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.
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