August Home Prices Up 15%

August 2017 Salisbury MD Home Sales Statistics

In August 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $175,500, up 15% from the median salesSalisbury MD real estate and homes for sale price last August. There were 96 home sales, down 7% from last August.

The average time on market was 2.5 months, compared to 3.4 months for home sales in the Salisbury MD area last August.

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

The Salisbury MD real estate market has enjoyed its best four month stretch since 2007 with August home sales meeting our expectation. What wasn’t expected is the significant jump in the median sales price. While likely an anomaly, we’ll watch to see if a trend develops as price increases were called for at the beginning of the year.

As we moved through Labor Day and the beginning of a new school year, home inventory has crept up slightly. This may give today’s home buyer a little more breathing room as the traditional sales season winds down. That said, attractive, well priced homes still won’t stay on the market for long.

 

Conclusions for Home Sellers in the Salisbury MD Area

The seasonal shift that occurs at the end of each summer means Wicomico County home sellers need to be extra diligent. With fewer active buyers versus spring and summer, selling a Salisbury MD area home in the fall is a different animal.

What does stay consistent year round is the need for solid information regarding neighborhood sales, accurate pricing and cutting edge marketing techniques. Contact us for a no obligation, no pressure conversation on we can help sell your home for top dollar in the shortest time frame.

September 2017 Salisbury MD Real Estate Outlook

We’re expecting mortgage rates to stay close to lows for the year and buyer activity to level off through September in the Salisbury MD area real estate market. The settlement of 85-90 single family homes in Wicomico County would certainly qualify as a solid month and go down as the second best September for area home sales since 2006.

 

*Based on information from the Coastal Association of Realtors® for the period 8/1/17 through 8/31/17

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

 

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