February 2015 Home Sales Report

 

Salisbury MD Home Sales Statistics in February 2015

In February 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was Salisbury MD real estate$121,500, up 14% from the median sales price last February. There were 45 home sales, a decrease of 29% from last February.

The average time on market was 4.3 months compared to 4.7 months for home sales in the Salisbury MD area last February.

Currently, there are 9.9 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

February home sales may have been down in the Salisbury, Maryland area, but extreme weather certainly played a role. Towards the end of the month, pending sales took a sizable jump.

Mortgage rates remained relatively stable along with inventory, translating into the uptick in months of supply. There is likely some pent up demand as a result of the bad weather preventing many buyers from viewing homes.

 

Conclusions for Home Sellers in the Salisbury MD Area

Home sellers in the Salisbury MD real estate market also faced challenges from the weather. Many would-be sellers couldn’t get their homes ready for the spring market because of snow, ice and extreme cold. For other sellers in escrow, inspections and appraisals were affected, delaying their closing.

Accurate pricing remains the key factor in selling a Salisbury, Maryland area home in a timely fashion. We offer assistance with a no obligation market analysis and neighborhood sold reports.

Outlook for March 2015 in Salisbury MD Real Estate

March will kick off the unofficial “spring selling season” in the Salisbury MD real estate market. Improving weather will bring additional inventory to bear, and usually the buyer demand is there to meet it. Many buyers and market observers will be keeping a close eye on mortgage rates as this can have a great impact on affordability.

Rest assured, we’ll continue providing the latest and most comprehensive information available in the Salisbury Maryland real estate market.

 

Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS

 

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