June 2016 Salisbury MD Home Sales Statistics
In June 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $155,000, up 6% from the median sales price last June. There were 108 home sales, up 7% from last June.
The average time on market was 3.1 months compared to 3.6 months for home sales in the Salisbury MD area last June.
Currently, there are 4.1 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
Single family home sales in the Salisbury Maryland area and Wicomico County continue to impress, posting the best month for total sales in nine years and blowing through last month’s expectation.
With a scant 4 months of inventory, today’s buyers literally cannot afford to sit back and watch their new home be bought by someone else. Multiple offers on properties are becoming more and more common as mortgage rates dropped to multi-year lows at a time when buyer activity is traditionally at its peak for the year.
We’ve also seen median home prices in the Salisbury MD area increase year over year for three consecutive months, suggesting we may be witnessing the early stages of a full blown housing market recovery. Buyers who wait on their home purchase are risking an affordability crunch if prices continue to swing upward and interest rates begin to creep up as well.
Conclusions for Home Sellers in the Salisbury MD Area
With many home buyers complaining about a lack of choices, now could be an optimum time to take advantage of current market conditions and sell your Wicomico County home. A decision this big requires a strong knowledge of home pricing and what neighboring homes are selling for.
The last piece of the puzzle is the Esham Real Estate Seller Marketing Plan to sell your home for the most money in the shortest period of time. Contact us for details on how to make your next move an enjoyable and hassle-free reality.
Outlook for July 2016 in Salisbury MD Real Estate
The surprise result in the recent “Brexit” vote sent stocks tumbling and put additional downward pressure on mortgage rates. We expect rates to remain low for the balance of the month with next Friday’s release of the June Jobs Report having some bearing in which direction they will go.
Low home inventory in the Salisbury Maryland area could dampen sales a bit but we expect to see around 90 units closed this month. Second quarter and mid-year housing reports will be published soon, giving us the opportunity to drill down and take a closer look at the Wicomico County housing market as a whole.
*Based on information from the Coastal Association of Realtors® for the period 6/1/16 through 6/30/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.