Bel Air Real Estate Market Report Card May 2013
Compass Home Group
On to the Bel Air Real Estate Market!! Summer temperatures are rising and the Bel Air Real Estate Market is no different. With one of the higher price ranges in Harford County the average sold price of a home in the 21014, and 21015 zip codes was $297,504, a fair amount higher then Harford County as a whole. This price reflects an increase from the same time last year, as the average sold price rose 1.22% from May 2012. 71 homes sold during the month of May in the Bel Air Real Estate Market trickling up 1.245% from the same time last year. With 71 homes selling in May, only 51 new homes went under contract during the same time period. While what went under contract was significantly less then what sold, properties going under contract was up 31.57% from May of 2012. Across the board the numbers were up for the Bel Air Real Estate Market, except in one category. Homes currently listed for sale in Bel Air has dropped from May of 2012, by 2.65%, to 304 active listings.
With these numbers, the Bel Air Real Estate Market is only showing a little over 4 months of inventory available for buyers to view. This is showing us that the market trends have shifted into the sellers favor as inventory is shrinking, and demand is growing. National Association of Realtors defines a balanced market as six months of inventory, so with only 4, Bel Air Real Estate is definitely a Sellers market. Compass Home Group is noticing multiple offers coming in on properties with many properties going over asking price! While this is great news for our sellers, remember that just because a buyer is willing to pay an inflated price, a bank won't lend with FHA or VA financing if the home doesn't appraise for it's sales price.
Browse homes for sale in Bel Air here, or to sell your Bel Air home, just complete this short questionnaire and Compass Home Group will send you a detailed analysis of your homes value in 24 hours. Contact us directly at 443-360-0086 for more information on the local real estate market.