In June 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $147,000, up 5% from the median sales price last June.
There were 102 home sales, up 67% from last June. The average time on market was 3.4 months, the same as home sales in the Salisbury MD area last June.
Currently, there are 5.0 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.
Homes Sold in Wicomico County June 2015
Conclusions for Salisbury MD Area Home Buyers
The “spring selling season” for Salisbury MD real estate ended with a bang for sure. Home buyers secure in their employment took advantage of continued low interest rates and dived head long into the market, producing the strongest month for single family home sales in the Salisbury MD area since July of 2007!
Months of supply went down yet again, meaning there is serious competition for well-priced, desirable homes. Further evidence of the market heating up is inventory has been sliding back from year highs seen early in the month.
Conclusions for Home Sellers in the Salisbury MD Area
Many home sellers in the Salisbury MD area that still have their homes for sale may think they’ve missed the best time of year to get their homes sold. While home sales historically have been strongest in April through June, it’s unlikely a significant drop off in buyer activity will occur as we head into the summer months.
Accurate pricing will always be the number one factor in selling home in a reasonable time frame. Would be sellers in the Salisbury Maryland real estate market should take advantage of our no obligation neighborhood sales reports and market valuations beforethe sign goes in the yard, giving them a solid plan, not a shot in the dark.
Outlook for July 2015 in Salisbury MD Real Estate
We been hearing for about a year how mortgage rates were poised for a steady upward climb but it has yet to happen. While June did see loan rates at a high for the year, it obviously didn’t slow down home sales on the Salisbury MD area. May’s disappointing jobs report and the increasing likelihood of a financial meltdown in Greece has investors looking to the safety of bonds, which in turn should keep rates stable, and possibly begin sliding back a bit.
July home sales in the Salisbury Maryland real estate market traditionally haven’t been as strong as those in June, but anything approaching 90 single family home sales would be considered solid by any measure. We’ll be here to track the trends and break down the underlying factors so check back often. The 2nd Quarter and Mid-Year Reports are in the works and will be published soon.
