December 2017 Salisbury MD Home Sales Statistics
In December 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $154,000, up 18% from the median sales price last December. There were 83 home sales, up 8% from last December.
The average time on market was 2.7 months, compared to 3.7 months for home sales in the Salisbury MD area last December.
Currently, there are 4.0 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
Today’s home buyer and those considering entering the Salisbury MD area real estate market should recognize two things. First, there is no “off-season” when it comes to searching for your next home. While many buyers who didn’t purchase during the fall have put off their search until spring, others stayed in the market. With fewer listings becoming available (owners who are also waiting for spring), this has kept demand for housing in Wicomico County strong throughout the fall and winter.
Second, waiting to purchase will ultimately cost home buyers more in the long term. As noted in the 2017 Mid-Year Housing Report, home prices in the Salisbury area were up 3% year to date as of the end of June. Preliminary research indicates this figure has held through the end of 2017. While 3% may not seem significant, that is $6,000 added to the cost of a $200,000 home. Add in an expected hike in mortgage rates of .5% to .75% by the end of 2018, it becomes clear that some buyers who choose to wait will simply get priced out of the market or significantly curtail their “must have” features for their new home.
Conclusions for Home Sellers in the Salisbury MD Area
Recent poor weather in the Salisbury MD area notwithstanding, new listing inventory week to week remained strong in December. This means some homeowners decided to get a jump on the spring market, knowing that plenty of qualified home buyers are out there looking. The drumbeat of “price it right” goes on as this is the single most important factor in selling your home. Using comparable recent sales in your neighborhood can be very helpful as well. Once our Marketing Plan is put into action, a smooth and successful sale is a strong possibility.
January 2018 Salisbury MD Real Estate Outlook
December home sales in Wicomico County slightly exceeded our prediction of 80 homes sold. For January 2018, our thinking is around 65 homes in Salisbury area will close if the weather remains stable through the end of the month. This would be the highest sales total for January in eleven years if we’re correct.
Check back in with us over the next week or so for Fourth Quarter Housing Report and the Wicomico Residential Year in Review for 2017. Nobody knows the Salisbury MD area real estate market like we do!
*Based on information from the Coastal Association of Realtors® for the period 12/1/17 through 12/31/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.