Real Estate Market Conditions

First Quarter 2012 Bel Air Real Estate Market Conditions

May 15, 2012

IN BEL AIR 21014, the good news is the market has been hot over the past two months. With the lack of good inventory, homes are selling faster; 107 days vs. last April at 129 days on the market. They are also closer to list price with list to sell ratios at 95% vs. last April at 94% and still better than January 2012 and February 2012, which came in at about a 90% list to sell ratio. So, if you are thinking of selling, now is the time! We have had eight (8) homes sell in less than nine (9) days on the market in April 2012. Prices have stabilized from last year as well, meaning great things for home ownership.

IN BEL AIR 21015, the great news is the market has been much busier than we have seen in over the last few years. We are seeing multiple offers, escalation clauses and things we have not seen for a while. There is a lack of good inventory. Over the last quarter we have seen inventory down between 15-30% and sales held steady this past April staying uniform with last year, even with less inventory. We are seeing buyers feel more comfortable with the market, with low pricing of homes and low interest rates. In April, we are seeig the average days on market at 127 days, falling in about the same as last year. The list to sell ratio was much higher in April at 95% vs. 91% last year. Pricing has stabilized vs. the past couple years. So, it is nice to see a stabilization in the market with homes only falling slightly since the beginning of last year.

October 2011 Bel Air Real Estate Market Conditions

November 14, 2011

IN BEL AIR 21014, home sales were down significantly at 66%, falling from 39 last year at this time to 13 this year. Although, the homes that did sell sold much faster with 69 days on the market versus 120 days in October of last year. They also sold closer to list price at 96.5% list-to-sell versus 93.2% last year. Detached homes were down by 62% versus attached home sales, dropping by 73%. All this considered, the homes that sold were more expensive - $288,000 versus $259,000.

IN BEL AIR 21015, sales are up about 8% compared to October 2010! There were 27 homes sold versus 25 the previous October. Active listing inventory is down approximately 14% from 191 homes to 164 active listings. This makes selling a little better with fewer inventories on the market. Detached homes are up 14% which is 16 homes sold versus 14 sold October 2010. Average days on the market have really increased moving from 69 to 130 this year, although the list to sell ratio went up to 96.5% compared to 93% last year.

September 2011 Bel Air Real Estate Market Conditions

October 14, 2011

IN BEL AIR 21014, home sales were down 34% taking totals sold in September 2010 at 29 to September 2011 total sold at only 19. Listing inventory is down just over 8% at 212 houses compared to 232. Days on the market are up substantially to 186 days versus 100 days last year. The list to sale ratio dropped from 95.5% to only 91.6%. Detached homes are down 50% from 20 sales to only 10 sales for September 2011.

IN BEL AIR 21015, sales are down about 10% compared to September 2010. This September there were 19 homes sold versus 22 last year. Listing inventory is down about 7% at 184 units versus 199 in September 2010. Attached houses and town houses are down 11% and single family house sales are down about 15% this year. Average time on the market was up quite a bit from 108 days to 181 days!

July 2011 Bel Air Real Estate Market Conditions

September 9, 2011

Overall, the Bel Air market is very good!

IN BEL AIR 21014, home sales are up a little over 2% and listing inventory is down 11% compared to last July with a total of 219 active listings. Attached homes are down 7% and single family homes are up 9% compared to last July. Sales prices are down fractionally ay 2%. These numbers are based on the 37 sales from July 2011 out of the 219 homes active on the market.

IN BEL AIR 21015, sales are down a little over 20% to previous July. Active listings are up to 218 which is a 15% increase compared to last July. Attached homes, such as townhomes and condos, are up 35% and single family homes are down 47% compared to last July. Sales prices are down approximately 12%. These numbers are based off of the 37 homes that sold out of the 218 homes active on the market.

May 2011 Bel Air Real Estate Market Conditions

September 9, 2011

In Bel Air, the 21015 zip code is doing a little better than 21014.

Average time on the market has improved for Bel Air 21015, down to an average time of 86 days versus 115 last May. The best segment of the market is 4-bedroom detached homes selling between $400,000 and $700,000. The second best segment of the 21015 market is attached homes – such as town homes/villas/condos – between $150,000 and $350,000. The median price is $269,500 with a list to sell ratio of approximately 92.9%. There are about 210 active listings, and in the month of May 2011 there were 24 homes sold. Down roughly 25% in sales volume, there are around 25 homes under contract.

As we turn to take a look at Bel Air 21014, the best segment of this market is 4-bedroom detached homes priced between $250,000 and $499,000. The second best segment of the 21014 market is 3-bedroom single-family detached homes priced between $150,000 and $399,000. Average days on the market have been consistent at 120 days. There are approximately 217 homes on the market and in May 2011, 38 homes sold, which is down just about 30% from last May. The average list to sell ratio in 21014 is approximately 91.5%.

All of this market data shows we are still in a buyer’s market. Sellers, you are in a beauty contest AND pricing war!