June 2017 Salisbury MD Home Sales Statistics
In June 2017, the median single family home sales price in Salisbury Maryland and Wicomico County was $159,900, up 3% from the median sales price last June. There were 105 home sales, down 5% from last June.
The average time on market was 2.5 months, compared to 3.1 months for home sales in the Salisbury MD area last June.
Currently, there are 3.0 months of supply of homes in Wicomico County.* 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 looking in the Salisbury MD area real estate market continue to struggle with low inventory. With homes sold last month averaging only two and a half months on the market, that leaves little time for handwringing on competitively priced recent listings.
The upside today’s home buyer can take some comfort in would be 30 mortgage rates hovering around 4% and prices remaining relatively stable. It also pays to have loan pre-approval and an experienced professional watching your back in this type of market.
Conclusions for Home Sellers in the Salisbury MD Area
It’s almost incredible to believe that June was a “down month” for Wicomico County home sales when viewed against last June. Still, over 100 units closed and exceeded our expectation. With market conditions clearly in the seller’s favor, complacency is an ugly enemy that seeks to undermine the best laid plans.
Studies show that homes marketed with professional photos sell faster and for a higher net than those that don’t. Selling a home in the heat of summer is not the same as it would be in the spring.
July 2017 Salisbury MD Real Estate Outlook
As housing inventory in Wicomico County continues to tighten, we expect July home sales to come in around 95 units. This would still be a significant increase over last July. Check back in over the next week or two for published reports on the second quarter and mid-year update on the status of the Salisbury MD area real estate market.
*Based on information from the Coastal Association of Realtors® for the period 6/1/17 through 6/30/17
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS.