November 2015 Salisbury MD Home Sales Statistics
In November 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $142,900, down 10% from the median sales price last November. There were 53 home sales, up 8% from last November.
The average time on market was 3.2 months compared to 3.4 months for home sales in the Salisbury MD area last November.
Currently, there are 9.6 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
November’s home sales paled in comparison to the previous month, but were solid nonetheless. A continuing trend we’ve seen month to month is a year over year increase in sales, but median prices remaining flat. If the total volume of sales continues to increase and inventory remains stable, it’s only a matter of time before we see upward pressure on home prices in the Salisbury Maryland area real estate market.
The 9.6 months of supply we currently have is an outlier when compared August, September and October. Mortgage rates have seen slight upward pressure the last couple weeks and upcoming Fed Reserve rate hikes (likely in January) will push them even higher.
All that said, this could be the optimal time to take advantage of lower home prices, low mortgage rates and lower overall sales volume as we enter the holiday/winter season, where sellers tend to have more flexibility in pricing negotiations.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area real estate market should look at Novembers’ numbers as “the glass is half full”. After all, year over year stability is never a bad thing. The lower median sales price for the month reinforces how important having up to date market data and accurate pricing for your home is.
Drilling down even farther by obtaining neighborhood sales reports can get you even closer to the “sweet spot” in correct home pricing. Even if you aren’t in a neighborhood, contact me for your no obligation home valuation. We can turn these around very quickly, giving you the information you need to make good decisions going forward.
Outlook for January 2016 in Salisbury MD Real Estate
Last month I went “out on a limb” and missed the mark by a significant margin with a sales estimate for November. I’ll predict 65 sales for December, lower than last December but higher than this past November. The fourth quarter is shaping up to be a good one for home sales in the Salisbury MD area and provides a more reliable indication of the direction of the local real estate market versus a one month sample size.
Last Friday’s jobs report appears to have given the Fed the ammo it needs to begin incremental rate hikes and the only real question now is the timing. Some Fed observers are saying to expect an increase in the Funds Rate before year’s end but the consensus is for early 2016. Any rate increase will impact mortgage rates immediately and subsequently erode the purchasing power of Salisbury Maryland area home buyers.
We’ll be here to provide updates on everything related to residential real estate for the Salisbury area so check back frequently.
*Based on information from the Coastal Association of Realtors® for the period 11/1/15 through 11/30/15