October 2015 Salisbury MD Home Sales Statistics
In October 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $143,500, down 9% from the median sales price last October. There were 91 home sales, up 28% from last October.
The average time on market was 4.5 months compared to 3.2 months for home sales in the Salisbury MD area last October.
Currently, there are 5.7 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
The trajectory of the Salisbury MD area real estate market continues to impress, putting up numbers similar to July and August and proved to be the best October since 2005 for home sales in the Salisbury area. The typical autumn slowdown simply has not materialized yet.
As median prices have remained relatively flat for 2015, it’s only a matter of time before they increase to reflect strong buyer demand as evidenced by an absorption rate of under 6 months, indicating a very active market.
Prospective Salisbury Maryland home buyers “on the fence” would be wise to jump off and take advantage of these conditions before mortgage rates rise and inventory becomes even tighter with the upcoming holidays.
Conclusions for Home Sellers in the Salisbury MD Area
October home sales blew through last month’s expectation of 70 units sold, but selling a Salisbury MD area home in the fall is definitely a different animal than during the traditional selling season of spring and summer.
Accurate pricing and solid information on competing homes can give prospective home sellers a leg up over said competition, providing an edge to get your place sold before the holidays and taking advantage of the last minute buyer rush to close before the end of the year.
Outlook for November 2015 in Salisbury MD Real Estate
Sales activity for Salisbury MD area real estate thus far has gotten off to a solid start in November, so we’ll go out on a limb and predict 80 units closed by month’s end, a sizable jump from this month last year.
Friday’s jobs report release by the Labor Department could provide an indication for the direction of movement for mortgage rates short term, which we generally believe will remain low through year’s end. Rest assured, we’ll stay on top of all news and trends related to residential real estate in the Salisbury Maryland area so check back often.
*Based on information from the Coastal Association of Realtors® for the period 10/1/15 through 10/31/15
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2015 MLS and FBS