Third Quarter 2014 Housing Statistics for the Salisbury MD Area
For the period of July 1 through September 30, there were 223 settlements on single family residential housing units in Wicomico County, up 13% from this time last year. The median sales price was $158,250, up 4% over the same period along with a 5% reduction in inventory.
As far as the total number transactions, the third quarter of 2014 was the best quarter for single family homes sales in the Salisbury MD area since the second quarter of 2008!
Takeaways for Salisbury MD Area Home Buyers
Unexpectedly low interest rates, stable home inventory, perceived strength in the national economy and moderate upward price pressure on homes should be signs of encouragement for prospective home buyers in the Salisbury Maryland area real estate market.
With the fast paced “selling season” of spring and summer now well behind us, a prepared and well qualified buyer can get a great value on a home since sellers tend to be more motivated at this time of year.
Near record low mortgage rates make a buyer’s goals that much more attainable. Conversely, well priced, market ready homes in desirable locations won’t stay on the market long, so buyers who are “fence sitters” could easily miss out on a good deal.
Takeaways for Salisbury MD Area Home Sellers
Home sellers in the Salisbury MD area can also use recent sales numbers to their advantage. Move up buyers have more equity with this year’s price gains, and have solid demand from first time home buyers. The price increases, while modest, also mean that fewer would be sellers are underwater, meaning fewer potential short sales and better outcomes for the real estate industry and local economy in general.
The key for sellers has and will remain property condition and pricing, especially with seasonal demand softening as we see each year. We are happy to assist you a with Salisbury MD home valuation and neighborhood sold reports.
What’s Ahead for the Salisbury MD Real Estate Market?
Each fall, there is increased scrutiny on stock and financial markets as publically owned companies report their third quarter earnings. The results of these earnings reports can greatly affect major indexes, which in turn can affect bond markets and eventually mortgage rates for consumers.
Add in the political factors of an election year, the Ebola outbreak, the rise of ISIS and turmoil in other parts of the Middle East and Ukraine and you’ll find a recipe for volatility in the area of consumer sentiment. The winding down of the Fed’s QE 3 bond buying program at the end of this month only heightens the hair trigger mentality found on Wall Street these days.
All that said, the fourth quarter of 2014 promises to be interesting for the Salisbury MD area real estate market. Check back often for updates as we stay on top of things like nobody else!
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS