August 2015 Salisbury MD Home Sales Statistics
In August 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $147,700, down 3% from the median sales price last August. There were 94 home sales, up 24% from last August.
The average time on market was 3.7 months compared to 5.5 months for home sales in the Salisbury MD area last August.
Currently, there are 5.4 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
Single family home sales in the Salisbury MD area real estate market continued their impressive ways, posting the strongest August since 2006. Improved consumer confidence, low mortgage rates and moderate levels of housing inventory have buyers aggressively pursuing their next home. With median sales prices staying relatively flat, today’s home buyers have enjoyed ideal market conditions and increased sales are the result.
Conclusions for Home Sellers in the Salisbury MD Area
Prospective and current home sellers in the Salisbury Maryland area and Wicomico County have reason to be confident as well. They can take advantage of increased buyer activity by pricing their homes correctly as we head towards the autumn months. A no cost home valuation and knowing what’s selling in your neighborhood can be big assets, saving sellers time and money in the process.
Outlook for September 2015 in Salisbury MD Real Estate
Home sales in the Salisbury MD area should remain brisk this September, with 80 single family home sales in Wicomico County being a reasonable expectation. Recent turmoil in the stock market has many investors seeking the safety of bonds, which has in turn pushed mortgage rates down to lows not seen since spring.
Friday’s release of the August jobs report will be one factor the Fed will take into account later this month when deciding if a hike in its funds rate is to occur. Many experts are saying the odds of a rate increase this month are 50-50, but this author, while not an expert, is on the record as saying it won’t happen. If the Fed does decide to raise the funds rate, it will likely be by only a quarter point and something the markets will take in stride after much discussion and hand wringing for nearly two years.
Check back often for updates on everything related to real estate in Salisbury, Maryland.
*Based on information from the Coastal Association of Realtors® for the period 8/1/15 through 8/31/15
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS