May 2016 Salisbury MD Home Sales Statistics
In May 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $150,200, up 7% from the median sales price last May. There were 88 home sales, up a percent from last May.
The average time on market was 3.4 months compared to 3.0 months for home sales in the Salisbury MD area last May.
Currently, there are 5.1 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
May home sales numbers in Wicomico County continued the solid run we’ve seen throughout 2016 with the month’s totals coming in just above April’s prediction.
In fact, home buyer activity in the Salisbury Maryland area has been so strong that we are hearing concerns from buyer clients about the lack of homes to view. This is backed up by the current 5 months of inventory, a statistic we haven’t seen since last June and only half the months of supply we had at the end of last January.
Mortgage rates remain very attractive and multiple offers on our listings are becoming more common. In short, home buyers in Wicomico County can’t afford to wait when they come across a home that shows great promise for their needs.
Conclusions for Home Sellers in the Salisbury MD Area
Prospective sellers in the Salisbury Maryland are in a good position to take advantage of these market conditions and early summer is a prime time to list your home.
The Esham Real Estate Seller Marketing Plan will help get your home sold quickly and for top dollar, but it all starts with an accurate list price and having a sense of what neighboring properties have sold for.
Contact us for details on how we can make the sale of your Salisbury area home as profitable and stress-free as possible.
Outlook for June 2016 in Salisbury MD Real Estate
After the release of the Labor Department’s abysmal May jobs report last week, it’s become evident the Federal Reserve has no intention of raising the funds rate anytime soon. This should help mortgage rates stay near historical lows for the month. Because of low inventory, we don’t expect the brisk sales pace of last June, but 90 units closed is very possible.
Look for second quarter and semi-annual home sales reports in the upcoming weeks. These larger sample sizes will give us more in depth analysis about the true state of the housing market in the Salisbury Maryland area.
*Based on information from the Coastal Association of Realtors® for the period 5/1/16 through 5/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.