August 2018 Salisbury MD Home Sales Statistics
In August 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $185,000, up 6% from the median sales price last August. There were 78 home sales, down 24% from last August.
The average time on market was 2.6 months, compared to 1.3 months for home sales in the Salisbury MD area last August.
Currently, there are 4.3 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
Higher inventory, fewer sales and higher prices for homes in the Salisbury MD area may seem counterintuitive to homebuyers, but when viewing this scenario from a “supply and demand” perspective it makes perfect sense. Home inventory in Wicomico County is at its highest level since February, which we would expect during the middle of winter.
As home prices rise, affordability becomes an issue and the buyer pool will shrink if wages cannot keep pace, pushing up inventory. This was discussed in the Mid-Year Housing Report. Strong demand continues at the price point typical for first time buyers, but the higher end of the local housing market could soften until wages rise.
Conclusions for Home Sellers in the Salisbury MD Area
Home sellers in the Salisbury MD area have enjoyed year over year price increases in 5 of 8 months thus far in 2018, while single family home sales in Wicomico County are down 5% YTD. Now that summer has passed, buyer activity can slow a bit from market seasonality.
September 2018 Salisbury MD Real Estate Outlook
While homes sales last month weren’t impressive on paper when compared to August 2017, they still surpassed sales for August in 7 of the last 10 years. With a steady supply of new listings coming on the market, the big question is “will the buyers be there in sufficient numbers?” In researching historical and current data, around 80 units closed by September 30 should be a reasonable expectation. Check back in with us in about 30 days to see the final results!
*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