Q4 2018 Housing Statistics for the Salisbury MD Area
The median sales price was $159,900, up 2% over the same period. Q4 inventory year over year was down 6%.
Foreclosure and short sale properties accounted for 15% of single family home sales in the fourth quarter of 2018, down from 20% during the same period in 2017. *
Takeaways for Salisbury MD Area Home Buyers
Home buyers in the Salisbury MD area finished the year strong in 2018, which posted the best Q4 since 2005. In spite of spiking interest rates, buyers in Wicomico County were out in force seeking to solidify their housing situations before year’s end.
We discussed the possibility of a shifting market in the Q3 Report and the data above only partially supports the theory. The unexpected dip in mortgage rates in December will increase the purchasing power for those buyers who didn’t close in 2018 or are just now starting the process.
Takeaways for Salisbury MD Area Home Sellers
Of particular note in the Q4 housing stats is lower home inventory in general and the downward trend of sales for distressed properties. An improving economy has helped Salisbury MD area homeowners with their equity position and giving them more options when deciding to sell or wait.
Many Wicomico County home owners are in the research phase of placing their properties for sale over the next few months. If a market shift is looming, the process of selling a home will shift along with it.
Knowledge of local housing market data and recent sales in the neighborhood will aid in setting an accurate price. Competition always increases for sellers each spring so separating your listing through innovative marketing from the others is a crucial step in a successful home sale.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
The fourth quarter of 2018 for the Salisbury MD area housing market blew past our expectations for sales volume with slightly higher prices than projected. Will this be the beginning of a trend in the New Year?
While cautiously optimistic, Washington gridlock, government shutdowns, volatility on Wall Street and trade disputes could all impact the Wicomico County housing market early this year and beyond. Our thinking is home sales will be comparable to Q1 of 2018 (or around 270 units) and prices leveling off at 1-2% higher year over year. Check back in next week for the 2018 Year in Review for a more in depth look at all things related to Salisbury MD area real estate.
*Based on information from the Coastal Association of Realtors® for the period 10/1/18 through 12/31/18
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019