How’s the Housing Market?

This is a question I am frequently asked and here is the statistical answer for 2010.

Howard County:

New Listings (inventory) is up 9% from 5,033 to 5,486. Last year we had more homes for sale on the market so it’s no surprise housing prices didn’t really increase in 2010.

Closed Sales down 1.7% - This number is a reflection of a sluggish economy but still surprising considering record setting low interest rates were a tremendous incentive for homebuyers.

Median Sales Price was up 5.9% .Median is one type of average, found by arranging values in order and then selecting the one in the middle. This is a reflection of an increase in sales in specific price categories. For example the median price can rise if more homes in the $400-$500k range sold in 2010 than in 2009. It is definitely not indicating a rise in overall home values.

Average Days on Market is down 22% from 99 in 2009 to 77. This number indicates an increase in buyer confidence. When homes are priced well and in good condition they can quickly go under contract as buyers move decisively.

Other counties are listed under Market Statistics 2010 Summary. Check out your county to see exactly how you fared.