November 2018 Salisbury MD Home Sales Statistics
In November 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $160,500, up 4% from the median sales price last November. There were 92 home sales, down 2% from last November.
The average time on market was 3.1 months, compared to 2.9 months for home sales in the Salisbury MD area last November.
Currently, there are 4.0 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
At first glance, Wicomico County’s housing numbers for November suggest “more of the same” as year over year statistics were nearly identical. Perhaps Salisbury MD area home buyers are now accepting that mortgage rates in the 5% range are now a fact of life. Housing inventory remains an issue but last month’s sales volume tells us that it’s not choking the market. There should be buyer motivation to transact before rates climb even higher.
Conclusions for Home Sellers in the Salisbury MD Area
November home sales in the Salisbury MD area exceeded our expectation and a sizzling October reaffirms the Wicomico County housing is on firm footing. Home sellers tend to “wait until spring” at this time of year while not realizing the market remains very active. Two things going in their favor are there is less competition (because so many sellers will wait until spring) and home buyer traffic tends to be the very serious variety. Contact us for details on these and other advantages to selling in the winter. We’ll also explain how we list and market a property during this supposedly “slow” time of year.
December 2018 Salisbury MD Real Estate Outlook
Our projection for December home sales for Wicomico County is 80-85 units closed by the time the ball drops. We’ll be keeping a close on Federal Reserve statements as they can impact mortgage rates significantly and provide indications on how the Salisbury MD area real estate market may move in the New Year. Check back in with us throughout January for the Fourth Quarter Housing Report and 2018 year in Review. Nobody covers the local housing market like we do.
*Based on information from the Coastal Association of Realtors® for the period 11/1/18 through 11/30/18
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2018