Q1 2017 Housing Statistics for the Salisbury MD Area
The median sales price was $132,000, up 2% over the same period. Q1 inventory year over year was down 30%.
Takeaways for Salisbury MD Area Home Buyers
Today’s homebuyer looking in the Salisbury MD area real estate market is facing very tight inventory reminiscent of the height of the “boom” a decade ago. With only a three month supply of available homes, taking a week or two to decide on a prospective property usually means disappointment as some Wicomico County homes are selling for over list price after multiple offers.
Fortunately, radical price appreciation and loose lender standards are not part of the equation in 2017. While the media has been focused on rising mortgage rates, they hit a low for the year just last week. For those buyers looking for a deal on a foreclosure or short sale, expect stiff competition there as well as distressed properties as a percentage of the overall market are showing no signs of a significant increase anytime soon.
Takeaways for Salisbury MD Area Home Sellers
Current and prospective home sellers in Wicomico County are in their best position in a decade. Back to back years of price appreciation, strong buyer demand and stock markets at record highs are providing homeowners with more options and increased confidence. Fewer distressed sales within the Salisbury MD area real estate market mean more favorable appraisals for owner occupied properties.
In any type of real estate market, accurate pricing will always mean the difference between a relatively quick sale and a home stagnating with few showings. Having a grasp of recent sales in your neighborhood is powerful information as well. The implementation of comprehensive marketing plan while knowing your agent has your back is the trifecta for a quick, hassle free sale of a Wicomico County home without leaving money on the table.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Each year, the second quarter is typically the strongest for home sales in the Salisbury MD area and we expect this year will be no different. The sale of 310 single family homes in Wicomico County is within the realm of possibility for April through June.
Heightened tensions with Russia, North Korea and China along with recent military action in Syria has some investors looking closely at bond markets again. This is one significant reason why mortgage rates have dropped recently. The timing of this could be very fortuitous for buyers entering the market as we enter the most active time of the year for home sales in our area.
*Based on information from the Coastal Association of Realtors® for the period 1/1/17 through 3/31/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS