The Long & Foster Market Minute

Focus On: Howard County Housing Market May 2022

Units Sold
461
Active Inventory
209
Median Sale Price
$562,000
Days On Market
8
Down -8%
Vs. Year Ago
Down -44%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 461 sold this month in Howard County Real Estate versus 392 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 8% versus May 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 162 units or 44%. The total number of active inventory this May was 209 compared to 371 in May 2021. This month's total of 209 is lower than the previous month's total supply of available inventory of 257, a decrease of 19%.

Median Sale Price
Last May, the median sale price for Howard County Homes was $505,500. This May, the median sale price was $562,000, an increase of 11% or $56,500 compared to last year. The current median sold price is 9% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
521
Current Contracts
512
Sold Vs. List Price
104.6%
Months of Supply
0.5
Down -21%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 2.1%
Vs. Year Ago
Down -39%
Vs. Year Ago

Months of Supply
In May, there was 0.5 months of supply available in Howard County, compared to 0.7 in May 2021. That is a decrease of 39% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 521 homes newly listed for sale in Howard County compared to 660 in May 2021, a decrease of 21%. There were 512 current contracts pending sale this May compared to 609 a year ago. The number of current contracts is 16% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Howard County was 104.6% of the average list price, which is 2.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 8, lower than the average last year, which was 10, a decrease of 20%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.