March 2016 Salisbury MD Home Sales Statistics
In March 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $142,250, down 10% from the median sales price last March. There were 76 home sales, up 5% from last March.
The average time on market was 3.4 months compared to 3.6 months for home sales in the Salisbury MD area last March.
Currently, there are 6.1 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
March home sales in the Salisbury Maryland area and Wicomico Count continued its string of strong months for home buyers, posting the highest March sales total since 2007. The 6 month inventory of homes indicates we are in what is defined as a “balanced market.” Near record low mortgage rates contributed the positive numbers, which we nailed in last month’s prediction.
Conclusions for Home Sellers in the Salisbury MD Area
Another solid month for home sales in the Salisbury Maryland area is welcome news for home sellers for sure, although tempered by a decrease in the median sales price. Distressed properties continue to weigh on this metric and is something we can expect to see for the foreseeable future.
As the prime selling season ramps up for 2016, many prospective home sellers are preparing for their next move. Important tools for a successful home sale in the Salisbury MD area will be the Esham Real Estate Seller Marketing Plan, an accurate market value for your home and knowledge of your neighborhood’s recent sales.
Outlook for April 2016 in Salisbury MD Real Estate
April home sales in the Salisbury MD area real estate market traditionally mirror or slightly exceed March sales, so we are expecting around 85 units closed for the month. Mortgage rates should remain close to where they are now, resulting in a healthy start for the second quarter of 2016. A review for first quarter home sales in Wicomico County will be published soon.
*Based on information from the Coastal Association of Realtors® for the period 3/1/16 through 3/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS