November Home Prices Up 16%

November 2016 Salisbury MD Home Sales Statistics

In November 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $159,450, up 16% from Salisbury MD real estate and homes for salethe median sales price last November. There were 78 home sales, up 47% from last November.

The average time on market was 3.6 months, compared to 3.2 months for home sales in the Salisbury MD area last November.

Currently, there are 5.1 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

Salisbury MD area home buyers came through in a big way last month with the highest volume for November home sales since 2006 and coming in close to our October projection. Added to that was the significant increase in the median price that matched last April’s high for the year.

Even more impressive is that this was achieved during a presidential election year, when November home sales typically decrease. A strengthening local economy, low mortgage rates and improved consumer confidence put Wicomico County home buyers in the mood to purchase.

 

Conclusions for Home Sellers in the Salisbury MD Area

Homeowners in the market to sell or soon will be have plenty of proof that their home can be sold during the fall. Now that we’ve seen four consecutive months of year over year median price increases, sellers of Salisbury MD area homes can be confident they are on solid ground.

Whether it’s the spring selling season or not, an accurate list price remains the key to selling a property in a reasonable time. Part of this is the knowledge of recent sales in the community. The last piece of the puzzle is the Esham Real Estate Seller Marketing Plan, which will maximize the exposure of your home in the marketplace.

Contact us for details on how we can provide the keys to selling your Wicomico County home for the most money in the shortest time.

 

December 2016 Salisbury MD Real Estate Outlook

Several factors will shape the end of the year in the Salisbury MD area real estate market and they are linked together. Mortgage rates have gone up nearly a full point in the last month, matching a 12 month high. A combination of rising oil prices, bullishness on Wall Street, inflationary pressures and an improving local economy are the drivers.

A positive November jobs report has all but assured us that the Fed act on raising the funds rate after its December meeting. This would put additional pressure on interest rates for home loans.

We are expecting around 70 units to close for the month, slightly ahead of last December. Check back in after New Year’s for the January Sales Report, a 4th quarter synopsis and the 2016 Year in Review for the Wicomico County real estate market. We leave no stone unturned to bring you the most relevant and up to date information available in the area.

 

*Based on information from the Coastal Association of Realtors® for the period 11/1/16 through 11/30/16

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

Leave a Reply

Your email address will not be published. Required fields are marked *