January 2018 Salisbury MD Home Sales Statistics
In January 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $143,700, down 3% from the median sales price last January. There were 57 home sales, also down 3% from last January.
The average time on market was 3.5 months, compared to 2.8 months for home sales in the Salisbury MD area last January.
Currently, there are 4.8 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
At first glance it would appear to home buyers that the Salisbury MD area real estate market is flat based on these statistics. But, let’s remember this small sample size versus the big picture. While we missed our January projection a bit, it was still a strong month for Wicomico County home sales.
Would-be home buyers today are facing very low inventory and rising interest rates. The high number of homes currently under contract is evidence that buyers have been very active in viewing homes and submitting offers. The consequences of waiting until later in the year were discussed in the December Home Sales Report.
Conclusions for Home Sellers in the Salisbury MD Area
Less than ideal weather over the last month or so has many soon to be Salisbury MD area home sellers missing an opportunity in our view. The temptation is to wait until ideal weather to list a home when many buyers are ready to buy right now as just mentioned. This herd mentality may be a short sighted as increasing mortgage rates will certainly affect housing affordability as a whole.
Selling a Wicomico County home at any time of year requires accurate pricing and a bullet proof marketing plan. For sellers in well-known Salisbury area neighborhoods, we can take it a step further using recent sales in these communities. Using these tools can assure a quick and smooth transaction. Contact us for details as many happy past clients have done.
February 2018 Salisbury MD Real Estate Outlook
For February 2018, we’re expecting around 70 homes to sell in the Salisbury MD area. Should this come to fruition, total home sales in Wicomico County for the month will come in above last February and post an 11 year high which was 89 home sales in February of 2007.
.*Based on information from the Coastal Association of Realtors® for the period 1/1/18 through 1/31/18
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.