New Residential Listings In HoCo Up From Last Year: HCAR Report

HOWARD COUNTY, MD — Home sales prices in Howard County continue to follow the rising national trend but units sold and new listing are down compared to last year.

The Howard County Association of Realtors recently released its June 2023 Housing Report, which showed that in June 2023, the median sold price for residential homes in Howard County was $623,000, representing an increase of 10.3 percent compared to the previous month and an increase of 7.4 percent from June 2022.

According to the Bright MLS T3 Home Demand Index, the index for Howard County in June 2023 remained steady at 117, indicating a static status of moderate conditions. Typically, a market with between four and five months of supply indicates a balanced housing market. Currently, there is one month of supply in Howard County, which is higher than the same time last year by 37.5 percent, HCAR reported.

New listings were down 40.3 percent (365) from last year (611) but increased 15.5 percent from the previous month (316). The average days on market for units sold was 10 days, which is a 32 percent decrease from the five-year June average of 15 days.

Active listings in Howard County were up 25.4 percent (247) compared to the previous year (197). Closed sales (338) saw a 25.2 percent decrease compared to the previous year (452) and a 27.5 percent increase compared to the previous month (265).

There was a 3.8 percent month-over-month (MoM) decrease in new contract activity with 352 new pendings; a 3.7 percent MoM decrease in all pendings (new contracts + contracts carried over from May) to 445; and a 23.5 percent increase in supply to 305 active units. This activity resulted in a contract ratio of 1.46 pendings per active listing, which is a decrease from 1.87 compared to May 2023 and a decrease from 1.69 in June 2022, respectively, HCAR reported. The contract ratio was 10 percent lower than the five-year June average of 1.62.

"A higher contract ratio signifies a relative increase in contract activity compared to supply and indicates the market is moving in the seller's favor. A lower contract ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor," HCAR stated.