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Business & Tech

Ellicott City Sees Increase in Median Home Sale Prices

According to Long & Foster, there are other good signs for local real estate, too.

The housing market is on the rebound in Howard County in general, and that trend seems to be reflected in Ellicott City, 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. 2012

Available Inventory—Feb. 2013

$340,000

$350,000

+3%

1,214

744

-39%

Ellicott City

$430,000

$450,000

+5%

312 

190

-12%

In addition to the sale prices, the pace of homes being listed and sold has picked up over the past 12 months.

In Ellicott City this February, homes have stayed on the market for an average of 67 days, down 19 percent from 83 days in February last year.

In Howard County, homes averaged 75 days on the market, down 18 percent from 91 days this time last year. 

And Ellicott City sellers are getting, on average, 98.7 percent of their average list price; up 0.8 percent from last February. 

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.”

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