Home Prices Up 9% in July

July 2018 Salisbury MD Home Sales Statistics

In July 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $177,500, up 9% from the median sales price last July. There were 103 home sales, down 4% from last July.Salisbury MD real estate and homes for sale

The average time on market was 2.1 months, compared to 3.4 months for home sales in the Salisbury MD area last July.

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.

Homes Sold in Wicomico County July 2018

 

Conclusions for Salisbury MD Area Home Buyers

Home prices in the Salisbury MD area continue to climb, directly as a result of limited home inventory. When combined with an environment of rising interest rates, affordability is increasingly becoming a concern for home buyers in Wicomico County.

Further evidence of this trend would be the fact that July was the fourth month this year that marked double digit year over year price increases. Overall home sales have actually dropped year over year in six of the last seven months, again because the inventory issue.

 

Conclusions for Home Sellers in the Salisbury MD Area

Home sellers in the Salisbury MD area not only profited from higher home prices in July, but also saw strong sales with the month’s total matching the year high we saw in March. The current state of the Wicomico County real estate market was discussed in the Mid-Year Housing Report, showing a 6% increase in the median sales price of single family homes as of the end of June.  More in depth analysis can be found in the Second Quarter Report.

Homeowners selling later in summer and on into fall have a tougher hill to climb as a segment of buyers will drop out of the market once school and vacation plans are set. Contact us for details on how to best position and prepare your home in the fall market. Our team’s ability to get your home SOLD quickly and with minimum hassle is unmatched in the area. Many of our past clients have backed up our claim.

 

September 2018 Salisbury MD Real Estate Outlook

July proved to be a stronger month for home sales in the Salisbury MD area than projected. August is historically is a little slower versus July so we’re expecting 90-95 single family units to close in Wicomico County this month.

There should be a significant push to close before September with Labor Day weekend and the start of the school year just over the horizon. That said, it’s possible we could see 100 homes sell and give us back to back triple digit sales totals for the first time in 2018.

 

*Based on information from the Coastal Association of Realtors® for the period 8/1/18 through 8/31/18

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

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