Q3 2016 Housing Statistics for the Salisbury MD Area
The median sales price was $160,000, up 3% over the same period. Q3 inventory year over year was down 8%.
Takeaways for Salisbury MD Area Home Buyers
Prospective home buyers in the Salisbury MD area secure in the employment and finances have much going in their favor. Mortgage rates recently touched near historic lows again as discussed back in January. Home prices are in the beginning stages of an upward trajectory. Sales projections at the beginning of the quarter came very close. The employment outlook is improving in Wicomico County.
One potential pitfall is stiff competition from other buyers as inventory currently stands at a scant 4 months of supply after a hot September for single family home sales. This means waffling on an accurately priced, attractive home in a desirable location is a recipe for frustration. In any given week, roughly a third of the homes that go under contract in the Salisbury area have been on the market for less than a month. That said, decisiveness and quick thinking can pay off in a big way.
Takeaways for Salisbury MD Area Home Sellers
Home sellers in the Salisbury MD area and Wicomico County should be encouraged as well, even heading into the fall months. Buoyed by nine consecutive quarters of price and/or sales growth, more local home owners are in a better equity position than any time in recent memory. With sales of distressed properties down 25% year over year in the 3rd quarter, the likelihood of those properties affecting a seller’s appraisal goes down commensurately.
Buyer activity has been consistent throughout 2016 but’s very important for prospective sellers to price their home accurately and know what is selling in their own community. Contact us for a no hype, no pressure conversation on what separates us from rest when it comes to selling your home.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
We expect some moderate softening in the pace of home sales in the Salisbury MD for the 4th quarter if seasonal and electoral trends stay consistent and believe 260 units sold to be a reasonable number.
Post-election, anemic domestic GDP and uncertainty about new administration policies could certainly flow over and impact the Salisbury MD area real estate market. Mortgage rates should remain stable through the remainder of 2016. Check in with us monthly for updates on on everything related to residential real estate in Wicomico County.
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 7/1/16 through 9/30/16