We’ve seen most Harford County real estate markets catching fire lately, with inventory being constrained and bidding wars on most well-priced homes. And the same has been happening in Bel Air, MD, even though slight differences exist between the 21014 and 21015 zip codes.
The 15 has been the more robust, although both areas have been strong for sellers. The market there jumped 21% to 34 homes sold in March 2017, and while there were more sales (37) in the 14 in March, it was a 7.5% drop from March of 2016. Another point of note was that there were 11 condos sold in the 14 to only 1 in the 15, and since these were lower in price to the other properties sold, this substantially affected the overall results in that zip.
The prices were up in both zips, jumping 5.7% in the 15 and a sharp 10% in the 14! It took less time to sell a home in each market, taking 66 days in the 15 and only 39 in the 14, on average. Both markets are becoming constrained since there are so few homes in comparison to the rate of sales. The absorption rate (the amount of time it would take to clear out homes inventory if there were no new listings) dropped to 2.9 months for Bel Air, MD overall (including both zips), and overall inventory was 206 active homes when the measurement was taken.
Finally, the highest home sale took place in Glenangus and sold on March 10 for $716,750. A picture of the 4,000+ square foot home is below.
Where there’s smoke, there’s fire, and the source has been the real estate market in Bel Air, MD! During September, there was a whopping $29 million in residential homes moved, which is up 12% over the same month in 2015. This represented the sale of 97 homes, where the average sales price was $298,000. This was a modest increase over last year of 1.5%.
The highest-priced home sale was in Willow Chase on Springvale drive, and sold for $790,000. A picture of this property can be seen below.
The inventory issue doesn’t seem to be affecting Bel Air real estate as much as other areas. At last count, there were 312 homes actively listed, which is down from 326 during September of 2015. That’s a decrease of only 4.29%, compared to double-digit decreases in most areas.