Second Quarter 2016 Housing Statistics for the Salisbury MD Area
For the period of April 1 through June 30, 2016, there were 273 settlements on single family housing units in the Salisbury MD area and Wicomico County, up 2% from this time last year. The median sales price was $158,950, up 12% over the same period. Second quarter inventory year over year was down 13%.
Takeaways for Salisbury MD Area Home Buyers
Home buyers looking in the Salisbury MD area may not see a better time than NOW for their next home purchase. With mortgage rates at three year lows and the housing market beginning to heat up in Wicomico County, today’s home buyer needs to move quickly on a desirable home. Buyer competition has pushed inventory down to only 4 months.
Too, after witnessing eight consecutive quarters of growth in either sales or median prices or both, it’s clear the Salisbury MD area real estate market is on firm footing. Nailing the expectation of 280 units closed in the First Quarter Sales Report is evidence of the stability in current market fundamentals.
Takeaways for Salisbury MD Area Home Sellers
Current and would-be home sellers in the Salisbury MD area real estate market have plenty to celebrate. Three consecutive months of year over year price appreciation discussed in the June Sales Report means more homeowners are in an improved equity position, giving them more options when considering whether to sell or not. An expert price evaluation, knowing what neighboring homes have sold for and the Esham Real Estate Seller Marketing Plan would be huge assets in their decision.
Very low home inventory means more competition from buyers, shortening days on market and is also a major factor in the price appreciation the market has recently enjoyed. Wicomico County home sellers should be particularly encouraged by the 25% year over year decrease in sales of distressed properties. These properties tend to drag on appraisals and having them removed from the equation benefits everyone. This has been especially noticeable when comparing distressed sales to those in the first quarter.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Typically in election years, third quarter home sales soften up a bit compared to the previous quarter. That said, we still see plenty of momentum in the Salisbury Maryland area housing market as summer progresses towards fall, with around 290 units closed being a reasonable expectation.
Last month’s “Brexit” vote shook financial markets across the globe and resulted in downward pressure on mortgage rate, which have reached multi-year lows. While the specifics we’re obviously unknown at the time, this was predicted in January in the 2015 Year in Review. The cable news talking heads are wrong more often than they get credit for. Tomorrow’s release of the June Jobs Report should provide some insight on what the Fed’s intentions are short term for domestic monetary policy.
Next week, keep an eye out for the Mid-Year Housing Report for Salisbury Maryland real estate, where we’ll dive in even deeper into the Wicomico County housing market.
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 4/1/16 through 6/30/16