October 2018 Salisbury MD Home Sales Statistics
In October 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $149,500, down 11% from the median sales price last October. There were 100 home sales, up 39% from last October.
The average time on market was 2.3 months, compared to 4.9 months for home sales in the Salisbury MD area last October.
Currently, there are 3.6 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
For the first time since March, Wicomico County home sales increased year over year and did so in a big way. October 2018 marked an all-time record for the month in the Salisbury MD area. However, last month was likely an outlier as a considerable number of transactions were the result of a few investors liquidating their inventory. This is evidenced by the significant drop in the median sales price.
It remains our belief the local housing market is in the early stages of a shift as discussed in detail in September. We understand that two months of similar data hardly constitute a trend, let alone two consecutive months where the data was radically different. When 2018 is viewed as a whole and also accounting for the third quarter, the picture clears up a bit. The Labor Department’s stellar jobs report released last week did tell us that wages are currently seeing exceptional growth nationally and it’s our hope Wicomico County will benefit as well. Such a scenario over a few quarters or more would end our “shift theory” for sure.
Conclusions for Home Sellers in the Salisbury MD Area
Homeowners considering a sale this year should take October’s sales stats with a grain of salt as noted above. Accurate pricing will be crucial in a changing market exacerbated by the time of year. Hyper local market data right down to knowing what’s selling in the neighborhood can build the foundation for a successful sale. Higher levels of home inventory means your listing needs to stand out. Contact us to see how we do real estate the right way in the Salisbury MD area.
November 2018 Salisbury MD Real Estate Outlook
Obviously our projection for October home sales was well off the mark but we have little reason to expect another 100 sales this month. Contract activity has been strong however in recent weeks leading us to believe around 80 units will close by months end, or close to what we saw last November.
*Based on information from the Coastal Association of Realtors® for the period 10/1/18 through 10/31/18
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2018