September 2017 Salisbury MD Home Sales Statistics
In September 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $161,600, down 6% from the median sales price last September. There were 89 home sales, down 10% from last September.
The average time on market was 3.1 months, compared to 3.4 months for home sales in the Salisbury MD area last September.
Currently, there are 3.6 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
September 2017 proved to be one of those rare months over the last few years where neither the year over year sales nor the median home sales price increased in Wicomico County. This should be proof to buyers in the Salisbury MD area real estate market that the sky is not falling.
There has been some concern about rising mortgage rates, higher home prices and lack of inventory, some justified. Interest rates have remained fairly consistent in 2017 and home prices have risen only slightly as a whole. Home inventory has been tight thus far year, but we are seeing signs of this easing off as well, typical for fall in our area.
All that said, active buyers should find less competition, steady mortgage rates and more agreeable sellers, at least for the near term.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area real estate market would also serve themselves well by recognizing seasonal market patterns, as selling a home in the fall can be significantly different versus the spring and summer months.
October 2017 Salisbury MD Real Estate Outlook
In spite of what some would view as a down month, last month’s home sales in the Salisbury MD area met our expectations nearly perfectly. The result was the second best September sales totals since 2006, eclipsed only by last September.
October should post around 80 units closed and sustain the momentum the Wicomico County housing market has enjoyed this year. Check back in with us next week for the Q3 housing report, where early research suggests some good news for buyers and sellers alike.
*Based on information from the Coastal Association of Realtors® for the period 9/1/17 through 9/30/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.