June 2018 Salisbury MD Home Sales Statistics
In June 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $153,000, down 4% from the median sales price last June. There were 83 home sales, down 27% from last June.
The average time on market was 2.8 months, unchanged for home sales in the Salisbury MD area from last June.
Currently, there are 3.8 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
The Salisbury MD area real estate state market has not shifted towards home buyers! (yet) On paper it appears June was a down month for single family home sales in Wicomico County, but only because last June was sizzling. While inventory has crept up slightly, anything below 6 months means a seller’s market. Many buyers are on a mission to find the right home before mortgage rates creep up any further and the end of summer.
Conclusions for Home Sellers in the Salisbury MD Area
For would-be home sellers in the Salisbury MD area, the traditional selling season started early this year, mainly because of the reasons listed above. Wicomico County homeowner’s now on the fence about waiting until next spring should realize there is still time if you start now. Contact us for details on how our Wicomico County home listings in 2018 have sold in an average of only nine days!
July 2018 Salisbury MD Real Estate Outlook
We missed our June sales prediction by a significant margin, attributed chiefly to the challenges with low home inventory we’ve written about for the last two years or so. A mid-month MLS conversion is also suspect in the final numbers for last month as the possibility that some sales data did not completely import correctly is very real. All the bugs should be worked out for the July Sales Report and we’re thinking around 90 units will close before August 1.
*Based on information from the Coastal Association of Realtors® for the period 6/1/18 through 6/30/18
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2018