As we head toward winter, the 90-day median list price is dropping in Columbia. When you compare the current autumn figures to the traditionally more active spring and summer months, it isn’t unusual to see homes priced more competitively.
For example, in a report for the week of November 29 by real estate analytics tracker Altos Research, the median list price for Columbia homes was $431,142. This 90-day average was down from $433,254 as of November 1, and down from more than $455,000 for most of June and July. It should be noted that all these figures represent the market’s 90-day average, which shows a more weighted average as opposed to Altos’ seven-day average.
As for the seven-day average, the median list price was at an eight-month low on November 29, with the just-over-$420,000 median list price at its lowest point since late March. While some of this could be indicative of higher-priced inventory leaving the marketplace as opposed to home values decreasing, the opportunity to buy a Columbia home at prices this low is one that has not been seen for quite some time.
What this means for potential Columbia home buyers willing to brave the cold and do their house hunting in a less active time of year is that major savings can be netted on area homes.
Supply and Demand Trends for Columbia, Maryland
Looking at the 90-day average for Columbia home inventory, one would see that the current 108 available homes on the market is the highest figure for all of 2013 and is up from a yearly low of about 75 in April. Upward inventory levels typically mean more buyer choices, and thus, lower pricing coming from sellers. This is reflected in the 90-day median list price above.
As for a metric that can help determine how Columbia’s supply is holding up to home buyer demand, Altos uses its market action index (MAI). This figure uses an advanced algorithm to determine whether a market caters to buyers or sellers, with 30 representing a neutral point. At 36.87, the Columbia home MAI is down about a mere point from the 37.89 seen on November 1. This means the market is still in favor of sellers, but it is a big drop from an MAI of 43.8 in late September.
If you are thinking this may be the time to buy or sell a home in Howard County, call The McKenna Group at 410-381-3336 and we will be pleased to answer any questions you may have about the market.
Take a Look at These Columbia Homes for Sale Between $400,000 and $500,000
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