July 2017 Salisbury MD Home Sales Statistics
In July 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $165,500, up 3% from the median sales price last July. There were 106 home sales, up 31% from last July.
The average time on market was 3.3 months, compared to 4.2 months for home sales in the Salisbury MD area last July.
Currently, there are 3.0 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 sales in the Salisbury MD area have exceeded 100 plus units for three consecutive months for the first time since 2006 and also posted a huge jump from what we saw last July.
Wicomico County home buyers continue to face low housing inventory with multiple offer scenarios being commonplace on competitively priced homes. Mortgage rates remain favorable and even dropped slightly last week, something that was discussed in the Mid-Year Housing Report.
Conclusions for Home Sellers in the Salisbury MD Area
Current and would be home sellers in the Salisbury Maryland area have plenty to cheer about after July home sales exceeded our estimate by over 10% and resulted in the strongest July showing since 2007. The year over year increase in the median price seen last month falls right in line with the median home price seen for the year as of the end of June.
Wicomico County home owners entering the market now can’t afford to coast, however. Market knowledge, neighborhood home sales reports, and accurate pricing are valuable tools in the arsenal of today’s home seller, while a comprehensive marketing plan can make their strategy nearly bulletproof. Contact us for no nonsense conversation on how we can sell your home for the most money in the fastest time as many past clients have done.
August 2017 Salisbury MD Real Estate Outlook
Home inventory has remained stable over the last few weeks. Typical of late summer, vacation and school plans can supersede the search for a new home. August showing and open house traffic often decreases as result, especially as we approach Labor Day. That said, 95 units closed would be a reasonable expectation. Exceeding 100 home sales in Wicomico County in August would be “icing on the cake.”
*Based on information from the Coastal Association of Realtors® for the period 7/1/17 through 7/31/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.