Re-printed from the
Fein Properties Real Estate Team Blog
The most recent market statistics for our area are now available on our website.
Well, as we gear up for the spring market, the stats for January 2011- on the surface - do not show theforward momentum a lot of people are hoping for. Below is a brief synopsis on Howard County's statistics. (Excuse my short hand!)
Closed sales: mo-mo - 204 to 139 units (-31.86%)
Med sale price: mo-mo- $400 to $350k (-12.5%)
DOM: mo-mo99 to 105 (+6.06%)
It's really not much of a surprisethat total sales and median sale price went down significantly month to month (they also went down on a year to year basis, but with more modest decreases). This continued (and expected - at least in this Blog) decrease is still a result of the market correcting itself from the uptick last spring/summer caused by the federal tax credit. Consider this: the current median sale price of $350k is actually higher than the median price from just this past May 2010 ($343k).
Last year- well, I should say the 1st HALF of last year -was great for real estate. Average price was increasing, days on market was decreasing, at one point it was basically an even market with about 6 months supply. But a lot of that was fueled by the tax credit. So this year, so far, we are pretty much on trackfrom this point last year. We won't have as good of a 1st half this year as we did last year - but all the indicators are pointing to the real estate market having a "decent" or at least "respectable" full year. (Low interest rates, affordable homes for 1st time buyers, strong employment).
If you would like to see details on any other particular county in Central Maryland (Anne Arundel, Prince George, Montgomery, Carroll, Frederick, Baltimore, Baltimore City), click here.