May Home Sales Hit 10 Year High

May 2017 Salisbury MD Home Sales Statistics

In May 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $167,500, up Salisbury MD real estate and homes for sale10% from the median sales price last May. There were 108 home sales, up 20% from last May.

The average time on market was 3.2 months, compared to 3.3 months for home sales in the Salisbury MD area last May.

Currently, there are 2.9 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

May’s home sales numbers reaffirm the notion we are in a full blown seller’s market in the Salisbury MD area and Wicomico County. Buyers are commonly facing multiple offer scenarios on homes on the market for a few weeks or even less.

The good news? While May’s median home sales price was up a full 10%, the median price for 2017 thus far in Wicomico County is up only 1%. Too, the expected increase in mortgage rates has yet to come to fruition as the rate on a 30 year fixed loan has hovered close to 4% for quite some time.

It’s still our belief that home prices and mortgage rates will increase slightly as the year goes on, thereby leaving some prospective buyers priced out of the market. To learn how to be best positioned and not lose out on the newest listings, contact us.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County home sellers have plenty to smile about after May posted the strongest month for home sales in a decade and met our prediction from last month perfectly. Prices were also the highest we’ve seen since September of 2016.

With the wind at the backs of Salisbury MD area home sellers, it’s easy to become complacent with home pricing and marketing. A quick call to us will show you the difference between a “list and wait” agent and a digital marketing professional.

We also save money for our many satisfied clients by not charging “admin” or “document storage” fees to the tune of up to $500.

 

June 2017 Salisbury MD Real Estate Outlook

Taking our low housing inventory into account, we think June 2017 home sales in Wicomico County will take a small step back from May’s figures to 95-105 units, or close to last June’s numbers. A strong finish to a solid second quarter is expected nonetheless.

 

*Based on information from the Coastal Association of Realtors® for the period 5/1/17 through 5/31/17

Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.

 

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