While there has been some variation among the zip codes, the bottom line is that home sales have slowed significantly. That is to say the number of homes sold, not necesarily the price. As I frequently tell people, to determine what prices are doing you really have to look to the neighborhood, or even street level for any precise analysis. With the various housing types and price ranges, broad averages can be instructive, but there really are apples and oranges all in the same "price average" basket.
For March 2008, Howard County saw the number of homes sold decrease 44% from 314 to 175, with a 8.24% decrease in average price, from $444,801 to $408,152. The Average Days on Market increased 28% from 106 to 136.
Ellicott City West-21042
An 57% decrease in the number of homes sold (40 to 17), with a 4.73% decrease in average price from $565,055 to $538,311, and a 13% increase in the Average Days on Market from 122 to 138.
Ellicott City East-21043
A 13% decrease in the number of homes sold (from 39 to 34), with a 5.9% increase in average price from $453,860 to $480,746, and Average Days on Market decreased from 125 to 113.
Woodstock 21163
The Woodstock area saw the number of homes sold decrease from 9 to 4, with a .21% increase in average price from $521,000 to $522,084, and Average Days on Market decreased from 166 to 89. 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, and a final section of NV Homes Townhomes starting just under $500k.
Elkridge- 21075
The Elkridge area saw a 33% decrease in the number of homes sold (from 30 to 20), with an 18.54% decrease in average price from $367,833 to $299,640, and Average Days on Market increased 79% from 78 to 140.
West Columbia- 21044:
This area saw a 43% decrease in the number of homes sold (53-30), with a 20% decrease in average price from $397,017 to $317,577, and Average Days on Market increased 37% from 80 to 110.
East Columbia- 21045:
The Eastern portion of Columbia saw a 40% decrease in the number of homes sold (from 47 to 28), with a 11.6% increase in average price from $315,000 to $319,500, and Average Days on Market increased 79% from 78 to 140.
South Columbia- 21046:
This area experienced a 57% decrease in the number of homes sold from 19 to 8, with a 4.7% decrease in average price from $373,037 to $355,238, and Average Days on Market increased 140% from 69 to 166.
Howard County is still located between Baltimore and Washington, still has one of the highest per-capita incomes in the Country, and still has an excellent standard of services from the County Government. Those, combined with the development trends in the Eastern County, in Laurel, Savage and Elkridge, as well as the impending arrival of the BRAC personnel, will continue to cause Howard County to experience level or appreciating home prices in the long term.