Q1 2019 Housing Statistics for the Salisbury MD Area
The median sales price was $157,900, up 15% over the same period. Q1 home inventory in the Salisbury MD area year over year was up 6%.
Foreclosure and short sale properties accounted for 17% of single family home sales in the first quarter of 2019, down from 25% during the same period in 2018. *
Takeaways for Salisbury MD Area Home Buyers
Housing data for Q1 in Wicomico County is a strong indicator that the local real estate market peaked in 2018. When combined with Q4 of 2018 stats, we now have 6 months of history demonstrating the theory floated in Q3 of 2018 regarding an upcoming shift.
The benefit to Salisbury MD area home buyers is fewer sales means more competition between sellers for buyers, giving them leverage in negotiations. This is especially true at the 300K and above price point, while at the entry and mid-level price points demand remains strong. The increase in the median sales price will be partially assuaged by interest rates near 15 month lows.
Takeaways for Salisbury MD Area Home Sellers
Sales of distressed properties as a percentage of the whole in Wicomico County continue to decrease which is a healthy sign for the Salisbury MD area real estate market. Now that it appears the market has peaked, accurate home pricing is imperative for homeowners considering a sale this spring.
Fewer buyers underscores the importance of a comprehensive marketing plan to have a listing stand out from the crowd. We have many happy past clients promoting our ability to sell homes in less time and for a higher net than the others. Contact us for a no pressure, no obligation consultation to see what we can do for you.
What Lies Ahead for the Salisbury MD Area Real Estate Market?
Home sales in Wicomico County fell well short of our expectations in the first quarter even though our projection was conservative. If current trends hold, roughly 275 units should close from April through June in the Salisbury MD area with home prices moderating a bit. Q2 is typically the most active quarter for new inventory but it remains to be seen if home buyers will move to take advantage of stable interest rates in the low to mid 4% range.
*Based on information from the Coastal Association of Realtors® for the period 1/1/19 through 3/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019