The real estate market in Howard County has shifted over the last couple of months from a buyer’s market, through balanced, and all the way over to a full-on seller’s market, in the median price ranges.
But how are we doing in the luxury market?
First, check out the number of homes sold.
In the $800,000 and above price range, Howard County over the last two years has averaged right at 9-10 homes sold per month. Recently, the number of luxury homes sold has tapered off a bit.
So how many homes are on the market?
The good news is that inventory is down 30% in the last two years. The bad news is that there are still 156 homes listed in Howard County for over $800,000. If nine homes a month are selling, that means that we have over a 17 month supply of luxury homes in Howard County. Clearly, this market favors the buyer and not the seller!
What’s happening with prices?
Interestingly enough, prices are edging upward. It’s worth noting, however, that February’s very strong showing can be attributed to only two homes that sold.
Our takeaway - we see a strong home sales market in the county now, and we believe it will continue into the spring. As this occurs, the move-up market will see more activity, and luxury homes should maintain or slightly improve their prices, with an increase in the number of homes sold.
Eventually, the rising tide will lift the luxury market, though not as quickly as at the lower price points.
Source: Clarus Market Metrics and MRIS. Only residential homes over $800,000 are included in the luxury market report data.
Laura Kittleman is the owner of The Kittleman Group of Keller Williams Select Realtors, based in Ellicott City, MD. She can be reached at 301-785-5889 or laurak@kittlemangroup.com
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