Narrative
As one of America's Best Places to Live 2006, Columbia / Ellicott City - (#4 -Money Magazine), Howard County has seen the benefit of rising prices over the past few years, followed by a relatively moderate price correction over the last few months. For August 2007, the number of homes sold was down 23% over last year, with the average sold price up 1.9% according to Metropolitan Regional Information Systems (MRIS). The average time on market was up as well: from 52 days in 2006 to 70 Days in 2007.
The Columbia area saw the following results:
Ellicott City West-21042
An 11% decrease in the number of homes sold, with a 20% decrease in average price, and Average Days on Market increased from 47 to 74.
Ellicott City East-21043
A 25% decrease in the number of homes sold, with a 5% increase in average price, and Average Days on Market increased from 50 to 74. It should be noted that the median home price increased 20% during this period, which might be a reflection of sales of some of the newer, more expensive homes in new communities.
West Columbia- 21044:
This area saw a 25% decrease in the number of homes sold (63-47), with a 1.19% decrease in average price, and Average Days on Market increased from 54 to 55.
East Columbia- 21045:
A 39% decrease in the number of homes sold, with a 4.64% decrease in average price, and Average Days on Market decreased from 56 to 52. The decrease in the number of homes sold was from 64 to 39.
The Elkridge area saw a 19% decrease in the number of homes sold, with a 6% decrease in average price, and Average Days on Market increased 181% from 37 to 104. The 19% decrease in the number of homes sold was from 36 to 29.
The Woodstock area saw a 62% decrease in the number of homes sold, with a 7.63% decrease in average price, and Average Days on Market decreased from 81 to 65. 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 is a large of group of over-55 condominiums, which are significantly less expensive than the prior communities which were sold.
South Columbia- 21046:
A 21% decrease in the number of homes sold (from 28 to 22), with.5% decrease in average price, and Average Days on Market increased from 45 to 68. The decrease in the number of homes sold was from 28 to 22.
In statistical terms it is difficult to assess some of this data because of the 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). As always, it is best to consult with an agent who can look specifically at a certain area before making any valuation suggestions.