March 2018 Salisbury MD Home Sales Statistics
In March 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $146,000, up 15% from the median sales price last March. There were 103 home sales, up 2% from last March.
The average time on market was 4.1 months, compared to 3.4 months for home sales in the Salisbury MD area last March.
Currently, there are 2.5 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
Today’s home buyers in the Salisbury MD area real estate market continue to struggle with lack of inventory. When they do see a home listing with potential online, many are already under contract before a showing can be arranged while others have had multiple offers submitted. This is the challenge buyers face, compounded by a trend towards rising mortgage rates.
Buyer’s agents should be utilizing automated listing updates, listing portals and other tools so buyers are not missing out the hottest new homes for sale and price reductions. Contact us to find out why our buyer clients are so satisfied.
Conclusions for Home Sellers in the Salisbury MD Area
Salisbury MD area home owners readying their homes for market haven’t seen conditions this optimal in over a decade. That said, a word of caution is needed. No matter how low inventory is or how fast homes are selling, if YOUR home is not priced correctly it will not sell in a reasonable time frame (and it still has to appraise).
Let us take the guesswork out of the equation. If your home is in a well-known Wicomico County neighborhood, we can take a deep dive into localized sales data so you’ll be priced right from the start. Once our 45 step marketing plan is implemented, the drama will be minimized and you’ll be on your way to the closing table.
April 2018 Salisbury MD Real Estate Outlook
March home sales in Wicomico County blew past our expectation and we are confidently predicting an all-time high for April single family home sales in the Salisbury MD area, or over 105 units closed.
Fortunately, mortgage rates have stabilized recently and given hope to buyers looking to enter the market this month and into May. Check back in with us next week an update on the residential real estate market for the Salisbury area in the first quarter of 2018.
*Based on information from the Coastal Association of Realtors® for the period 3/1/18 through 3/31/18
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.