April 2018 Salisbury MD Home Sales Statistics
In April 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $171,900, up 11% from the median sales price last April. There were 97 home sales, down 2% from last April.
The average time on market was 2.8 months, compared to 3.5 months for home sales in the Salisbury MD area last April.
Currently, there are 3.1 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
A lack of supply versus current demand in the Salisbury MD area real estate market has curtailed overall home sales while pushing up prices. We discussed price increases in the Q1 Wicomico Home Sales Report and affordability concerns in the 2017 Year in Review.
Today’s home buyer continues to face an uphill climb in finding a suitable home before it’s under contract or frequently dealing with multiple offers. This will likely be the pattern for the next 60 days or so.
Conclusions for Home Sellers in the Salisbury MD Area
Housing market conditions such as what we’re seeing in the Salisbury MD area present a golden opportunity for owners about to put their homes up for sale. We can help today’s home seller “price head of the curve”, thereby maximizing the bottom line at the closing table. Contact us for details on strategies for maximum exposure and surgical home pricing, right down to the neighborhood level.
May 2018 Salisbury MD Real Estate Outlook
Tight housing inventory derailed our prediction of 105 units closed in April, but it was still a strong month with a sizable increase in the median home sales price. An improving labor market has consumers in a buying mood if they can find the right home.
May should post 100 plus home sales in the Salisbury MD area in what is traditionally one of the busiest months for the Wicomico County real estate market.
*Based on information from the Coastal Association of Realtors® for the period 4/1/18 through 4/30/18
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.