July market stats for Howard County

Click Here to View July Stats. Notice the increase in units sold year to date – an increase of 10.5%. Median sales price has remained pretty flat and the number of days on market has decreased 33.5% over last year. Listing inventory has increased by 11.3%.There has been a significant slow down in sales July 2010 compared to 2009.

In summary the Howard County market has seen increased numbers of sales and decreased days on market while prices have remained stable over the past 12 months. Listing inventory has increased and that means there are still some good buys out there. With interest rates in the 4.5% and lower range for 30 year fixed, it’s a great time to buy!

Shadow Inventory

This is a term to describe homes that are in the foreclosure pipeline that haven’t hit the open market yet. This interesting article identifies the cause of the greatest recession since the Great Depression as “our nation’s over-leveraged, over-valued position in housing.” It is a sobering viewpoint that it may take some years yet before we work out of the down housing market. One key factor is “Shadow Inventory” and its impact once these homes hit the open market. Summarizing the article, it could be some time before we see a rise in home prices, interest rates are likely to remain low, credit will be tight and qualifying for a home loan will be a rigorous process (particularly difficult for the self employed) and buying opportunities will be plentiful. Keep in mind that our regional economy is probably one of the strongest in the nation. That bodes well for us in the short and long term.