September 2015 Salisbury MD Home Sales Statistics
In September 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $162,500, up 2% from the median sales price last September. There were 75 home sales, up 4% from last September.
The average time on market was 3.7 months compared to 4.0 months for home sales in the Salisbury MD area last September.
Currently, there are 7.0 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
While the September 2015 statistics for home sales in the Salisbury Maryland area aren’t as impressive as those for August, they can hardly be viewed as a step backwards, coming close to last month’s estimate for 80 units sold during the month.
High volatility on Wall Street drove investors to the safety of bonds (including mortgage backed securities) pushing current home loan rates to lows not seen since spring. Another factor in this equation is the Fed decision to stand pat on raising its funds rate, which was also predicted on these pages two months ago.
Employment and consumer confidence has remained stable on the Lower Shore creating positive market conditions for home buyers in the Salisbury MD real estate market.
Conclusions for Home Sellers in the Salisbury MD Area
As the weather cools and we enter into the final quarter of the year, current and prospective home sellers in the Salisbury MD area real estate market need to be on their “A game” to attract buyers. This includes a game plan to sell your home this fall. Knowing the value of your home and what has sold in your neighborhood are two key pieces of this puzzle, helping you ensure your home will be sold in a reasonable time without leaving money on the table.
Outlook for October 2015 in Salisbury MD Real Estate
October home sales in the Salisbury MD area have averaged a decline of 7% vs. September over the last 5 years, so we can expect around 70 single family units to close next month. Friday’s anemic jobs report (and virtually unreported by the mass media) doesn’t project confidence for the U.S. real estate market as a whole, but the upside is mortgage rates should remain in check for the short term. This news also provides additional incentive for the Fed to leave its funds rate unchanged for their December meeting. We’ll be here to provide regular updates so check back often.
*Based on information from the Coastal Association of Realtors® for the period 9/1/15 through 9/30/15
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS