Third Quarter Home Prices Up 6%

Q3 2018 Housing Statistics for the Salisbury MD Area                  

For the period of July 1 through September 30, 2018, there were 296 settlements on single family housing units in the Salisbury MD area Salisbury MD Real Estate and Homes for Saleand Wicomico County, down 8% from this time last year. The median sales price was $171,400, up 6% over the same period. Q3 inventory year over year was up 5%. 

Foreclosed and short sale properties accounted for 16% of single family home sales in the third quarter of 2018, up 1% from the same period in 2017. *

 

Takeaways for Salisbury MD Area Home Buyers

It’s our belief the Salisbury MD area real estate market is in the beginning stages of a shift back to the home buyer’s favor. While Wicomico County single family home prices are up 6% year to date, sales were also down 6% for the first nine months of 2018.

The latter part of this scenario can be attributed to rising mortgage rates, at least to a degree. When that is combined with increasing prices, demand softens as a result and further evidenced by increasing home inventory which is at a high matching January and nearly twice that seen in March.

 

Takeaways for Salisbury MD Area Home Sellers

Sellers in the Salisbury MD area need not panic as the Wicomico County housing market is on solid footing. However, preparing for the shift is crucial. It’s our position that a smooth and timely sale will require much more than listing the home on the MLS, whether it’s this fall or early next year.

Would be sellers in the Salisbury MD area must be educated on the changing market and hire an agent with unique marketing abilities to make their listing stand out above the others. Contact us for details as many raving fans have done.

 

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

Our Q3 home sales projection for Wicomico County was right on the money, both with pricing and sales volume. The picture for the remainder of 2018 looks a bit murkier with Fed policy, mortgage rates,  the economy and mid-term elections all being significant factors that will shape the Salisbury MD area real estate market for the next 2 months. We are bullish on home prices staying steady with about 5% growth in Q4 versus the last three months of 2017. Home sales should come in around 240 units closed.

*Based on information from the Coastal Association of Realtors® for the period 7/1/18 through 9/30/18

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

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