In August 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $155,750, nearly unchanged from the median sales price last August.
There were 74 home sales, up 17% from last August. The average time on market was 5.6 months compared to 3.7 months for home sales in the Salisbury MD area last August.
Currently, there are 6.6 months of supply of homes in the Salisbury MD area. This is determined by how many homes are available divided by how many homes sold the previous month.
Conclusions for Salisbury MD Area Home Buyers
The Salisbury MD area real estate market remains balanced. While single family home inventory is at its highest level for the year, buyer demand has kept pace.
One factor that has increased days on market recently is the turnaround time for the widely used USDA Rural Housing loans is now pushing 90 days, where previously it was half that.
Last month produced the second highest number of single family homes sales since June of 2010, eclipsed only by July of this year. Interest rates remain low and home buyers firm in their employment status can move ahead with confidence.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area who have a firm grasp on the market can be confident in a quick sale as long as their home is priced correctly and in show ready condition.
Roughly a third of homes that go under contract each have been on the market a month or less. The sellers of these homes are obviously prepared for the sales process and are rewarded for their efforts.
Others will over price their property out of fear of leaving money on the table and after an initial burst of showings, their home languishes on the market for months until price reductions bring it in line with buyer’s expectations.
To help avoid this pain, we offer a no obligation home valuation service along with a neighborhood sold report so you can be competitive with other sellers when the time comes to put your home on the market. You can be assured of an unbiased, professional opinion of value since we have no motivation to list your home.
Outlook for September 2014 in Salisbury MD Real Estate
Now that summer is past and school is back in session, some buyers may want to settle into their fall routine before aggressively looking at homes again.
Unrest in the Middle East and Ukraine can affect prices of stocks, bonds and commodities, along with the Fed’s “tapering” of bond purchases, which in turn can impact mortgage rates and consumer confidence.
You can be confident we’ll be here to keep you fully informed on the state of the Salisbury MD area real estate market.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS