Second Quarter Home Prices Up 6%

Q2 2018 Housing Statistics for the Salisbury MD Area                  

For the period of April 1 through June 30, 2018, there were 278 settlements on single family housing units in the Salisbury MD area andSalisbury MD Real Estate and Homes for Sale Wicomico County, down 16% from this time last year. The median sales price was $170,000, up 6% over the same period. Q2 inventory year over year was down 3%.

Foreclosure and short sale properties accounted for 17% of single family home sales in the second quarter of 2018, down from 22% during the same period in 2017. *

 

Takeaways for Salisbury MD Area Home Buyers

Low home inventory in the Salisbury MD area real estate market continues to hamper overall sales while upward pressure on Wicomico County home prices remains consistent with the 6% increase seen in the first quarter of 2018. The good news for today’s local home buyer is inventory has leveled off or even increased slightly while mortgage rates have remained stable.

 

Takeaways for Salisbury MD Area Home Sellers

Home sellers in the Salisbury MD area continue to enjoy brisk showing activity and multiple offers on the properties in many cases. In fact, our Wicomico County home listings in 2018 have sold in only 9 days on average and for 99% of the list price. While it’s definitely a seller’s market in Wicomico County, these results are extraordinary. Contact us for details on how we can help sell your home quickly and for top dollar.

 

What Lies Ahead for the Salisbury MD Area Real Estate Market?

We slightly missed our Q2 prediction but it was a solid quarter nonetheless. Mortgage interest rates should stay steady July-September and 5-6% home price appreciation is a definite possibility with around 290 single family units closed in Wicomico County. Check back in with us soon for the Mid-Year Housing and the July Sales Reports.

*Based on information from the Coastal Association of Realtors® for the period 4/1/18 through 6/30/18

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2018

 

Leave a Reply

Your email address will not be published. Required fields are marked *