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Howard County Market Update: Two-Bedroom Properties See Drop in Price

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Real Estate Agent with WEICHERT, REALTORS - New Colony MDRE# 581729

 

This 2 BD/2 BA contemporary townhome in Columbia, Md., is listed at $259,900. Click on the image above for more details, or call The McKenna Group at 410-381-3336 for a private showing.

 

 

 

Seller confidence is up this summer in Howard County. There were 654 new listings added in June, compared to 513 in June 2013. That’s a year-over-year increase of 27%. Active listings rose to 1,292 in June this year compared to 843 active listings in June 2013. There were 1,189 listings this May, so we’re still seeing an increase in inventory into the summer season.

 

With so many listings, you may wonder if homes are staying on the market longer, but the data tell us otherwise. The average days on the market has dropped year-over-year from 49 days on the market on average compared to just 45 days this June. This is also an improvement over May, when the average was 51 days. In fact, there were 124 homes sold that were on the market for 10 days or less, and 58 that were on the market between 11 and 20 days.

 

The median sold price in Howard County is up slightly since May, coming in at $400,584 for the month of June versus $399,000 the month before. In June of last year the median price was $419,332, so this may be good news for buyers as prices have come down and they have a large inventory from which to choose.

 

Three-bedroom condos and townhomes had an average sold price of $333,301, compared to $314,769; while three-bedroom detached homes dropped year-over-year from $375,412 in 2013 to $370,881. Detached homes with four bedrooms or more also saw a decline, averaging $572,473 this June compared to $576,179 in June 2013, a decline of .64%.

 

For buyers looking for a real bargain, there’s been a 20-percent decrease in price since June 2013 for both two-bedroom townhouses and two-bedroom homes. These townhouses dropped from $262,983 to $209,200, and these detached homes dropped from $266,667 to $211,227.

 

“Investors like a deal, and they may want the two-bedroom/two-bath properties to boost their inventory of properties that they will offer for rent,” says Sean Wray, a settlement officer with Lakeside Title. “Recently we have seen an influx of investor purchases. It is always a sign that pricing has hit some sort of a low when the investors come out to buy.”

 

“These smaller properties may also be a smart choice for the first-time home buyers and the empty-nesters while prices are so low,” says Michael McKenna, vice president and associate broker of WEICHERT, REALTORS® — New Colony.

 

This can also be an opportune time to buy due to the high number of properties available right now. Wray says to expect to see a decrease in volume beginning in early September. “Most owner-occupied buyers want to complete their settlement before or at least close to the start of the school year,” he says. “We typically see a five-percent decrease each month in volume. Things will usually pick up a bit in December as the year end approaches.”

 

Market data provided by Real Estate Business Intelligence, LLC.

Posted by
Michael McKenna
Vice President/COO
Associate Broker, e-PRO®
301-370-6561
@McKennaRE
www.McKennaRE.com
Think Positive. Think The McKenna Group. 

WEICHERT, REALTORS® - New Colony
5840 Banneker Road, Suite 100
Columbia, Maryland 21044
410-381-3336

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