February 2017 Home Prices Up 14%

February 2017 Salisbury MD Home Sales Statistics

In February 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $150,000, up 14% from the median Salisbury MD real estate and homes for salesales price last February.

There were 65 home sales, up 2% from last February. The average time on market was 3.8 months, compared to 4.6 months for home sales in the Salisbury MD area last February.

Currently, there are 5.5 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 consistency that the local real estate market has displayed recently should provide considerable comfort to Salisbury MD area home buyers. The evidence of this can be seen in several ways.

First, interest rates on mortgages have settled down significantly since November and remain below historic norms. Next, last month’s median homes sales price matched that of the median price seen in all of 2016. Last, viewing statistical trends in the local market allowed us to nail our February prediction.

The question remains- “How do I as a buyer capitalize on this?” It starts by contacting us for a no pressure consultation on how to best navigate through today’s market conditions, especially the low inventory market we are experiencing. This was a crucial first step for dozens of past clients who ended up with a very satisfying home buying experience.

 

Conclusions for Home Sellers in the Salisbury MD Area

March is when many would be Salisbury area home sellers begin to prepare their home for market and existing sellers question if their current plan is a sound one.

Selling one’s home has been documented by psychologists as one of life’s most stressful events. Reducing this stress comes as a result of overall market knowledge, knowledge of recent home sales in your neighborhood, accurate pricing and a rock-solid marketing plan.

A no pressure, no obligation conversation with us can put you on the path to a smooth transaction in a reasonable time and for the most money.

 

March 2017 Salisbury MD Real Estate Outlook

March typically marks the beginning of the run up to the traditional home selling season in the Salisbury MD area. Looking at the trends seen in February, it may already be happening.

Most every week in 2017 has seen an increase in new home listings but offset by an equal or greater number of purchase contracts. Many buyers are actively searching for their next home and moving quickly when they find it, keeping inventory near ten year lows of around 350 single family homes for sale.

We believe close to 80 units will close this month with the median price staying close to what we saw in February. Check back in with us soon to see where our local real estate market is headed.

 

*Based on information from the Coastal Association of Realtors® for the period 2/1/17 through 2/28/17

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

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