April 2015 Salisbury MD Home Sales Statistics
In April 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $152,500, up 6% from the median sales price last April. There were 71 home sales, down 3% from last April.
The average time on market was 3.6 months compared to 3.7 months for home sales in the Salisbury MD area last April.
Currently, there are 7.7 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 looking in the Salisbury Maryland real estate market can take comfort in the stability we’ve seen since early last year. Local economic indicators, mortgage rates and housing inventory have seen few wild swings during this time period.
Multiple offers on desirable, aggressively priced homes have been common this year and those “on the fence” may be losing out by waiting. While a return to the boom years is unlikely anytime soon, the long term outlook suggests both rising home prices and interest rates, putting some of those fence sitters out of the game before they even step on the field.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury Maryland area will always face the challenge of increasing inventory at this time of the year, with some competition possibly coming from their own neighbors. Those just getting ready to list their homes have one chance to get it right when it comes to price, otherwise it could be a long summer with few showings.
We can help by providing a no hassle, no obligation valuation for your home, so you can enter the Salisbury MD real estate market educated and confident in your decisions.
Outlook for May 2015 in Salisbury MD Real Estate
Expect home sales activity in the Salisbury Maryland area to remain strong throughout May as we enter the “busy season”. Friday’s jobs report release will give us a sense of the direction for interest rates for the short term along with other less consequential economic reports in the next week or so.
When one looks at the 1st Quarter Home Sales Report combined with this one, the key word for the first 4 months of 2015 is “stability”. A sustained period of annual median price increases of around 5% would provide a sense of normality to consumers and those in the industry alike.
We’ll stay at the forefront to bring you the most accurate and comprehensive information available in the Salisbury MD area real estate market.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS