Q4 Housing Statistics for the Salisbury MD Area
For the period of October 1 through December 31, 2014, there were 206 settlements on single family housing units in Wicomico County, up 26% from this time last year.
The median sales price was $150,000, down 9% over the same period along with a 7% reduction in home inventory. Foreclosed and short sale properties accounted for 27% of residential sales in the fourth quarter of 2014, down 13% the same period in 2013.
As far as the total number of transactions, the fourth quarter of 2014 was the best fourth quarter for single family homes sales in the Salisbury MD area in eight years!
Takeaways for Salisbury MD Area Home Buyers
The fourth quarter of 2014 continued the trends set earlier in the year in the Salisbury MD area real estate market. An improved economic outlook, higher consumer sentiment and near record low interest rates had home buyers in a good mood and actively pursuing properties. Investors were active as well and keeping distressed inventory at reasonable levels.
Buyers shouldn’t let the calendar fool them as sellers of well-priced, desirable homes in good locations are receiving multiple offers in some cases. Often, over a third of homes going under contract each week have been on the market less than a month. With home inventories at lows not seen since last spring, serious buyers cannot afford to sit around and lose out on their dream home.
Takeaways for Salisbury MD Home Sellers
Home sellers in the Salisbury MD real estate market should take note of the strength of demand, but it is not a good reason to “go fishing” and over price their homes. Buyers are more educated than ever when it comes to market conditions and they are looking for a reasonable deal.
To assist prospective home sellers in the Salisbury Maryland area, we offer a no obligation home valuation service and neighborhood sold reports to get your home sold quickly and for top dollar. Since we only work with buyer clients, you can be assured of an unbiased, professional opinion of value since we have no motivation to list your home.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Barring a major catastrophe, we can expect continued growth in the Salisbury Maryland real estate market into early 2015, taking the typical seasonal slowdown into account. There certainly wasn’t a seasonal slowdown in December, but we also enjoyed relatively good weather.
Conventional wisdom says to expect mortgage rates to climb throughout 2015 but that same conventional wisdom said the same thing last year. The stock and bond markets are simply too volatile to make such a blanket statement. Did anyone predict $50 a barrel oil last year?
Meanwhile, the Fed keeps speaking out of both their mouths about raising interest rates and knowing they can’t without derailing the still fragile recovery, not to mention the increased costs of servicing an $18T national debt. Too, the GOP led Congress will mean some things will be different in the nation’s capital.
On the state level, it remains to be seen how incoming Governor Larry Hogan will work with the legislature in Annapolis, but he’s made some bold promises.
Locally, new elected Wicomico County executive Bob Culver has already begun major changes that hopefully will get the the county’s finances in order Salisbury area economy pointed in the right direction.
We’ll continue to provide regular updates so check back often.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS