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Salisbury MD Area Real Estate 2013 Third Quarter Report

Q3 Housing Statistics for Salisbury MD and Wicomico County                    078211-blue-chrome-rain-icon-business-charts1-sc1

For the period of July 1 through September 30, there were 196 settlements on residential housing units in Wicomico County, up 10% from this time last year. The median sales price was $152,450, up 7% over the same period along with a 10% reduction in inventory. Foreclosed and short sale properties accounted for 28% of residential sales in the third quarter of 2013, up from 21% over the same period in 2012.

Conclusions for Salisbury MD Area Real Estate Buyers and Sellers

With median prices increasing and inventory going down, that’s encouraging news for sellers in the Salisbury MD area. It’s plausible to conclude the run up in mortgage rates over the summer put a dent in homes sales in the Wicomico County. The recent Fed decision could help the sales numbers in the fourth quarter but possibly at a price long term through inflation. The increase of bank owned properties selling in Wicomico County can be attributed to recent court decisions, not a change in underlying market fundamentals. Hopefully, these foreclosure properties will be placed on the market at a rate comparable with absorption, and not a flood that hurts home values for homeowners in the Salisbury MD area.

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

Of course, all eyes are now on the budget impasse in Washington D.C. The partial government shutdown will have obvious implications on the overall economy and specific impacts for buyers and sellers in the Salisbury MD area real estate market. Currently, the USDA is shuttered, so no USDA Rural Housing Loans are being processed. Those loans already approved are closing and funds disbursed, according to my sources. Once the USDA reopens, backlogged files will be processed in a first come, first served fashion.  While HUD, FHA and VA are open for business, the IRS is working at a greatly reduced capacity, backlogging requests for transcripts and holding up loans of all types. The monthly jobs report for September will be released Friday. (has been placed on hold, citing the shutdown) October is traditionally one of the lower performing months in the stock market. These things all have the potential to impact mortgage rates, consumer sentiment, home sales and economic activity for the rest of the year.

Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2013 MLS and FBS

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