August 2016 Salisbury MD Home Sales Statistics
In August 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $151,000, up 1% from the median sales price last August. There were 104 home sales, up 11% from last August.
The average time on market was 3.4 months, compared to 3.7 months for home sales in the Salisbury MD area last August.
Currently, there are 4.1 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
In Wicomico County, last month proved to be the best for August home sales in a decade and ended up well over our expectation. Salisbury Maryland area home buyers were out in force, taking advantage of mortgage rates at near historic lows.
A recent report showed Maryland ranking 14th in the nation for year over year job growth. Part of the proof is the strength of buyer demand for homes in our area. In such a competitive environment, home buyers need expert guidance. Navigating the process to come out on top simply won’t happen with a “go it alone” approach.
Conclusions for Home Sellers in the Salisbury MD Area
August has traditionally been one of better months for home sales in the Salisbury MD area real estate market and last month didn’t disappoint. With inventory at a scant 4 months, today’s home seller in Wicomico County can expect substantial buyer activity on their property in the short term but only if their home is priced correctly.
Knowledge of recent home sales in your neighborhood also factors into deciding a competitive list price and the Esham Real Estate Seller Marketing Plan will maximize your listing’s exposure to as many would be buyers as possible.
Contact us for a no hype, no pressure conversation on how we can sell your home in short order AND for the most money.
Outlook for September 2016 in Salisbury MD Real Estate
September home sales normally keep pace with July and August in the Salisbury Maryland area and we are expecting around 90 units to close this month. A strong July employment report may push mortgage rates up slightly for the short term but we don’t expect it to dampen buyer enthusiasm with any significance. We’ll discuss some possible changes to market dynamics related to the upcoming presidential election in the September, so check in with us in around 30 days.
*Based on information from the Coastal Association of Realtors® for the period 8/1/16 through 8/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.