In October 2014, the median single family home sales price in Salisbury Maryland and Wicomico County was $157,870, down 4% from the median sales price last October.
There were 71 home sales, an increase of a whopping 42% over last October. This was the highest number of homes sold in October since 2007.
The average time on market was 3.2 months compared to 5.0 months for home sales in the Salisbury MD area last October.
Currently, there are 6.8 months of supply of homes in the Salisbury Maryland area. This is determined by how many homes are available divided by how many homes sold the previous month.
Homes Sold in Wicomico County October 2014
Conclusions for Salisbury MD Area Home Buyers
Mortgage rates unexpectedly hit 18 month lows in October 2014 and Salisbury MD area home buyers took advantage. This combined with stable prices resulted in the best October for single family home sales in the Salisbury Maryland real estate market in seven years.
Coming off the best quarter for home sales Wicomico County has seen in over six years, a strong October is very encouraging for those who want to believe we’ve finally turned the corner.
Conclusions for Home Sellers in the Salisbury MD Area
While selling a Salisbury MD home during the fall can be a challenge, it was done with frequency last month. Many sellers who had their home prepared for market and accurately priced were rewarded with a contract within a month of being on the market.
Part of pricing a home well is knowing what has sold recently in your neighborhood. We can also assist with a no obligation home valuation service to get your home sold quickly and for top dollar. Since we only work with buyer clients, you can be assured of an unbiased, professional opinion of value since we have no motivation to list your home.
Outlook for November 2014 in Salisbury MD Real Estate
Serious home buyers searching in the Salisbury MD real estate market will stay in the hunt as cold weather and the holidays approach and sellers should take note. The political earthquake with the election of Larry Hogan for governor of Maryland will certainly shake up policies in Annapolis, along with Bob Culver taking over as executive in Wicomico County.
An uncertain economy in the rest of the world with low demand for oil and an increase domestic drilling has lead to a steep decline in oil prices. This has the word “deflation” on the lips of many economists, which is something the Fed can do little about.
It will be interesting to watch how the GOP lead senate seated in January will work with the White House in shaping policy for 2015. The end of QE 4, the Ebola threat, and Middle East tensions could also impact interest rates, consumer sentiment and national housing and Salisbury MD real estate markets. Check back often for regular updates.
Information compiled by Kennington Realty Inc. is deemed to be reliable, but is not guaranteed © 2014 MLS and FBS
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