In June 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $139,900, down 14% from the median sales price last June. There were 59 home sales, down 2% from last June. The average time on market was 3.2 months compared to 6.0 months for home sales in the Salisbury MD area last June.
Currently, there are 8.2 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
A year over year drop of 14% in median price may lead a prospective home buyer in the Salisbury MD area to believe it’s a buyers market. With under 500 single family units for sale in Wicomico County, the market could best be described as “balanced”. So, why are median prices down?
The recurring theme for 2014 has been “high investor activity” as seen in the May sales report, along with reports from the first quarter of 2014, April, March and February. Simply put, investors have absorbed distressed inventory as it has become available. Since these properties are often in poor condition and already offered at a discount along with accounting for a higher percentage of overall sales, the median price is certain to decline.
Further proof of this is the year over year decline of time on market, by nearly half in June. Investors typically are cash buyers who can accommodate quick settlements while loans can take 30 to 60 days or more to process.
Buyers “on the fence” should also consider mortgage rates hitting a recent 12 month lows and taking advantage while they can.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area have no need to panic about median prices either. Inventory has crept up over the last few months, but it is not excess by any means. Pricing remains key (and always will) to get a home sold quickly. A seller who truly has their home in market condition and prices it well can expect to have a contract within 3-4 months.
To assist sellers in the Salisbury Maryland area, 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 July 2014 in Salisbury MD Real Estate
Sales of single family homes should remain steady throughout the summer, even with vacation plans at the forefront of many people’s minds. Unrest in the Middle East and other areas can certainly affect prices of stocks, bonds and commodities, which in turn can impact mortgage rates and consumer confidence. Count on us to provide regular updates and market trends!
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS