Homes are selling quickly in Howard County, according to the latest numbers of the Howard County Association of REALTORS (HCAR). Residential listings remained on the market for an average of 10 days, which is a 47.4 percent decrease below this same time last year and 56 percent below the five-year May average of 23 days.
New residential listings in May were up 33.5 percent (661 vs. 495) compared to the same month last year, while active listings were down 51.5 percent. New closed sales were up 64.8 percent, and the average sale price was $555,747, which is up 18.3 percent compared to the same month last year. The average sales price to list price ratio was 103 percent in May, meaning that on average, homes were selling above asking prices.
The Contract Ratio of 2.87 pending’s per active listing, shows an increase of 1.05 compared to the same month last year. The Contract Ratio is 123 percent higher than the 5-year May average of 1.29.
“A higher Contract Ratio signifies a relative increase in contract activity compared to supply and indicates the market continues to move in the seller’s favor,” said HCAR President Shirley Matlock, CRS. “We anticipate this seller’s market to remain strong throughout the summer.”