Bel Air, MD Real Estate November 2011

Real estate sales actually increased in both Bel Air, MD zip codes during November of 2011 when compared to the same month a year ago. The 21014 zip saw a more than 20% increase, where 29 homes transferred ownership. In the 21015, the increase was only 2, jumping from 24 to 26 in a year’s time. The average sales price of the homes sold went in different directions for each zip, however. The price in the 21014 spiked from $260,319 to $274,928 during the month, but in the 21015, there was a bit of a disappointment, with average sales prices dropping from $315,375 last November all the way down to $260,582, pretty much leveling the pricing structure for the entire town.

The average time it took to sell a home dipped in Bel Air, MD’s 21014 zip code by over 30%, dropping from 111 to only 77 days. It took longer in the 21015, but it was still an improvement over last November, dropping from 131 days to 119 this year. Surprisingly, there were no short sales or foreclosures sold in the 21014 this November, down from the five that were bought last year. There were five distressed property sales in the 21015, down slightly from the eight that were sold last year. In addition, the number of active listings dropped in both markets pretty considerably from last year.

The lack of distressed property sales is actually unexpected, since that has been such a large part of many other markets. The reduction in overall inventory could lead one to believe that the market is stabilizing, and that prices should be heading back upward. I believe this to be partly true, since a lot of people have tried to sell their homes and were unsuccessful, and might be getting back in the market in the coming year.

Feel free to contact me for more information by emailing me at scott@scottmillerrealestate.com or by calling me at (443) 866-6728. You can also visit my website at www.scottmillerrealestate.com.

Bel Air, MD Real Estate July 2011

There were no real differences with the Bel Air, MD real estate market as compared to the rest of Harford County. Overall sales actually dropped by 13.5% from last July, with 74 homes changing hands, as compared to the 84 that sold last year. The average price has dropped to $294,000 from $301,000 in the 21014 zip, and from $350,000 to $301,000 in the 21015 zip.

The number of active listings is exactly the same in July of 2011 as it was in July of 2010, at 437. Despite the fact that the average sales price has dropped, along with the number of homes sold, it does appear that the market is finally approaching a bottom. The numbers that were achieved last year may have been inflated, due to the residual transactions that were left over from the Home Buyer’s Tax Credit from last year. Although homebuyers had to close by June 30^th, 2010 to reap the benefit, some were unable to meet the deadline and ended up closing in July instead of June.

With BRAC finally winding down, it appears that its effects did more to prevent catastrophe in our region than to actually stimulate the market. In addition to the Government presence that was already here, BRAC served to mitigate what could have been a minor disaster.

www.scottmillerrealestate.com

Bel Air, MD Real Estate May 2011

Even in the most desired zip codes in Harford County, MD, the Bel Air area was another location that saw a rather stagnant movement into the spring season. The total sales in Bel Air decreased by 29% from last year, when the federal tax credit was expiring and first time homebuyers were scrambling to get their new homes under contract before the credit expired. Because of this, we will likely see a similar trend for the numbers for June of 2011 as well.

The median price was relatively unchanged at approximately $265,000 for both Bel Air, MD, zip codes, but the average days on market was much less for the 21015 zip than the 120 days in the 21014. In any event, the sales were sluggish, and they will probably continue to be for the next few months. Examples of the nature of the market can be found at www.scottmillerrealestate.com.

Since unemployment is still quite high, and foreclosures and short sales are rather abundant, home prices will continue to stay weak. Since prices are expected to stay depressed, many home sellers will decide not to sell at this time in order to wait for prices to recover. So until demand increases, prices will remain depressed and many sellers (who are also move-up buyers), will remain out of the market.

Other Links:

www.aberdeenmarylandhomes.org

www.buyamarylandhome.com

Bel Air, MD Real Estate: February '11

As usual, there was a little disparity between what was taking place in the 21014 zip, as compared to what was going down in the 21015 zip of Bel Air, MD. Total dollar volume was down 34.8% in 21014, while it creeped up a bit by .15% in 21015. Average sold price was down 23.3% in the 14, while it skyrocketed by 12.66% in the 15 (this may only indicate that the type of homes that sold were just more expensive; not necessarily that the prices are strengthening in this zip code). What was really notable was that the Days on Market for the 15 zip was actually down by 28.57%. This shows that homes in this zip are selling quickly, and for more money than most other zips, so if you have a house in this area and you've been thinking about moving, it might be the right time!

www.scottmillerrealestate.com

www.aberdeenmarylandrealestate.org