In July 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $157,500, up 5% from the median sales price last July. There were 77 home sales, up 17% from last July. The average time on market was 4.0 months compared to 3.9 months for home sales in the Salisbury MD area last July.
Currently, there are 6.2 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
July 2014’s sales numbers give every indication of a balanced yet stronger market seeing normal growth. Last month gave us the largest number of closings for any month this year as expected, but also the highest median price seen this year, which wasn’t entirely expected. July 2014 also outperformed every month since June of 2010 in terms of overall sales.
With mortgage rates remaining tame, would be buyers in the Salisbury MD area with a solid employment outlook can move confidently forward into the purchase process. Attractive, well priced homes continue to sell at a brisk pace. Over-hesitation can paralyze a buyer and they can easily lose out on a great home. The key in this type of market is a balance between due diligence and action.
Conclusions for Home Sellers in the Salisbury MD Area
Last month’s numbers should be encouraging to home sellers in the Salisbury MD real estate market, especially if they continue on a similar path for August and on into this fall. Inventory has remained steady all summer, between 450 and 500 single family units, but not excessive.
A seller’s competitive edge comes in the form of accurate pricing, the single most important factor in selling a home in any market. The seller of a well priced, market ready home in the Salisbury MD area can expect to have it sold in 3-4 months.
To assist sellers in this process 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. You can be assured of an unbiased, professional opinion of value since we have no motivation to list your home.
Outlook for August 2014 in Salisbury MD Real Estate
Sales of single family homes typically start to fall off in August as vacations wind down and students return to class for the new school year. That said, year over year trends are what is important to determine the health of the real estate market in the Salisbury MD area.
A mixed jobs report, regional tensions, lower gas prices and a volatile stock market don’t point in any one direction for sure. We’ll be here to to keep you informed and provide the insight to assist buyers and sellers in making wise real estate decisions.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS