First Quarter Home Prices Up 6%

Q1 2018 Housing Statistics for the Salisbury MD Area                  

For the period of January 1 through March 31, 2018, there were 224 settlements on single family housing units in the Salisbury MD area Salisbury MD Real Estate and Homes for Saleand Wicomico County, down 1% from this time last year. The median sales price was $143,700, up 6% over the same period. Q1 inventory year over year was down 11%.

Foreclosure and short sale properties accounted for 25% of single family home sales in the first quarter of 2018, down from 26% during the same period in 2017. *

 

Takeaways for Salisbury MD Area Home Buyers

In reviewing the Q1 housing data in the Salisbury MD area real estate market, it is evident the laws of supply and demand are at work. For three years, housing supply has dropped while demand has pushed up prices.

Once increasing mortgage rates are factored in, home affordability has eroded considerably in this time with mid-2016 being the ideal time for Wicomico County home buyers. Today’s buyer has an uphill climb for at least the short term as housing inventory remains very tight at less than 3 months of supply.

 

Takeaways for Salisbury MD Area Home Sellers

Salisbury MD area homeowners currently in the market to sell or soon will be are in the driver’s seat as many listings are selling in less than a month and often after multiple offers. The stability in the Wicomico County housing market can be seen by consistently low levels of distressed properties for sale. Low inventory will continue to put upward pressure on prices until things balance out.

Regardless of market conditions, correct pricing remains the most important factor in selling a home for the most money and in a reasonable time frame. Next to that, top notch marketing comes into play as well. Contact us to see how we achieve results for our seller clients.

What Lies Ahead for the Salisbury MD Area Real Estate Market?

For April through June in the Salisbury MD area real estate market, we’re expecting stable interest rates and continued low home inventory. The second quarter usually comes in slightly behind Q3 in terms of sales volume, with around 300 single family homes closed during the period being our prognostication. Should this come to fruition, we may top the second quarter of 2017. Check in with us in a couple weeks for the April Home Sales Report.

Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS

*Based on information from the Coastal Association of Realtors® for the period 1/1/18 through 3/31/18

 

 

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