While the market is reasonably steady in Belle Hall this year, the numbers are down when compared to activity in 2007. Below are some stats for the first 7 months of last year compared to this year:
- Homes sold through July 31, 2008 – 38
- Average Days on Market – 120
- Average Sales Price – $427,745
- Homes for sale as of July 31, 2008 – 61
- Homes sold through July 31, 2007 – 51
- Average Days on Market – 83
- Average Sales Price – $470,751
- Homes for sale as of July 31, 2007 – 66
As you can see from the data, it is taking longer to sell fewer homes in 2008 and there has also been some pressure on pricing this year as evidenced by the drop in the average sales price. This is a result of continued high levels of inventory and less demand for housing.
The good news is that the inventory is down slightly from last year. However, for us to see a rebound in the market with less pressure on pricing, the inventory levels are going to need to drop further. For the last two years, the active inventory in Belle Hall has been fluctuating between 50 to 68 homes. To put this in perspective, at the peak of the market in August, 2005, there were only 13 homes for sale in Belle Hall!
Please stay tuned for more updates on this site and also check out my Belle Hall Home Info site for detailed information on all homes for sale in the neighborhood, including pricing, photos and much more!