Howard County Market Report Nov 2007

November Market Report- 4 of 7 Zipcodes Show Price Increases!

Once again the statistics show just how confusing the housing market situation is. This confusion is only exacerbated by the constant drumbeat in the media about how bad things are. Houses are taking longer to sell, but in 4 of the below zip codes average sale prices increased compared to one year ago, and that was long before the current mortgage squeeze arrived in force. While many people are facing difficulty, the reality of the market in Howard County is that people with good credit are buying homes, and taking advantage of low interest rates. They are taking their time though!

Here is the latest info for Ellicott City, Columbia, Elkridge, and Woodstock.

Ellicott City West-21042
An 18% increase in the number of homes sold (27 to 32), with a 4% decrease in average price, and an increase in the Average Days on Market from 83 to 136.

Ellicott City East-21043
A 42% decrease in the number of homes sold (from 45 to 26), with an 11.2% increase in average price, and Average Days on Market increased from 67 to 71.

West Columbia- 21044:
This area saw a 26% decrease in the number of homes sold (51-38), with a 9% decrease in average price ($347,223), and Average Days on Market increased from 67 to 97.

East Columbia- 21045:
A 24% decrease in the number of homes sold, with a 7.64% increase in average price ($342,942), and Average Days on Market increased from 57 to 120.

South Columbia- 21046:
A 33% decrease in the number of homes sold (from 15 to 10), with.7.7% decrease in average price ($319765), and Average Days on Market increased from 55 to 95.

Elkridge- 21075
A 9% decrease in the number of homes sold, with a 1.73% increase in average price, and Average Days on Market decreased from 77 to 73. The decrease in the number of homes sold was from 34 to 31, which in statistical terms is difficult to assess, and with such a low number of transactions, one or two significantly divergent prices can sway the entire zip code (for example a pair of foreclosure sales, or a pair of million dollar sales in a small community)

Woodstock- 21163
A 22% decrease in the number of homes sold (from 9 to 7), with a 27% decrease in average price, and Average Days on Market decreased from 75 to 52. A large portion of the sales in this area are generated by the Waverly Woods development, which is nearing completion. The last phase of the development includes a large of group of over-55 condominiums, which are significantly less expensive than the prior communities which were sold.

All data is courtesy of MRIS. As always, it is best to consult with an agent who can look specifically at a certain area before making any valuation suggestions.