February 2016 Salisbury MD Home Sales Statistics
In February 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $135,000, up 11% from the median sales price last February. There were 62 home sales, up 38% from last February.
The average time on market was 4.7 months compared to 3.5 months for home sales in the Salisbury MD area last February .
Currently, there are 7.5 months of supply of homes in the Salisbury MD area.* 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 traditional “spring selling season” started early in 2016 for the Salisbury MD area real estate market. Home buyers came out in force, ultimately posting the best February for single family home sales in Wicomico County since 2007.
Interest rates dropped to near historic lows which wasn’t predicted nearly anywhere but here. Low seasonal inventory and an improved local labor market all contributed to the strong month we saw. In short, this is likely the single best time to purchase a home in the Salisbury area we’ve seen in the last decade.
Conclusions for Home Sellers in the Salisbury MD Area
Current and prospective Salisbury MD area home sellers have reason to be encouraged by February’s numbers and now is the ideal time to be planning for the sale of a home in Wicomico County. In fact, 11 out of the previous 12 months showed a year over year increase in sales or median price, or both.
Accurate pricing and knowing neighborhood sales trends will be key factors in selling your home for the most money in the shortest time period. Take advantage of the opportunity to contact us for ideas on making your home more marketable and a detailed discussion on the Esham Real Estate Seller Marketing Plan in this critical time of year. We are seeing a healthy increase in these inquiries, which is anecdotal evidence of a coming busy spring for home sales in our area.
Outlook for March 2016 in Salisbury MD Real Estate
With improving weather and longer days, many Salisbury MD area residents have their minds on outdoor activities and the winding down of the school year. A sizable portion also have their minds on buying or selling a home and March is when this tends to really ramp up.
February sales exceeded last month’s prediction nicely and 75 units sold in Wicomico County for March is a strong possibility. In all, the first quarter of 2016 for home sales in the Salisbury Maryland area is looking very good.
*Based on information from the Coastal Association of Realtors® for the period 2/1/16 through 2/29/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS