December 2014 Salisbury MD Home Sales Statistics
In December 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $133,750, down 19% from the median sales price last December.
There were 86 home sales, an increase of 79% over last December. The average time on market was 3.8 months compared to 4.4 months for home sales in the Salisbury MD area last December.
Currently, there are 5.0 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
Home buyers in the Salisbury MD area real estate market are experiencing more of a sense of optimism. This is evident from the huge jump in sales for the month as they took advantage of very low interest rates.
Lower gas prices were likely another factor in the bump in consumer sentiment as they now have more disposable income. Market savvy home sellers know the buyers that are active this time of year tend to be serious and will price their homes accordingly.
Conclusions for Home Sellers in the Salisbury MD Area
While sellers of homes in the Salisbury MD area should be impressed with the year over year number of homes sales, they may be taken aback by the substantial dip in the median sales price and wondering if their home is worth what they think it is.
Part of this can be explained by an increase in investor demand as 38% of single family homes sold last month were either short sales or bank owned properties. These homes typically are in the lower price points and sold at a discount, bringing median prices down accordingly.
The uptick in investor activity is evident when weighed against the fourth quarter of 2014 as a whole, where only 27% of single family homes sales in the Salisbury MD area were distressed properties.
Outlook for January 2015 in Salisbury MD Real Estate
There is little reason not to expect continued strength in the Salisbury MD area housing market heading into early 2015 with inventory at 10 month lows and mortgage rates expected to remain stable. This is a recipe for higher demand for housing.
While it’s a small sample, our office is seeing very promising activity for this time of year, from the numbers of showings to offers to inquiries from prospective clients. Some bad weather could throw a wrench into this scenario albeit a temporary one.
You can be sure we’ll stay on top of all the market trends in the Salisbury MD area real estate market so check back often.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS