February 2018 Salisbury MD Home Sales Statistics
In February 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $140,000, down 7% from the median sales price last February. There were 61 home sales, down 9% from last February.
The average time on market was 3.4 months, compared to 3.8 months for home sales in the Salisbury MD area last February.
Currently, there are 4.4 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
The slower pace of Salisbury MD area home sales in the first two months of 2018 is mostly the result of a lack of inventory, with the TOTAL number of available residential units of all types last week at around 320 in Wicomico County. With so few homes available, overall sales suffer as a result.
Rising mortgage rates have had many would be home buyers out in force for several months only to find slim pickings. Up to half the properties going under contract each week have been on the market for a month or less. A significant portion of the remainder sell after price reductions.
Conclusions for Home Sellers in the Salisbury MD Area
Salisbury MD area homeowners entering the market now have many things going in their favor, including less competition and a pool of anxious buyers. Utilizing tools such as our cutting edge marketing plan and no obligation home valuation can speed up the process while maximizing exposure to prospective buyers and the eventual proceeds at the closing table.
In depth knowledge of micro markets within Salisbury area neighborhoods combined with extensive market research for Wicomico County puts our team at the forefront in the industry here. Contact us for a no hassle, straight to the point conversation on your home value and how we can sell it as many others have done.
February 2018 Salisbury MD Real Estate Outlook
We fell short for our expectation for February home sales totals in Wicomico County but remain optimistic for a solid March to finish out the first quarter of 2018. That said, 75 units should sell this month in the Salisbury MD area.
We are keeping a close eye on the stock market as its performance can effect mortgage rates. The Trump administration’s proposed steel and aluminum tariffs and a strong February jobs report could make the rest of March a very bumpy ride on Wall St.
*Based on information from the Coastal Association of Realtors® for the period 2/1/18 through 2/28/18
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.