March 2014 Salisbury MD Real Estate Market Recap
In March 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $112,500, down 25% from the median sales price last March. There were 46 home sales, down 8% from last March. The average time on market was 4.4 months compared to 4.1 months for home sales last March.
Currently, there are 8.7 months of supply of homes in the Salisbury Maryland area. This is determined by how many homes are available divided by how many homes sold the previous month.
Cause and Effect in the Salisbury MD Real Estate Market
One major factor in the median sales price decline is the very active investor market, which tends to target low priced and/or distressed properties. The good news is foreclosed and short sale homes available as a percentage of the entire market is at a six year low.
Poor weather played a major role in the March housing numbers for our area, with significant snowfall and temperatures way below average up into the last week of the month. Showing homes and gauging their potential is difficult at best under those conditions.
Another factor that shaped the market was slim inventory. The inventory of single family homes in Wicomico County is 15% lower versus this time last year. It’s logical to think if there aren’t as many homes to choose from, then not as many will be sold. Home buyers today are patiently waiting instead of settling for what they view as “second best”, in spite of the threat of rising mortgage rates.
What’s Ahead in April for Salisbury MD Real Estate
As the weather improves in April, it’s a safe bet that more sellers will have their homes ready for market. Exterior painting and power washing during a blizzard is counterproductive to say the least, so there should be some pent up supply out there. Will the buyers be there to make offers? What will interest rates do?
It will be interesting to see how the remainder of the spring selling season plays out in the Salisbury MD real estate market. You can count on us for regular updates!
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS