September 2018 Salisbury MD Home Sales Statistics
In September 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $167,500, up 1% from the median sales price last September. There were 72 home sales, down 21% from last September.
The average time on market was 1.1 months, compared to 2.0 months for home sales in the Salisbury MD area last September.
Currently, there are 4.6 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
It can’t be known for certain at this time but the Salisbury MD area real estate market could be seeing the early signs of a shift. Year to date, median home prices in Wicomico County were up in 6 of the 9 months while sales were down year over year in each month except March. The run up of prices, low home inventory and increasing interest rates are all factors is what appears to be the “new normal”.
Today’s homebuyers need to understand how mortgage rates at 8 year highs can erode home affordability and delaying their home purchase will cost more in the long run if both prices and rates continue to climb. While mid-2016 can be marked as the best time to buy in a decade, the pendulum swung strongly towards a seller’s market since. The question now is “when will it swing back?”
Conclusions for Home Sellers in the Salisbury MD Area
Obviously any change in the Salisbury MD area real estate market won’t impact buyers alone. If our theory is correct, sellers of Wicomico County homes can expect longer days on market and lower list to net ratios. Once home inventory exceeds 6 months for a quarter or more, a dip in prices likely isn’t far behind. Should interest rates climb toward 5.5% or above, this may accelerate the process.
Selling a home in the fall presents its own challenges but a simultaneous market shift means listing agents will have to work to achieve the expected results. Contact us for details on how we sell our client’s homes faster and for a higher net than our competitors without a conflict of interest or junk fees.
October 2018 Salisbury MD Real Estate Outlook
While September home sales in Wicomico County fell slightly short of our expectation, they still surpassed those in 8 of the last 10 years. From this we know the sky isn’t falling, but changes are coming in the fourth quarter and beyond. That said, around 70 units sold in October is a likely outcome.
We remain confident in the market fundamentals for the short term while steadfastly committed to setting the standard for service in the Salisbury are real estate market, no matter which way it turns.
*Based on information from the Coastal Association of Realtors® for the period 9/1/18 through 9/30/18
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2018