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This blog provides a brief overview of the general trends within these counties.
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For June 2009, Howard County saw the number of homes sold increase 3.39% from 295 to 305, with a 7.65% decrease in median price, from $379,000 to $350,000. The Average Days on Market decrease from 4.04% from 99 to 95. The Ellicott City area saw the following for June 2009: Ellicott City West-21042 A 21.88% increase in the number of homes sold (32 to 39), with a 15.38% decrease in median price from $585,000 to $495,000, and a 45.89% decrease in the Average Days on Market from 146 to 79.
Ellicott City East-21043 A 12.20% increase in the number of homes sold (from 41 to 46), with a 13.86 % decrease in median price from $440,000 to $379,000, and Average Days on Market decreased 3.53% from 85 to 82.
The Columbia area saw the following for June 2009:
West Columbia- 21044: This area saw a 13.56% decrease in the number of homes sold (from 59 to 51), with a 6.09% increase in median price from $329,900 to $350,000, and Average Days on Market decreased 19.57% from 92 to 74.
East Columbia- 21045: The Eastern portion of Columbia saw an 11.76% decrease in the number of homes sold (from 51 to 45), with an 8.01% decrease in median price from $337,000 to $319,000, and Average Days on Market decreased 16.13% from 93 to 78.
South Columbia- 21046: This area experienced a 27.27% decrease in the number of homes sold (from 22 to 16), with a 7.58% decrease in median price from $330,000 to $305,000, and Average Days on Market increased 65.75% from 73 to 121. During June of 2009 the Woodstock area saw the number of homes sold increase 175% from 2008 (4 to 11), with a 23.13% decrease in the median price from $575,000 to $442,000, and Average Days on Market decreased 5.71% from 210 to 222.
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For April 2009, Howard County saw the number of homes sold decrease 12.77% from 253 to 205, with a 6.69% decrease in median price, from $375,000 to $349,900. The Average Days on Market decrease from 2.73% from 110 to 113. The Ellicott City area saw the following for April 2009: Ellicott City West-21042 A 48.57% decrease in the number of homes sold (35 to 18), with an 11.19% decrease in median price from $559,900 to $497,250, and a 35.96% increase in the Average Days on Market from 114 to 155. Ellicott City East-21043 A 17.65% decrease in the number of homes sold (from 34 to 28), with a 6.59 % increase in median price from $392,775 to $418,650, and Average Days on Market decreased 23.23% from 99 to 76.
The Columbia area saw the following for April 2009:
West Columbia- 21044: This area saw a 22.50% decrease in the number of homes sold (from 40 to 31), with a 0.58% decrease in median price from $342,000 to $340,000, and Average Days on Market increased 19.20% from 125 to 149. East Columbia- 21045: The Eastern portion of Columbia saw a 5.71% decrease in the number of homes sold (from 35 to 33), with a 15.38% decrease in median price from $325,000 to $275,000, and Average Days on Market decreased 13.89% from 108 to 93. South Columbia- 21046: This area experienced a 29.41% decrease in the number of homes sold (from 17 to 12), with a 15.46% decrease in median price from $335,000 to $283,200, and Average Days on Market increased 27.19% from 114 to 145. During April of 2009 the Woodstock area saw the number of homes sold increase 25% from 2008 (4 to 5), with a 13.36% decrease in the median price from $450,000 to $389,900, and Average Days on Market decreased 10.15% from 197 to 177.
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For January 2009, Howard County saw the number of homes sold decrease 9.16% from 131 to 119, with a 14.41% decrease in median price, from $359,040 to $307,300. The Average Days on Market increased 13.45% from 119 to 135.
The Ellicott City area saw the following for January 2009:
Ellicott City West-21042
A 41.18% decrease in the number of homes sold (17 to 10), with a 21.42% decrease in median price from $600,001 to $471,500, and a 42.11% decrease in the Average Days on Market from 152 to 88.
Ellicott City East-21043
A 20% decrease in the number of homes sold (from 20 to 16), with a 2.51 % increase in median price from $336,500 to $344,958, and Average Days on Market increased 26.80% from 97 to 123.
For January 2009 the Elkridge area saw a 50% increase in the number of homes sold (from 10 to 15), with a 0.79% increase in median price from $317,500 to $320,000 and Average Days on Market increased 82.50% from 80 to 146.
The Columbia area saw the following results for January 2009 compared to the same period last year:
West Columbia- 21044:
This area saw an 11.76% decrease in the number of homes sold (from 17 to 15), with a 5.26% increase in median price from $323,000 to $340,000, and Average Days on Market remained the same at 126.
East Columbia- 21045:
The Eastern portion of Columbia saw a 30.77% decrease in the number of homes sold (from 26 to 18), with a 22.99% decrease in median price from $296,711 to $228,500, and Average Days on Market decreased 21.67% from 120 to 146.
South Columbia- 21046:
This area experienced an 18.18% decrease in the number of homes sold (from 11 to 9), with a 19.17% decrease in median price from $399,900 to $323,232, and Average Days on Market increased 36.75% from 117 to 160. During January of 2009 the Woodstock area saw the number of homes sold increase 100% from 2007 (3 to 6), with a 26.73% decrease in the median price from $524,900 to $384,583, and Average Days on Market decreased 0.85% from 235 to 233.
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As you know, housing prices continue to remain flat or decrease in most areas. As with all real estate, any precise information needs to be determined at the neighborhood level. However, below are the figures for the primary Counties served by George Belleville and The Head for Home Team. If you would like more precise information about a particular area, make sure to sign up for Market Snapshot, an unbelievably useful new tool that I have just started offering to my clients and customers. It provides detailed price, time on market, and other data, which is critical in this crazy market! Click HERE to sign up. It is free and easy. Market Report- November ‘08 County | # of Homes Sold | Median Price | Avg. Days on Mkt. | Anne Arundel | -23.12% | -8.43% | +24.17 | Carroll | -14.61% | -12.19% | +8.7 | Frederick | -10.53% | -19.50% | +9.8 | Howard | -42.59% | -3.38% | +15.3 | Montgomery | -10.05% | -19.51% | +7 |
*Data is compared to the prior year, and is courtesy of MRIS.
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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.
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For 2007, Howard County saw the number of homes sold decrease from 4057 to 3467 (a 14.54% decrease), with a .58% increase in average price, from $453,751 to $456,372. The Average Days on Market increased from 55 to 86. The absorption rate is the number of homes absorbed (sold) in the market over a period of time. This is a useful measure when examining the market. Last year the market absorbed an average of 288 homes per month. There are currently 1611 homes for sale in Howard County. With an absorption rate of 288 per month, it should take 5.5 months to sell the current inventory. Surprise! According to the National Association of Realtors, when the inventory stands around 6 months, that is historically a normal market. While it may not feel normal to those of you who are new to this type of market, those of us who have been working in real estate and studying this for a while know that the recent past was in fact an aberration, and we are now trending toward a more normal market. In fact, when I became an agent in 1998, conditions were very much the way they are now. So, last year prices stayed about the same, we have under six months of inventory, and we are in what is usually described as a normal market. Yes mortgage rates are fluctuating (at really low levels) and yes there are foreclosures on the horizon. However, our area has one of the lowest unemployment rates in the Country, a great location, the impending BRAC relocation, schools recognized for excellence, and a crime rate that others envy. Given all of that, perhaps it is time for everyone to take a deep breath, look at the facts as opposed to the “news,” and get back to buying houses to live in, steady appreciation, and long term investing. In ten years, we will all be looking back wishing we bought more real estate! 
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Both from my own analysis of website and virtual tour traffic, and anecdotally from other agents, it appears that during the First two weeks of January there is increased buyer interest in the area. Perhaps people are starting to realize that now is a great time to buy with great interest rates and lower prices, or perhaps there is a perception that we have reached the bottom of the market correction. Regardless, here are the month's statistics: West Columbia- 21044:
This area saw a 24% decrease in the number of homes sold (41-31), with a 15.96% decrease in average price from $425,322 to $357.458, and Average Days on Market increased from 76 to 87.
East Columbia- 21045:
The Eastern portion of Columbia saw a 17% decrease in the number of homes sold, with a 3.4% decrease in average price from $339,816 to $328,142, and Average Days on Market increased from 83 to 110.
South Columbia- 21046:
A 78% decrease in the number of homes sold from 23 to 5, with a 21% decrease in average price from $351,746 to $275,980, and Average Days on Market increased from 66 to 77. Statistics begin to lose their value with only five transactions in a month, aside from what the low number of transactions says.
Ellicott City West-21042
An 8% decrease in the number of homes sold (25 to 23), with a 2.4% decrease in average price from $657,274 to $641,414, and a 28% increase in the Average Days on Market from 99 to 127.
Ellicott City East-21043
A 20% decrease in the number of homes sold (from 35 to 28), with a .13% decrease in average price from $485,961 to $485,307, and Average Days on Market increased from 91 to 104. The Elkridge area saw a 9.68% decrease in the number of homes sold, with a 7.8% decrease in average price from $379,800 to $349,900, and Average Days on Market increased from 60 to 89.
The Woodstock area saw the number of homes sold decrease from 9 to 4, with a 54% increase in average price, and Average Days on Market increased from 100 to 127. 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.
The 55% decrease in the number of homes sold was from 9 to 4, 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 sale of million dollar home in a nearby New Home development). As always, it is best to consult with an agent who can look specifically at a certain area before making any valuation suggestions.
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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.
As always, it is best to consult with an agent who can look specifically at a certain area before making any valuation suggestions.
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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.
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Howard County is a successful melding of old and new, urban and rural, where the rolling green hills of the Piedmont meet the rocky fall line of the glaciers. From the small town flavor of historic mill towns to the thriving model city of Columbia, Howard County makes everyone feel at home.
Conveniently located in the heart of central Maryland between Baltimore and Washington, Howard County offers the charm of a historic past mixed with the excitement of a cosmopolitan community. Many consider Howard County to be one of the most affluent and educated communities in the nation. Our quality of life is highly prized and fiercely protected by active citizens who pride in their neighborhoods.
With schools that are top-notch, a local government that is responsive, and a thriving arts community, it's no wonder families as well as businesses are choosing to settle here.
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