In May 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $140,000, up 15% from the median sales price last May. There were 87 home sales, up 38% from last May.
The average time on market was 3.0 months compared to 2.7 months for home sales in the Salisbury MD area last May.
Currently, there are 5.3 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 in the Salisbury Maryland area real estate market appear just as active now as they were during the first quarter. Despite housing inventory being at a high for the year in Wicomico County, strong buyer activity has driven the months of supply down to its lowest level since last December.
Unexpectedly low interest rates and improved consumer sentiment have combined with the traditional selling season to make 2015 possibly the best year for home sales this decade.
Conclusions for Home Sellers in the Salisbury MD Area
May’s sales figures will obviously be encouraging to home sellers in the Salisbury Maryland area but that shouldn’t be reason to overprice their homes. Market savvy buyers have all the necessary tools and info and will be comparing homes for sale within their search to determine those that represent the best value.
For those who have just decided to sell their homes, some elbow grease and sweat equitywill be assets in getting buyers in the door. We can also help with home valuations andneighborhood sold reports to make sure it’s priced right, both with no obligation.
Outlook for June 2015 in Salisbury MD Real Estate
With the schools letting out and vacations being planned in the Salisbury Maryland area, we can expect strong sales activity through June, possibly eclipsing May’s numbers. Mortgage rates and inventory should remain stable. It will be interesting to see if the 2ndQuarter Home Sales Report reveals continued strength in the Salisbury MD area housing market when it’s released in early July and if this is the beginning of a longer term trend.
About Dale King
Dale E. King, EBA has worked as a Buyer’s Agent in Salisbury Maryland real estate since 2004, after 18 years in construction and remodeling. He serves his buyer clients in all aspects of real estate, from consultation through closing, with no fees charged. Dale resides in Delmar Maryland with “The Queen” and their five beautiful children