In July 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $160,000, up 2% from the median sales price last July. There were 90 home sales, up 17% from last July.
The average time on market was 3.2 months compared to 4.0 months for home sales in the Salisbury MD area last July.
Currently, there are 5.6 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 MD area real estate market continued their roll, resulting in the best July for home sales in the last eight years and hitting the mark for last month’s prediction. While economic reports remain mixed, buyers continue to take advantage of stable mortgage rates and steady inventory.
The median price gains seen, while modest, confirm the broader trend of higher sales activity we’ve been enjoying for the last 18 months or so. In any free market, an increase in demand will eventually force prices higher, provided supply stays constant.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area real estate market should be encouraged by the solid buyer demand seen through the middle of the summer months. Maintaining curb appeal and a realistic asking price are critical factors for sellers who already have their homes listed as well as those thinking of selling during this time of year.
Outlook for August 2015 in Salisbury MD Real Estate
August is a time when many have their minds on vacations and the start of a new school year, but the Salisbury Maryland area housing market doesn’t slow to a crawl then. In fact, August sales typically will mirror July sales. That said, 85 single family units sold next month would be a good target.
Some close to the Federal Reserve are expecting an upcoming rate hike for the first time in nine years (and subsequent hikes in mortgage rates) and some of those say it will happen in September. Friday’s jobs report release will be a major influence on this line of thinking, but this author is not buying into the “conventional wisdom” and believes the Fed will leave its funds rate where it is the remainder of the year
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.