Salisbury MD Real Estate Sales Report for June 2024

June 2024 Salisbury MD Home Sales Statistics In June 2024, the median single family home sales price in the Salisbury MD area real estate market was $265,000. This was down 7% from the median sales price last June. There were 108 home sales, up 7% from the same month last year. The average time on market was 1.2 months, up from 1.1 months in June 2023. Currently, there are 1.5 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month.   Conclusions for Wicomico County Home Buyers For the first time since August of 2023, Salisbury MD area home prices fell on yearly basis month over month. As we’ve mentioned many times in the past, one month does not make a trend. It also wasn’t a complete surprise with last June setting a record for area home prices. The overall trend in the local housing market is for stable home prices and steady home sales in Wicomico County. We discussed this in detail in both the April Sales Report and Q1 Housing Report.   A softening labor market and a mixed bag of inflation reports have some economists predicting a Fed Rate cut after the FOMC meeting in mid-September and a second after their meeting in mid-December. Based on current information, it’s our belief there may be a single rate cut after the November Fed meeting, if at all. Any relief in mortgage rates to area homebuyers may be short lived, however. Lower borrowing costs will mean more buyers in the local housing market, inevitably putting upward pressure on home prices.   Conclusions for Home Sellers in Wicomico County We clearly remain in a sellers’ market in Wicomico County and will remain so for the next year and likely beyond. Reaching what may be a “home price plateau” (as data research for future posts suggests), Salisbury MD area home sellers would be wise to pay extra attention to their home’s price. Continued consumer inflation and mortgage rates near 7% have many buyers on edge regarding their future house payment. The result is overpriced homes are not moving. Chapter 4 of our new book (free and no shipping fee) goes into great detail on this subject. Contact us for a zero pressure, confidential conversation on the market value of your home.   July 2024 Salisbury MD Real Estate Outlook Our June sales projection proved to be accurate. July should produce similar sales totals with 100-110 units closed expected by the end of the month. Be on the lookout for the Q2 Housing Report and the Mid-Year Update over the next couple weeks, where we’ll have some interesting data to share.   *Based on information from the Coastal Association of REALTORS® for the period 6/1/24 through 6/30/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024

Salisbury MD Real Estate Sales Report for May 2024

May 2024 Salisbury MD Home Sales Statistics In May 2024, the median single family home sales price in the Salisbury MD area real estate market was $276,000. This was up 8% from the median sales price last March. There were 88 home sales, down 21% from the same month last year.                                The average time on market was 1.5 months, up from 1.1 months in May 2023.  Currently, there are 1.8 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month.   Conclusions for Wicomico County Home Buyers As home prices continue to rise, area homebuyers are looking for relief in lower mortgage rates. However, a steady stream of negative inflation reports has the Federal Reserve pushing back the possibility of cuts in their Funds Rate to late this year, if at all. In fact, one Fed official recently mentioned the possibility of incremental rate hikes in the second half of this year. This was not widely reported in the MSM, likely out of fear of spooking the financial markets.  Looking back at our predictions for 2024 in the 2023 Year in Review, it’s becoming clear that even our conservative position on Fed action this year was overly optimistic. That said, transaction volume for the remainder of the year in the Salisbury MD area real estate market will be significantly lower than previous estimates. As consumer inflation marches on, it’s difficult for home buyers to save for their down payment and closing costs.  Our advice to our buyer clients is simple- buy the home you can afford now with the expectation that interest rates will drop at some point and provide an opportunity to refinance with a lower payment. When that happens, prices are certain to push higher and making affordability an even bigger challenge to those who wait.    Conclusions for Home Sellers in Wicomico County We’re seeing a distinction for days on market within Wicomico County. Homes listed over 450K are taking twice as long to go under contract on average versus homes listed under 450K. This makes sense in a high interest rate environment as there are simply far fewer buyers currently looking in the higher price points. In Chapter 5 of our new book, we cover the specifics of marketing a home in the “luxury market”.  With buyers experiencing acute “rate sensitivity” in all segments of the market, the single most important factor in a successful home sale is an accurate list price. Our list to sell ratios are one of the highest in the area and the days on market one of the lowest, meaning we’re adept at “threading the needle” to get our seller clients maximum proceeds in a short period of time.    June 2024 Salisbury MD Real Estate Outlook  May home sales came in lower than projected and at a median price higher than anticipated. June normally has one of the highest home sales totals in any given year. For this month, we’re thinking it will look much like April with the possibility of breaking 100 units sold to close out Q2.  *Based on information from the Coastal Association of Realtors® for the period 4/1/24 through 4/30/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024

Salisbury MD Real Estate Sales Report for April 2024

April 2024 Salisbury MD Home Sales Statistics  In April 2024, the median single family home sales price in the Salisbury MD area real estate market was $275,000. This was up 9% from the median sales price last March. There were 97 home sales, down 2% from the same month last year.                                The average time on market was 1.6 months, up from 1.4 months in April 2023.  Currently, there are 1.6 months of supply of homes in Wicomico County. * This is determined by the number of homes available divided by the number of homes sold the previous month.    Conclusions for Wicomico County Home Buyers  Outside of a significant bump in home prices, market conditions look remarkably like this time last year. Mortgage rates are currently at a high for 2024. When coupled with stubbornly high consumer inflation, today’s homebuyer in the Salisbury MD area has a tough hill to climb from an affordability standpoint. High mortgage rates have put a lid on inventory as many Wicomico County homeowners are staying put unless there is an undeniable need to do so. This has kept demand solid and explains the increase in home prices we’ve seen since early 2022. Details are in the Q1 Housing Report. Conclusions for Home Sellers in Wicomico CountyNow that the spring market is in full swing, Salisbury MD area homeowners seriously thinking of selling need to walk the tightrope between pricing their homes too low (and giving away hard-earned equity) and pricing too high, which inevitably results in a lack of showings and no offers. Contact us for a no pressure conversation about our pricing strategies. After all, we literally wrote the book on the subject.     April 2024 Salisbury MD Real Estate Outlook  Our April projection came in slightly lower than anticipated. May home sales totals should be similar, with our first 100+ sales month since June of last year being a real possibility. The median price should come in around 265K for a Wicomico County home when the calendar turns its next page.   *Based on information from the Coastal Association of Realtors® for the period 4/1/24 through 4/30/24  Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024 

Q1 2024 Sales Report- Salisbury MD Real Estate

Q1 2024 Housing Statistics      For the period of January 1 through March 31 in Wicomico County, there were 215 settlements on single family housing units, down 1% from Q1 of 2023.   The median sales price was $260,000, up 8% over the same period. Foreclosure and short sale properties accounted for 4% of single-family home sales in the first quarter of 2024. This was up from 3% during the same period in 2023. *    Takeaways for Salisbury MD Area Home Buyers This was the lowest total for area home sales for the first quarter since Q1 of 2019. Continued high consumer inflation meant higher mortgage rates in Q1 for home buyers in Wicomico County. As a result, home sales nearly mirrored what we saw for the same quarter in 2023. Inventory continues to lag, leaving fewer choices for buyers currently in the market. The inevitable result is higher home prices. We discussed the inventory issue in detail in the 2023 Year in Review.   Takeaways for Salisbury MD Area Home Sellers Area homeowners looking to move can proceed with confidence knowing that with only 2 months of inventory, it remains a seller’s market. This should be tempered a bit, however, with the realization that today’s buyer is extremely rate and payment sensitive. They also tend to move very deliberately, pursuing properties they deem are priced correctly, while requests for closing cost assistance are becoming more common.   What Lies Ahead for the Wicomico County Real Estate Market? Our Q1 projection fell a little short on both sales and prices. The odds of mortgage rates declining appreciably in the next three months go down with each new negative inflation report. That said, little relief is in sight for home buyers hoping to close by the end of June. We’re thinking around 280 units will sell in Wicomico County in Q2, while the median home price should stay consistent around 260K. *Based on information from the Coastal Association of Realtors® for the period 1/1/24 through 3/31/24 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2024