March 2017 Salisbury MD Home Sales Statistics
In March 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $124,100, down 10% from the median sales price last March. There were 101 home sales, up 29% from last March.
The average time on market was 3.4 months, compared to 3.5 months for home sales in the Salisbury MD area last March.
Currently, there are 3.1 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
Home buyers in the Salisbury MD area real estate market haven’t seen conditions like these in over a decade. As the result of very low current inventory, multiple offers are becoming more common and some properties are selling for over list price.
In any given week, up to half of the homes that have gone under contract were on the market for less than a month. Fortunately, mortgage rates have stabilized while prices have yet to go up significantly in the last few years as some prospective buyers are on the edge of getting priced out of the market.
Many Salisbury Maryland area home buyers have never seen a market like this and need expert guidance on how to navigate this challenging landscape. Contact us to learn more about how we can help today’s home buyer like nobody else.
Conclusions for Home Sellers in the Salisbury MD Area
As we enter “prime time” for the traditional selling season for Salisbury MD area real state, local home owners should be very enthusiastic for their prospects of a successful transaction as both overall sales and the median sales price of Wicomico County homes increased in 9 of the last 12 months. Buyer demand is obviously very healthy after Salisbury area home sales blew through our March projection.
This enthusiasm should not replace accurate pricing, recent sales in the community or an effective plan for marketing your home, however. These are three crucial components to a smooth, cost effective and timely sale of your Salisbury MD area home and something we have down to a science.
Connect with us today for a hype free overview on how we can help you take advantage of current market conditions.
April 2017 Salisbury MD Real Estate Outlook
We expect Wicomico County home sales to be very strong in this month and over 100 units closed is not out of the question. This would be a significant jump over last April, but we believe the market fundamentals are in place to see it happen.
Check back in with us next week for a look at the first quarter performance of the Salisbury MD area real estate market. The preliminary data suggests more positive news for home buyers and sellers in Wicomico County.
*Based on information from the Coastal Association of Realtors® for the period 3/1/17 through 3/31/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.