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 30th, 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.
