December 2016 Salisbury MD Home Sales Statistics
There were 75 home sales, up 19% from last December. The average time on market was 3.6 months, compared to 4.4 months for home sales in the Salisbury MD area last December.
Currently, there are 4.8 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
The pace of home sales in the Salisbury MD area for December was brisk, coming in slightly above November’s expectation. The year over year median price was down a bit as 25% of single family home sales were on distressed properties, many purchased by investors seeking to add to their portfolios before the end of the year.
Prospective home buyers who “sat on the fence” during the latter part of 2016 may have missed their chance at near record low mortgage rates. Adding in very low inventory could mean home buyers in Wicomico County may be waiting a few months for more ideal conditions as the spring selling season approaches.
Conclusions for Home Sellers in the Salisbury MD Area
Wicomico County homeowners looking to sell their homes soon may have a unique short term opportunity with inventory at such a low level while buyer interest remains high. This is the ideal scenario to sell a property quickly and still meet bottom line goals.
From our pricing strategy to knowing the market in Salisbury MD area neighborhoods to the Esham Real Estate Seller Marketing Plan, we present a value proposition for home sellers unequaled in Wicomico County. Contact us for a no pressure, no hype discussion about selling your Salisbury MD area home while the competition is content to wait until spring.
January 2017 Salisbury MD Real Estate Outlook
January is typically one of the slow months (if not the slowest) for home sales in the Salisbury area. While the local real estate market heads into the new year with momentum, the impact of mortgage rates at nearly two year highs remains to be seen. That said, we expect around 60 units to close this month.
In the next week we’ll be publishing reports for the 4th quarter of 2016 and 2016 Year in Review, where we’ll have a much more comprehensive look at the health of the Wicomico County real estate market.
*Based on information from the Coastal Association of Realtors® for the period 12/1/16 through 12/31/16
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.