Q3 2017 Housing Statistics for the Salisbury MD Area
For the period of July 1 through September 30, 2017, there were 293 settlements on single family housing units in the Salisbury MD area and Wicomico County, up 4% from this time last year. The median sales price was $167,500, up 5% over the same period. Q3 inventory year over year was down 24%.
Takeaways for Salisbury MD Area Home Buyers
Our second quarter prediction of around 290 home sales for this quarter came to pass. The Salisbury MD area real estate market continues to build momentum with 4% year over year sales growth being an important metric. The increase in the median sales price is another important metric and is something we been focusing on for the last two years.
Year to date, the median home sales price increase is 3% versus the same period in 2016. This should give some comfort Wicomico County home buyers concerned about being priced out of the market. Mortgage rates have also shown stability, hovering around 4% for the majority of the year and helping those buyers in the market for the fourth quarter with their planning.
Takeaways for Salisbury MD Area Home Sellers
Home sellers in the Salisbury MD area real estate market should be enthusiastic about their prospects of a successful sale as housing inventory remains below a 4 month supply. Steady buyer demand has pushed prices up and kept the market skewed towards sellers.
The data can easily perceived as a reason to push the boundaries on pricing a home, something we strongly advise against in light of the time of year. (This is never a good idea at any time in our professional opinion.) A near perfect home in a highly desirable area that is well marketed but over priced will likely receive good showing activity but offers will be few and far between, if not non-existent.
Wicomico County home sellers need extra guidance when selling in the fall and we’re here to help.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Most years, fourth quarter home sales in the Salisbury MD area outpace first quarter sales. As a result of continued low home inventory this late in the year, we’re expecting more parity between the two- or around 260 units closed in the last quarter of 2017.
Many economists are expecting the Fed to announce an increase to its funds rate in December. This could push up mortgage rates as well but the increase should be minimal as there are many other factors that determine rates on home loans. As the domestic economy and labor markets improve, this is something to keep an eye on in the upcoming months.
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 7/1/17 through 9/30/17