October Home Sales Down, Prices Up

In October 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $179,000, up 15% from the median Salisbury MD real estate and homes for salesales price last October. There were 56 home sales, down 37% from last October.

The average time on market was 2.5 months, compared to 3.5 months for home sales in the Salisbury MD area last October.

Currently, there are 5.7 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

Salisbury MD area home buyers currently in the market can view these statistic’s a couple ways. On one hand, prices are up considerably year over year. On the other hand, year over year sales dropped significantly meaning a more balanced market when considering the months of supply.

It’s important to consider seasonal trends and the small sample size of just one month versus a quarter or six month period of time. Too, October 2016 was a very strong month in which there was little chance of equaling with regard to total sales.

In short, today’s Wicomico County homebuyer shouldn’t be too concerned with prices spiking, bidding wars or inventory shortages if they plan to purchase in the next 30-120 days as we experience a shift in sales each year heading into the winter months. If anything, home buyers have the advantage this time of year since showing activity slows and home sellers become more motivated.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County home sellers who are now entering the market need to note these seasonal shifts as well. Failing to price your home correctly at this time of year may mean hoping for a buyer in the spring.

The short days on market for homes sold in October bears out the importance of this. Buyers actively looking in the fall and winter tend to be very serious yet are also wanting some flexibility from sellers knowing much of the competition took a break after Labor Day.

Salisbury Maryland area home sellers can face these challenges head-on by using current market data, recent sales data for your neighborhood and taking advantage of cutting edge marketing techniques that maximize exposure of your home to today’s homebuyers. It’s not unusual for us to sell a client’s home in 30 days or less, even during this challenging time of year.

 

November 2017 Salisbury MD Real Estate Outlook

No doubt, our expectation for October home sales in the Salisbury MD area was off the mark. The significant increase in the median price was a surprise as well but likely an anomaly.

That said, a host of factors may have contributed to the October numbers but it remains our belief the local housing market remains on firm footing. Sales of 65-70 units this month is a good possibility, close to what we saw last November.

 

*Based on information from the Coastal Association of Realtors® for the period 10/1/17 through 10/31/17

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