Maryland Real Estate Market in August 2013 Proved to be Another Strong Month
The Maryland real estate market ended summer of August 2013 with signs of steady growth in Maryland.
SALISBURY, MD - September 10, 2013 - The Maryland real estate market is definitely improving, and cities around the state saw steady growth again in August. The end of summer numbers indicate improvements in a number of areas, such as median sales price, price per square foot, and number of homes sold, compared to the same time last year.
In Salisbury, MD, median sales prices sit at $141,500, a year over year increase of 8.8%. The price per square foot is up 15.5% at $97, and the number of homes sold has increased by 31%. In Easton, MD, median home prices are up 11.4% at 245,00, with an average square foot price of $180 (up 37.4%), and a 41.7% increase in number of homes sold. Ocean City, MD is seeing steady growth, with median home sales prices up 5.2% to $242,000, and price per square foot rising the same amount to $241. Urban centers such as Baltimore, MD are also enjoying moderate market growth, with a 1.0% increase in median home sales prices to $169,900, and a 5.7% increase in price per square foot to $148.
“We are definitely seeing positive market trends across the state,” said John Wingate, Salisbury real estate agent and owner of www.WingatePremierRealEstate.com. “I don’t expect anything to slow down in the near future; the market is recovering nicely, and home values should continue to rise”.
These positive market trends are welcomed by home owners who saw their home prices plummet in the wake of the real estate market crash. Now that the market is rebounding, it may be a good time to sell for those who have been waiting. Right now is also a good time to buy, before home prices rise further, and while mortgage interest rates are still relatively low.
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