October 2016 Salisbury MD Home Sales Statistics
In October 2016, the median single family home sales price in Salisbury Maryland and Wicomico County was $156,500, up 9% from the median sales price last October. There were 87 home sales, down 4% from last October.
The average time on market was 3.5 months, compared to 4.5 months for home sales in the Salisbury MD area last October.
Currently, there are 4.5 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
Home buyers in Wicomico County and the Salisbury MD area didn’t disappoint in October of 2016, nearly keeping pace with the big month posted last October while also showing the largest year over year median price increase since last April.
Too, these properties sold a full month faster than October 2015, even after we’ve been subjected to “TRID” guidelines for 12 months which has extended processing times for all transactions involving a mortgage. These numbers reflect the true strength in buyer demand in the Salisbury area we’ve enjoyed for the last few years.
Conclusions for Home Sellers in the Salisbury MD Area
Current and would-be home sellers in the Salisbury MD area should have some confidence as we move towards the end of fall, buoyed by year over year increases in the median home price for five out of the last six months.
Inventory remains tight, but sellers would surely benefit from the Esham Real Estate Seller Marketing Plan to make their home stand out from the competition along with assurance that their home is priced accurately and is in line with recent sales in the community.
Contact us for a no pressure, straightforward conversation on how we sell our client’s homes for top dollar in a reasonable timeframe.
Outlook for December 2016 in Salisbury MD Real Estate
The biggest news story of the year is obviously the upset victory for Donald Trump in the presidential election which has roiled financial markets considerably, putting upward pressure on mortgage rates.
Also looming is the December Fed meeting where a decision will be made on whether or not to raise the Federal Funds rate. (Our prediction is they will by a quarter point) If the Fed does act, another bump in mortgage rates can be expected.
In spite of this uncertainty, the Salisbury MD area real estate market has plenty of momentum heading into the last two months of the year, where we are expecting around 75 units closed in November.
*Based on information from the Coastal Association of Realtors® for the period 10/1/16 through 10/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.