May 2018 Salisbury MD Home Sales Statistics
In May 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $188,000, up 12% from the median sales price last May. There were 95 home sales, down 11% from last May.
The average time on market was 2.2 months, compared to 3.3 months for home sales in the Salisbury MD area last May.
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
Salisbury MD area home buyers faced a familiar theme in May with a lack of home inventory and rising prices. Low home inventory in Wicomico County again tempered our sales projection of over 100 units closed for the month while buyer competition reduced the days on market by a third.
In fact, May marks the third consecutive month of year over year double digit housing price increases. Until we see a shift in market fundamentals, this is a trend we expect will continue well into the second half of the year.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area are reaping the rewards of steady market conditions over the last two years. Obviously, fewer homes for sale means more prospective buyers and a better result at closing for Wicomico County homeowners.
Time of year is an important factor when listing a home. Vacation and school year preparations will become higher priorities as the summer wears on, thereby thinning the ranks of the buyer pool- at least temporarily.
That said, the ideal listing window is rapidly drawing to a close for 2018. Contact us for details on how we can make the sale of your home a reality before fall.
June 2018 Salisbury MD Real Estate Outlook
June is typically the strongest month for home sales in Wicomico County and we’re cautiously optimistic of sales figures eclipsing the 100 unit mark for the first time since March. An improving economy is bringing new buyers into the Salisbury area real estate market daily, many hoping to settle in to their new homes before summer ends.
Check back in next month for Q2 and Mid-Year reports. Both will provide a much more comprehensive overview utilizing larger sample sizes on the health of our local housing market.
*Based on information from the Coastal Association of Realtors® for the period 5/1/18 through 5/31/18
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2018 MLS and FBS.