avg Sold Price – $389,375 – down 9.83%
Median Sold Price – $350,000 – down 1.41%
246 units sold – up slightly over last September, by 2%
Days on market – down 10% to 90 days average
Sellers are getting, on average, 93.3%, up from 91.9% of list price last September. over one full percent better.

Montgomery County

Avg Sold Price – $412,795 – down 9.88%
Median Sold Price – $330,000 – down 5.71%
859 units sold – way up from last September, by a solid 11.9%
Days on market – down 17% to 83 days average
Sellers are getting, on average, 91.5%, of list price, about the same as last September’s number of 91.3% of list.

Howard County, MD
From: 09/01/2009 to 09/30/2009                Statistics generated on: 10/07/2009

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.

Go to the Google Maps page (www.Google.com/maps) then type in a desired zip code or city into the search bar.

Use the drop-down to indicate the search is for “real estate” then click on “foreclosure” to filter the results. [If you don't see the drop-down, click "show search options" next to the "search maps" button at the top of the page.]

Not only will you have a list of foreclosures, photographs and a map to each property but it’s possible to take a virtual tour of the neighborhood for many areas.

Save gas, find that foreclosure property from the comfort of your living room couch.  Then call us at 301.785.5889 to arrange a private showing.

It’s as easy as point, click, and call!  We’re here to help!

Howard County, MD
From: 08/01/2009 to 08/31/2009                Statistics generated on: 09/09/2009

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.

Howard County, MD
From: 07/01/2009 to 07/31/2009                Statistics generated on: 08/06/2009

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.

Howard County, MD
From: 06/01/2009 to 06/30/2009                Statistics generated on: 07/08/2009

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2009 – Information deemed reliable, but is not guaranteed.