April 2017 Salisbury MD Home Sales Statistics
In April 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $155,000, down 6% from the median sales price last April. There were 98 home sales, up 32% from last April.
The average time on market was 3.6 months, compared to 5.5 months for home sales in the Salisbury MD area last April.
Currently, there are 3.3 months of supply of homes in Wicomico County.* 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 buyers active in the Salisbury MD area housing market are facing an increasingly challenging environment as sold homes are now being measured in weeks and even days on market instead of months. Multiple offers are becoming regular occurrences, almost reminiscent of market conditions seen back in 2005-2006. This is simply the result of a high number of buyers competing for not enough homes for sale.
The upside for buyers is wage and lending restraints should keep Wicomico County home prices from spiraling out of control. Mortgage rates have stayed stable as well, giving more home buyers the opportunity to complete their purchase before getting priced out of the market. The key to avoid missing out on the best homes is quick and efficient communication from your buyer agent and having the systems in place to ensure you know about new listings immediately.
Conclusions for Home Sellers in the Salisbury MD Area
Coming off the strongest April for home sales in the Salisbury MD area in eleven years, current and prospective Wicomico County home sellers are certainly in the driver’s seat at this time. That said, hiring an agent who simply “lists and waits” is doing oneself a big disservice even in a hot market. An innovative marketing plan, having neighborhood market statistics and a proper list price will ensure a quick sale for the highest possible bottom line. Contact us for details on how you can become one of our many satisfied clients.
May 2017 Salisbury MD Real Estate Outlook
April home sales in the Salisbury MD area came in very close to last month’s projection. We believe May home sales in Wicomico County could come close the record set in 2002 at 112 units. We’ll know in the next 30 days or so if our thinking is crazy so check back in!
*Based on information from the Coastal Association of Realtors® for the period 4/1/17 through 4/30/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.