Bel Air, MD Real Estate Activity in November of 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.