Q1 2016 Housing Statistics for the Salisbury MD Area
For the period of January 1 through March 31, 2016, there were 190 settlements on single family housing units in the Salisbury MD area and Wicomico County, up 10% from this time last year. The median sales price was $132,250, down 6% over the same period. Q1 inventory year over year was nearly unchanged.
Takeaways for Salisbury MD Area Home Buyers
The Salisbury MD area real estate market is continuing its methodical upward swing, evidenced by sales growth in 7 out of the last 8 quarters. When factoring in stable inventory and mortgage rates at 14 month lows, it becomes clear that now is the time when home buyers have so much in their favor.
Too, median prices have remained flat in the last two years, suggesting that today’s buyers are getting into the market before sustained price appreciation is realized. An informed home buyer is a confident buyer and one who will take the greatest advantage of the opportunity before them.
Takeaways for Salisbury MD Area Home Sellers
Salisbury MD area home sellers have some reasons to smile as well. With a balanced market of around 6 months of inventory discussed in the March home sales report, current and would-be sellers can be confident in selling in a reasonable time if priced correctly. The buyers are out there for sure.
If there is a flip-side to this good news, it would certainly be the lack of price appreciation seen over the last few years. This is largely the result of the high percentage of overall home sales being distressed properties. Stagnant job and wage growth on the Lower Shore is another factor contributing to this scenario.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
We expect a strong second quarter for single family home sales in Salisbury MD area in 2016, with around 280 units closed. Almost invariably, the 2nd the 3rd quarters of each year will have the most home sales within the Wicomico County real estate market.
Rates should remain at least stable and perhaps even drop towards record lows as recently predicted. As the stock bubble slowly deflates, investors will be seeking investments with lower risk, with bonds being one of those options. The bonds fund mortgage backed securities, which are the pool of money that funds mortgages. In a nutshell, more supply for the given demand means lower prices (rates).
We provide the most comprehensive real estate market data available in the Salisbury Maryland area. Check back often for updates. Your questions and comments are always welcome!
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS
*Based on information from the Coastal Association of Realtors® for the period 1/1/16 through 3/31/16