May 2014 Salisbury MD Real Estate Market Recap
In May 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $120,750, down 23% from the median sales price last May. There were 60 home sales, down 5% from last May. The average time on market was 2.8 months compared to 4.7 months for home sales in the Salisbury MD area last May.
Currently, there are 8.0 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
At first glance, it would appear our area is in a down market. After all, a 23% decline in median price year over year is substantial. Prospective buyers should keep in mind-
- One month is a very small sample, especially for a rural area like Wicomico County
- A quarterly report gives a more accurate snapshot of market conditions
- Because of a strong rental market, investors have been extremely active, buying lower priced homes at a solid pace
- The lower percentage of distressed properties and and fewer days on market bears this out
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD are working with the advantage of relatively low inventory. With fewer homes available, it buyers would obviously pay more attention to existing inventory. “PRICE” remains the biggest factor in selling a home, regardless of market. Accurately priced homes in good condition will continue to sell quickly.
If you are considering selling your home, we offer a no obligation home valuation service along with a neighborhood sold report so you can be competitive with other sellers when the time comes to put your home on the market.
Outlook for June 2014 in Salisbury MD Real Estate
Expect sales to remain steady throughout June and on into summer, in spite of many thoughts on the end of the school year and summer vacations. This is the time of year when new teachers in the schools and new faculty at Salisbury University will begin their home search.
The release of tomorrow’s jobs report from the Department of Labor along with other economic reports will shape consumer confidence. Unexpectedly low interest rates should be taken advantage of by buyers while they are still available.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS