In December 2015, the median single family home sales price in Salisbury Maryland and Wicomico County was $153,400, up 15% from the median sales price last December. There were 61 home sales, down 29% from last December.
The average time on market was 4.5 months compared to 3.8 months for home sales in the Salisbury MD area last December.
Currently, there are 7.5 months of supply of homes in the Salisbury MD area.* 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
For home buyers in the Salisbury MD area, last December’s total sales were so impressive it was almost inevitable that this year would look soft in comparison. That said, the final tally was close to the mark of 65 units predicted last month.
The 15% increase in median price was a pleasant surprise, even if for only a month. If the Salisbury MD real estate market strings together 3 or more months of double digit price increases, it could be argued that a trend is developing and one we’ve been hoping to see for quite some time. Continued strong buyer demand and steady (or decreasing) inventory would certainly lead to price appreciation at some point.
Now that the Fed raised its funds rate for the first time in a decade, home loan rates are poised to follow, albeit not drastically. All things considered, now could be the single best time to purchase a home in Wicomico County in the last ten years and the “sweet spot” may be early 2016.
Conclusions for Home Sellers in the Salisbury MD Area
Sellers in the Salisbury Maryland area real estate market should be feeling pretty good about their prospects heading into the New Year. The market has shown many consecutive quarters of stability and fears of Fed action leading to a spike in interest rates amounted to a small bump. Inventory is down as well, meaning less competition.
In many ways, winter can be an optimal time to sell a home in Wicomico County. Many prospective sellers decide to wait until spring to list their homes for sale, not realizing that the active buyers out there tend to be very serious, which I can back up from personal experience.
A home that shows well this time of year has a clear advantage over the competition where green grass and blooming trees will make them all look better in a few months. Contact me for tips on making your home market ready during the winter months. Doing so can pay off handsomely, even before the end of the first quarter.
Outlook for January 2016 in Salisbury MD Real Estate
Expect home sales in the Salisbury Maryland area in January to resemble December’s statistics and recent increases in mortgage rates to be taken in stride. Favorable weather in November and December had home buyers out in force which will influence the sales numbers by month’s end.
Check back often for all things related to residential real estate for the Salisbury area and Happy New Year!
*Based on information from the Coastal Association of Realtors® for the period 12/1/15 through 12/31/15
Information compiled by Esham Real Estate Inc. is deemed to be reliable, but is not guaranteed © 2016 MLS and FBS