Salisbury MD Area Home Sales in 2018
There were 1208 settlements on residential housing units in the Salisbury MD area and Wicomico County in 2018, a decrease of 2% from 2017. The median sales price was $156,000, up 2% over the same period along with an 8% decrease in inventory.
The average time on market for properties sold in the Salisbury MD area last year was 3.2 months. Foreclosures and short sale properties accounted for 17% of residential sales in 2018, down from 20% in 2017. The median sales price of a residential unit in Wicomico County is up 12% since 2014.
Salisbury MD Area Home Buyers in 2019
Home buyers looking in the Salisbury MD area real estate market may not face the same challenges as they did last year if inventory increases as we’re expecting. The lack of home choices in 2018 is the primary reason for sales softening, while at the same time attributing to the increase in prices through supply and demand.
Mortgage rates are always on the home buyer’s mind. A recent dip in rates should be encouraging to buyers just starting their home search but they should be cautioned that sub 5% rates may not last for long. While stock market volatility can wreak havoc on a 401K, it’s also a major indicator for which direction loan rates are headed.
Salisbury MD Area Home Sellers in 2019
Homeowners in the Salisbury MD area planning to sell in 2019 have market conditions generally in their favor, but it’s our belief that things are evening out. Should mortgage rates move to the mid 5% range some buyers will get priced out of the market, hurting demand for housing and thereby pushing up inventory.
This could mean longer days on market and less leverage when negotiating the sales price and other terms. Contact us for a no pressure conversation on establishing your home’s value and how we help our seller clients navigate changing market conditions.
What Can the Salisbury MD Housing Market Expect in 2019?
We fell just short on our housing projections for 2018 in Wicomico County for overall sales, median sales and price appreciation. An unusual Q4 bumped up total home sales, while median sales prices we’re up 6% through the first three quarters and tempered in the last three months of the year. To put it in context, 2018 will still go down as the second best year since 2006 in terms of sales volume.
For 2019, we believe the Salisbury MD area real estate market will stay consistent with around 1200 units sold and the median sales price at close to 160K. This would constitute a “leveling off” in the market that has grown year over year since 2011 in transaction volume. Check back in with us in two weeks for the January Sales Report.