First Quarter 2015 Home Sales Report

Q1 2015 Housing Statistics for the Salisbury MD Area                  

For the period of Janauary 1 through March 31, 2015, there were 174 settlements on single family housing units in Wicomico Salisbury MD Real EstateCounty, up 3% from this time last year. The median sales price was $140,000, up 6% over the same period along with a 4% increase in inventory.

Foreclosed and short sale properties accounted for 36% of residential sales in the first quarter of 2015, up 6% from the same period in 2014.

 

Takeaways for Salisbury MD Area Home Buyers

With market conditions and sales numbers so closely mirroring Q1 of 2014, home buyers in the Salisbury MD area can take solace in the fact they are in a stable market. It could be argued that Q1’s numbers would’ve been substantially better if not for abnormally poor weather in January and February, especially when considering the very strong fourth quarter of 2014.

Continued attractive mortgage rates near 18 month lows and anticipation for increasing inventory has many new buyers looking for their dream home as we go into the heart of the spring selling season in the Salisbury Maryland area.

Takeaways for Salisbury MD Home Sellers

Home sellers should be pleased by recent price gains in the Salisbury Maryland housing market but should resist the urge to over price it if they will be preparing their home for market soon.

Many other homeowners in Salisbury neighborhoods are think of selling also and the increase in competition for buyers makes correct pricing that much more critical. We can help with neighborhood sold reports and a home valuation service, both with no obligation.

 

What Lies Ahead for the Salisbury MD Area Real Estate Market?

The second quarter of each year is usually the most active for home sales in the Salisbury MD area and this year should be no different. A continual mixed bag of economic reports should keep mortgage rates low as a result of low risk investors seeking safety in domestic bonds.

Some “experts” have been predicting higher mortgage rates for over a year but they haven’t come to pass. Many of these prognostications have been based on comments by Fed Chair Janet Yellen warning of upcoming hikes to the funds rate, but the Fed’s goalposts keep moving with the economy showing no real signs of sustained growth.

The Salisbury Maryland real estate market has shown sustained growth for the last year or so and for at least the short term we can expect more of the same.

Check back often for weekly, monthly and quarterly updates as we provide the most in depth analysis of the Salisbury MD housing market available.

 

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

 

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