September 2014 Salisbury MD Home Sales Statistics
In September 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $160,000, up 7% from the median sales price last September. There were 67 home sales, unchanged from last September.
The average time on market was 4.1 months compared to 3.2 months for home sales in the Salisbury MD area last September.
Currently, there are 7.2 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
With just over a six month supply of homes in the Salisbury MD area, our real estate market is slightly skewed towards home buyers. Coming off two consecutive strong months, it may not stay that way for long.
Mortgage rates have remained lower than anticipated and murky jobs reports have only added to the confusion. Would be buyers secure in their employment and financial outlooks may be wise to act sooner rather than later in making a buying decision while inventory is up and interest rates are favorable.
Conclusions for Home Sellers in the Salisbury MD Area
Some Salisbury MD area home sellers may be concerned they missed the “selling season”, but there are many positives they can look at, including the two best consecutive months the Salisbury MD real estate market has seen in over four years. While prices have increased modestly, this shouldn’t be a cue to overprice your home, as November and December can get really tough for sellers of overpriced homes.
Would be sellers ready to “take the plunge” now and not wait until spring should get an expert’s unbiased opinion of value for their home before reaching out to a potential listing agent and see what other homes have sold for in their neighborhood. Some practical, timely advice for selling a home during the fall will only help them as well.
Outlook for October 2014 in Salisbury MD Real Estate
October is traditionally a poor month for stocks, which generally helps to improve mortgage rates. This year, the Fed’s conclusion of it’s bond buying program, aka quantitative easing, is expected to put upward pressure on interest rates. Couple that with the seasonal slow down in overall homes sales and a decline in good weather for new home starts and it could be an interesting autumn for real estate in the Salisbury MD area and nationwide.
Upcoming mid term elections, the Ebola scare and unrest in in the Middle East only compound the many factors that can shape housing and financial markets along with consumer confidence. Rest assured, we’ll be here each month to break it all down.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS