Salisbury MD Home Sales Statistics in February 2015
In February 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $121,500, up 14% from the median sales price last February. There were 45 home sales, a decrease of 29% from last February.
The average time on market was 4.3 months compared to 4.7 months for home sales in the Salisbury MD area last February.
Currently, there are 9.9 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
February home sales may have been down in the Salisbury, Maryland area, but extreme weather certainly played a role. Towards the end of the month, pending sales took a sizable jump.
Mortgage rates remained relatively stable along with inventory, translating into the uptick in months of supply. There is likely some pent up demand as a result of the bad weather preventing many buyers from viewing homes.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD real estate market also faced challenges from the weather. Many would-be sellers couldn’t get their homes ready for the spring market because of snow, ice and extreme cold. For other sellers in escrow, inspections and appraisals were affected, delaying their closing.
Outlook for March 2015 in Salisbury MD Real Estate
March will kick off the unofficial “spring selling season” in the Salisbury MD real estate market. Improving weather will bring additional inventory to bear, and usually the buyer demand is there to meet it. Many buyers and market observers will be keeping a close eye on mortgage rates as this can have a great impact on affordability.
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Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS