September Home Sales Up 28%

September 2016 Salisbury MD Home Sales Statistics

In September 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $171,000, up 4% from the median Salisbury MD real estate and homes for salesales price last September. There were 97 home sales, up 28% from last September.

The average time on market was 3.5 months, compared to 3.6 months for home sales in the Salisbury MD area last September.

Currently, there are 4.2 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

Home buyer activity in the Salisbury MD area for last month was again impressive, posting the strongest home sales for September in a decade. Low inventory and continued low mortgage rates contributed to the controlled “feeding frenzy” we’ve enjoyed throughout the year.

A common scenario in low inventory markets is multiple offers from buyers on well-priced, desirable properties, influencing a buyer’s decision to “fish or cut bait” to avoid losing their dream home.

Since this is not a comfortable situation to be in, home buyers in Wicomico County need expert guidance to help them navigate the process and to end up not just new home owners, but very satisfied clients as well. Contact us to see how we can make this a reality for YOU.

Conclusions for Home Sellers in the Salisbury MD Area

A six month supply of homes is considered the standard definition of a “balanced market” in the industry. That said, home sellers in the Salisbury MD area have reason to celebrate as our local housing market is clearly skewed to the seller’s side.

While this is certainly good news for those sellers about to list their home, they face the temptation is to “test the market” and pad another 10%-20% to their home’s actual value on the list price. We believe this is a mistake at any time year, let alone when entering the market in the fall  when sales tend to drop off.

Rather than have few if any showings and “hoping for the best” while buyers sit back and wait for the inevitable price reduction, it makes much more sense to accurately price your home to begin with and let us put the Esham Real Estate Seller Marketing Plan to work on your behalf. Intimate knowledge of the Salisbury area’s popular neighborhoods and what homes are selling for in your own community will help get yours sold quickly and for the most money.

 

Outlook for October 2016 in Salisbury MD Real Estate

We expect the upcoming November general election will weigh on October home sales in the Salisbury MD area as touched on in the Second Quarter Sales Report and Mid-Year Housing Report. Eighty units sold would be a reasonable number.

If this comes to fruition it would fall behind last October as the best since 2007. This month is traditionally a poor month for stock performance and along with anemic 2nd quarter GDP, this could combine to indirectly bring mortgage rates down even lower.

If the November 8th election doesn’t go your way and you plan on selling your Wicomico County home to move to Canada, make sure to contact us on November 9th!

 

*Based on information from the Coastal Association of Realtors® for the period 9/1/16 through 9/30/16

Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.

 

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