July 2016 Salisbury MD Home Sales Statistics
In July 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $155,000, down 3% from the median sales price last July. There were 81 home sales, down 10% from last July.
The average time on market was 4.2 months compared to 3.2 months for home sales in the Salisbury MD area last July.
Currently, there are 5.5 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
For the Salisbury MD area real estate market, July 2016 home sales were solid, with the second best July showing since 2007. Continued low inventory would be the main culprit as to why we were off a bit in June’s estimate for the month. That said, the third quarter started off on a high note without question. Mortgage rates have slid back yet a little more, leaving one to wonder how low they will go.
Today’s home buyer in our area needs to be extra diligent as competition is stiff for the better, well priced properties. These homes sell quickly, frequently after receiving more than one offer. Losing out on the right home as a result of being a day late is not fun for Salisbury Maryland area home buyers. Contact us for details on we can make sure you know about the newest listings- almost in real time.
Conclusions for Home Sellers in the Salisbury MD Area
Many homeowners in the Salisbury MD area would be tempted to think they’ve missed out on the best time of year to sell their home- spring and summer. The reality is in a market with many buyers and low inventory, there really isn’t a bad time to sell your Wicomico County home, but listing a home in the late summer and early fall is a different animal for sure.
Pricing knowledge, sizing up the competition and the Esham Real Estate Seller Marketing Plan are the three keys to getting a home in the Salisbury Maryland area for the most money in a reasonable time. Give us a call to discuss simple and practical ways to make the sale of your home stress free and profitable.
Outlook for August 2016 in Salisbury MD Real Estate
We are expecting around 80 homes to sell in the Salisbury Maryland area in August. Mortgage rates should stay close to where they are for the balance of the month. The Presidential election rhetoric seems to be heating up early this cycle. Election years normally have slower real estate markets in the second half as discussed in the Mid-Year Housing Report.
Speaking of rhetoric, July’s employment report exceeded expectations but this will provide little incentive for the Fed to act on interest rates unless job growth can be sustained for several consecutive months. This scenario is unlikely as employers tend to take a “wait and see” attitude around major elections as well.
Check back in with us in early September for the most in depth analysis available for residential real estate in Wicomico County.
*Based on information from the Coastal Association of Realtors® for the period 7/1/16 through 7/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.