January 2017 Salisbury MD Home Sales Statistics
There were 59 home sales, up 23% from last January. The average time on market was 2.8 months, compared to 3.5 months for home sales in the Salisbury MD area last January.
Currently, there are 5.8 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
January 2017 home sales in Wicomico County met our prediction nearly perfectly. What wasn’t expected was the sizable jump in the median price year over year. Home buyers in the Salisbury MD area real estate market need not panic as the median sales price in January was still well under that of 2016 as a whole. This figure can fluctuate considerably month to month.
Buyers looking now should plan for the serious possibility of multiple offers when they find a home they’d like to pursue. This is the result of housing inventory being at lows not seen in over a decade.
Having helped dozens of buyers with their home purchases recently, we’ve developed innovative strategies to deal with a low inventory market. Contact us to schedule a no obligation consultation to discuss in greater detail.
Conclusions for Home Sellers in the Salisbury MD Area
Current and prospective home sellers in the Salisbury MD area face a unique conundrum. That is- “Do I list my home now with so few homes available or wait until spring when more buyers are entering the market?”
There are plusses and minuses to each side. The upside of listing now comes from little competition from other homes for sale in your neighborhood. Buyer activity remains strong, especially for mid-winter. This can result in multiple offers on your home as discussed above.
Waiting until spring obviously gives would be home sellers additional time to prepare their home for market. Homes typically show better after the weather improves and makes marketing the property online more effective.
The downside? More competition and some buyers may get priced out of the market if expected mortgage rate increases come to fruition later this year. To determine what’s best for you, contact us for a no hassle, straightforward conversation on how to price your home and the best way to market it to today’s tech savvy buyers.
February 2017 Salisbury MD Real Estate Outlook
February home sales in the Salisbury MD area typically mirror January’s numbers in general. We don’t think that will change drastically in 2017. The momentum heading into the new year should be somewhat tempered by continued low inventory.
The buyers are out looking, but many are discouraged by the lack of available choices or lose out to other buyers on homes they do pursue. That said, we believe around 65 units will close in Wicomico County this month.
Check in with us again in about 30 days as we look towards the end of the first quarter of 2017 .
*Based on information from the Coastal Association of Realtors® for the period 1/1/17 through 1/31/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed.