April 2016 Salisbury MD Home Sales Statistics
In April 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $165,000, up 16% from the median sales price last April. There were 71 home sales, down 3% from last April.
The average time on market was 5.5 months compared to 3.7 months for home sales in the Salisbury MD area last April.
Currently, there are 6.6 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
The Salisbury MD area real estate market showed continued stability last month, with units sold ending up very close to the previous April.
Speaking of “stable”, stable mortgage rates just above historical lows and stable home inventory of around 6 months’ supply all added up to a very solid start to the second quarter of the year for home buyers in the Salisbury Maryland area.
Conclusions for Home Sellers in the Salisbury MD Area
It’s tempting for home sellers in Wicomico County to focus on the 16% year over year increase in the median sales price. While this is certainly good news, we’d want see 6-12 months of consistent year over year price gains before declaring a trend has developed.
As we move towards the heart of spring home selling season in the Salisbury MD area, would be sellers need to be on their game when it comes to preparing their homes for market. Accurate pricing is crucial along with knowing what has sold recently in the neighborhood.
Outlook for May 2016 in Salisbury MD Real Estate
May home sales for the Salisbury MD area and Wicomico County should remain strong. Continued low mortgage rates, a slowly improving local economy, moderate inventory and high buyer activity should put us around 85 units closed. This would put us in line with what we saw in May 2015.
*Based on information from the Coastal Association of Realtors® for the period 4/1/16 through 4/30/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS