December Home Prices Up 7%

December 2018 Salisbury MD Home Sales Statistics

In December 2018, the median single family home sales price in Salisbury Maryland and Wicomico County was $160,000, up 7% from the median sales price last December. There were 84 home sales, down 13% from last December.Salisbury MD real estate and homes for sale

The average time on market was 2.8 months, compared to 4.0 months for home sales in the Salisbury MD area last December.

Currently, there are 4.4 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.

Homes Sold in Wicomico County December 2018

 

Conclusions for Salisbury MD Area Home Buyers

December home sales in the Salisbury MD area concluded 2018 with a familiar trend- that being year over year sales going down while home prices went up. The big question remains- is the Wicomico County housing market experiencing a shift? The recent correction on Wall St. has pushed mortgage rates to well below 5%, an encouraging sign for today’s homebuyer. Our spot on projection for the month is proof we pay great attention to local market conditions.

 

Conclusions for Home Sellers in the Salisbury MD Area

Last month’s home sales stats should help homeowners already on the market understand that things don’t come to a standstill in the Salisbury MD area real estate market this time of year, but they do slow down. Prices continue to climb but as buyer activity softens, accurate pricing remains vital.

With the holidays behind them, many would be home sellers in the Salisbury MD area are asking themselves “what’s best time of year to sell my home?” While there is no single best answer, an onsite consultation will help establish a homeowner’s needs, the market value of the property and sales trends within their neighborhood. Cutting edge marketing will lead another satisfied client.

 

January 2019 Salisbury MD Real Estate Outlook

January is normally the softest month for home sales in Wicomico County, with February not far behind. The partial government shutdown has delayed closings on some types of loans so we’re conservatively projecting around 65 transactions. Mortgage rates at 10 month lows should provide a boost to Wicomico County home sales in February and March. In the next few weeks check back in for the Q4 2018 Housing Report and the 2018 Year in Review.

*Based on information from the Coastal Association of Realtors® for the period 12/1/18 through 12/31/18

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019

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