Q3 2015 Housing Statistics for the Salisbury MD Area
For the period of July 1 through September 30, 2015, there were 265 settlements on single family housing units in the Salisbury MD area and Wicomico County, up 18% from this time last year. The median sales price was $154,900, down 3% over the same period along with a 6% increase in inventory.
Takeaways for Salisbury MD Area Home Buyers
Third quarter home sales numbers for the Salisbury MD area real estate market for 2015 proved to be the best overall quarter since Q2 of 2007. In fact, each quarter since 2011 has shown either year over year sales growth, median price appreciation, or both. This is a long term trend that home buyers can be confident in. When combined with continued favorable mortgage rates and stable inventory, now is an ideal time to purchase a home in the Salisbury, Maryland area.
Takeaways for Salisbury MD Home Sellers
With a very solid third quarter that exceeded our expectations, more home owners are in a positive equity position, meaning they have options when it comes to the decision to move up, downsize, relocate or purchase a vacation or investment property. Consistent sales growth also will mean eventual price appreciation, provided buyer demand remains stable or increases. Selling a Salisbury Maryland area home late in the year is a different ballgame than during the traditional selling season, but we have you covered there as well.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
After an apparent correction in domestic stock market indices, investor movement to the safety of bonds has pushed mortgage rates to near lows for the year. Dire warnings of an upcoming Fed rate hike proved to be a paper tiger and Friday’s dismal employment report confirms the economy is facing headwinds, giving the Fed more reason to leave its funds rate alone for the next several months at least.
It’s possible continued stock market volatility could push mortgage rates down even further, opening up additional opportunities to prospective home buyers. Barring a severe economic downturn, we are expecting fourth quarter home sales for the Salisbury MD area real estate market to be in the vicinity of 220 units.
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Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS
*Based on information from the Coastal Association of Realtors® for the period 7/1/15 through 9/30/15