In November 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $160,000, unchanged from the median sales price last November. There were 80 home sales, up 1% from last November.
The average time on market was 3.0 months, compared to 3.6 months for home sales in the Salisbury MD area last November.
Currently, there are 4.6 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
Since last month closely mirrored home sales in the Salisbury MD area for the previous November, it’s easy to recognize the stability the Wicomico County housing market has seen over the last 3-4 years. Today’s homebuyer has an improving economy, low interest rates and higher inventory to consider when viewing the landscape for their upcoming home purchase, at least for the short term.
By the end of the first quarter of 2018, projections call for rising interest rates, tighter inventory and prices 1-2% higher, meaning now is an excellent time to take action before the spring market heats up.
Conclusions for Home Sellers in the Salisbury MD Area
Current and soon to be home sellers in the Salisbury MD area must be extra sensitive to pricing their home as we head toward year’s end and into the winter. It’s a common myth that home sales slow to crawl in the dead of winter while the truth is they still happen but with less frequency when compared to April-July. Wicomico County homes sales in December- March typically are around 60% of what we’ll see during the traditional selling season.
In our view, this statistic is too significant for homeowners to simply give up and “wait until spring” as buyers actively looking now tend to be serious. Sellers in our area can take advantage by being armed with the most current housing data and knowing the market value of your home up front. Once our Marketing Plan is implanted, a successful sale is usually the result within 1-4 months or less as some of our past clients will tell you.
December 2017 Salisbury MD Real Estate Outlook
After a down October, home sales rebounded very nicely in December and handily surpassed our expectations. We are optimistic for Wicomico County home sales to reach around 75-80 units closed as we finish 2017 strong. This would give us the best December for Salisbury MD area home sales in three years if it comes to fruition.
Check back in with us in the next 45 days for the December Home Sales Report, Fourth Quarter Housing Report and the Wicomico Residential Year in Review for 2017. Happy holidays!
*Based on information from the Coastal Association of Realtors® for the period 11/1/17 through 11/30/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.