In January 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $129,600, down 10% from the median sales price last January. There were 46 home sales, down 18% from last January.
Currently, there are 10.7 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
Salisbury MD area home buyers started the New Year facing low inventory, which is typical of the season and uncertainty with mortgage rates. Interest rates actually declined towards month’s end, showing us that December’s Fed action was taken in stride by the markets and aided by the worst start in the Dow’s history.
Even with low single family home inventory in Wicomico County (around 450 units), the slower sales pace pushed the months of supply up considerably. With such a small data sample, this is inconsequential. A significant portion of January home sales wereforeclosures and short sales, pulling the median price down.
Conclusions for Home Sellers in the Salisbury MD Area
January’s softer sales numbers shouldn’t cause panic for home sellers in the Salisbury, Maryland area. In fact, the totals fell right in with what we saw in both January 2013 and January 2014. This is more evidence of the stability we’ve seen in the Salisbury area real estate market in the last few years.
Now is when many prospective home sellers in Wicomico County are doing their due diligence in preparation for entering the market this spring. We can help you determine the value of your home with a no hassle, no obligation valuation report that will get the sale of your home off on the right foot this spring.
Part of this process is also knowing what has sold recently in your neighborhood. Feel free to contact us for details on our comprehensive marketing plan and ideas for quick improvements to your home to sell quickly and for the most money.
Outlook for January 2016 in Salisbury MD Real Estate
As February wears on, the weather will hopefully improve and put the buying and selling of Salisbury, Maryland area homes at top of mind. Continued volatility in the stock markets should keep mortgage rates low for the short term. We are expecting in the neighborhood of 50 units to be sold as we roll towards March.
Your comments and questions on the Salisbury area real estate market are always welcome!
*Based on information from the Coastal Association of Realtors® for the period 1/1/16 through 1/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS