Business & Tech
County Sees Increase in Median Home Sale Prices, Elkridge Doesn't
But, according to Long & Foster, there are some good signs for local real estate..
The housing market may be on the rebound in Howard County in general, but not necessarily in Elkridge, according to numbers released by Long & Foster.
The real estate company’s data shows that in a year-over-year comparison from February 2012 to February 2013 median sales prices are up in many Maryland counties, while the inventory of homes for sale is down significantly.
Area
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Median Sales Price—Feb. 2012
Median Sales Price—Feb. 2013
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Change
Available Inventory—Feb. 2012Available Inventory—Feb. 2013
Change
$340,000
$350,000
+3%
1,214744
-39%
-45%
It's not all bad news for Elkridge, however.
The pace of homes being listed and sold has picked up over the past 12 months. In Elkridge, homes have stayed on the market for 89 days, down 37 percent from 142 days this time last year.
In Howard County, homes averaged 75 days on the market, down 18 percent from 91 days this time last year.
For those Elkridge homes that do sell, sellers are getting, on average, 100.1 percent of their average list price up 2.3 percent from this time last year.
In the county, homes are selling on average, for 98.1 percent of the average list price, up 0.8 percent from this time last year.
Jeffrey S. Detwiler, president and chief operating officer of the Long & Foster Companies said the numbers are “all great signs for a suburban Maryland-area residential real estate market that is in full recovery mode.”