Q2 2017 Housing Statistics for the Salisbury MD Area
The median sales price was $160,000, up 1% over the same period. Q2 inventory year over year was down 26%.
Takeaways for Salisbury MD Area Home Buyers
Lack of inventory remains a significant concern for buyers looking in the Salisbury MD area real estate market. Homes in general are selling quickly (an average of 2.5 months in June) and multiple offers are a regular occurrence. With six months of inventory being the measuring stick for a neutral market, Wicomico County’s three months of home for sale clearly means the deck is stacked in the favor of sellers.
All is not lost, however. Mortgage rates remain favorable and well below the historical average of around 6%. Home prices in the Salisbury MD area have remained stable as well in spite of strong demand on the buying side.
Inevitably, prices will go up if demand remains at current levels but tempered by slow wage growth on the Lower Shore. Home price increases seen in 2016 and 2015 align perfectly with historical averages and demonstrate the good health of the local housing market. Further evidence of this is spelled out in the significant decline is distressed properties for sale in the area.
Takeaways for Salisbury MD Area Home Sellers
Home sellers in Wicomico County have every reason to feel confident these days. We do caution against a false sense of security as the days of having a home sold before the sign is in the yard are well behind us.
Contacting us to see what makes our firm stand out from the rest is a decision that many past clients are very happy about. Selling in late summer/fall is very different than in the spring so it pays to be prepared.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Typically, Wicomico County home sales in the third quarter of each year keep pace with the numbers seen in the second quarter. We believe lack of inventory will test this trend and expect around 290 single family homes to close from July through September in the Salisbury MD area.
Many economists are not only watching a strengthening national economy but also for Fed comments and action that will trickle down and eventually affect our local real estate market. We’ll go into more detail on this in the upcoming Mid-Year Housing Report.
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2017 MLS and FBS
*Based on information from the Coastal Association of Realtors® for the period 4/1/17 through 6/30/17