Salisbury MD Real Estate Sales Report for February 2024

Salisbury MD Real Estate Sales Report for February 2024   February 2024 Salisbury MD Home Sales Statistics In February 2024, the median single family home sales price in the Salisbury MD area real estate market was $277,000. This was up 11% from the median sales price last February. There were 68 home sales, down 4% from the same month last year. The average time on market was 2.4 months, unchanged from February 2023.  Currently, there are 2.7 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 Consistently high interest rates are certainly keeping some would-be Salisbury MD area homebuyers on the sidelines. Home prices continuing their upward climb won’t be welcome news either. Reading between the lines, however, shows a trend of longer days on the market for homes and inventory pushing three months. This suggests that home sellers who either overpriced their homes or overestimated demand are being more flexible when negotiating.   Conclusions for Home Sellers in Wicomico County With the traditional “selling season” right around the corner, it’s imperative for Wicomico County property owners to price their homes correctly. Fewer buyers in the market means urgency is down. Payment sensitivity and high consumer inflation has those actively looking wanting the best value possible. A home priced within market expectations will not only sell for the most money, but in less time. Contact us for a no pressure conversation on our pricing philosophy and details on our 45 Step VRG Home Marketing Plan.    March 2024 Salisbury MD Real Estate Outlook Our February sales projection proved to be accurate, with prices coming in a bit higher than anticipated. March should have around 75-80 units sold to close out Q1. Prices could set a record for the month of March. Check back in with us in about 30 days. *Based on information from the Coastal Association of REALTORS® for the period 2/1/24 through 2/29/24 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024

Salisbury MD Real Estate 2023 Year in Review

Salisbury MD Area Home Sales in 2023 There were 1023 home sales in Wicomico County in 2023, down 19% from 2022. The median sales price was $256,000, up 2.4% over the same period.* This was the lowest number of homes sold in Wicomico County since 2014. Home prices set a record, however.  Area home sales are down 34% since the end of 2021.              The average time on market for properties sold in the Salisbury MD real estate market last year was 1.3 months. Foreclosures and short sale properties accounted for 4% of residential sales in 2023, up from 3% in 2022.   Salisbury MD Area Home Buyers in 2023 Mortgage rates began the year in the mid-6% range (where they stand at the time of this writing) By October, they were nearing the 8% mark, putting a huge dent in Salisbury MD area home sales. Home inventory remained near record lows. We went into detail on the inventory issue in the Q4 Housing Report. A shortage of homes for sale was also a result of high interest rates pushing prices up throughout the year.  Price increases were much more moderate than what we saw in 2020 and 2021.   Salisbury MD Area Home Sellers in 2023 High mortgage rates in 2023 meant many area homeowners who wanted to move decided to stay put. Those who were casually considering an extra bedroom, larger yard, change of scenery, etc. simply were not willing to trade in a sub 3% mortgage for one 2x-3x that as noted above. Homeowners in the Salisbury MD area who did decide to move benefited from historic prices and a less chaotic market yet still sold in a favorable time frame of about 5 weeks on average. Home sales that took significantly longer typically happened after one or more price reductions when the seller learned that this was no longer 2021.   What Can the Wicomico County Housing Market Expect in 2024? For 2024, we believe home prices in the Salisbury MD area will rise around 5% and home sales increase approximately 15%. If correct, market conditions will resemble what we saw in 2019 by January 1. Factors we’ll be monitoring include-   Fed Meetings We have the dates circled on our calendar. Some Fed watchers are counting on up to six rate cuts this year. We have a more conservative take, predicting 3-4 rate cuts with the first being after the June FOMC meeting. Unknown to most of the public, mortgage rates have slowly trended lower since reaching a peak in October. Should the Fed cut its Fund’s Rate multiple times in 2024 as expected, mortgage rates may be in the 5’s by year’s end. The Possibility of a Recession The lingering effects of inflation and a softening labor market are indicators that a mild recession may be on the horizon, likely in the second half of the year. Should this come to pass, Fed rate cuts are a near certainty. Instability in the Midde East The war between Israel and Hamas/Hezbollah could easily expand to surrounding areas. American involvement is increasing as well. Widespread military action in the region could disrupt oil production and distribution, causing price spikes in the oil market. This scenario would have significant ripple effects throughout the U.S. economy.   *Based on information from the Coastal Association of Realtors® for the period 1/1/23 through 12/31/23 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 December 2023

December 2023 Salisbury MD Home Sales Statistics  In December 2023, the median single family home sales price in the Salisbury MD area real estate market was $241,000. This was up 12% from the median sales price last December. There were 70 home sales, down 7% for the same month last year. The average time on market was 1.9 months, up from 23 days in December 2022. Currently, there are 2.2 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  Despite mortgage rates sliding nearly 1.5 points since October, December home sales posted their lowest total for the month since December 2013 in the Salisbury MD area real estate market. Home inventory stayed consistent on a yearly basis, leaving consumer sentiment and consumer inflation as two key factors. Many buyers mistakenly believe home prices will fall in 2024 and are opting to play the waiting game. Conclusions for Home Sellers in Wicomico County  Longer days on market for sold homes (almost two months) is a signal for Wicomico County home sellers that buyer urgency is significantly softer than this time last year. Slightly higher inventory also means more competition, making the home’s list price the most critical factor in a successful home sale. January 2024 Salisbury MD Real Estate Outlook We’re projecting 60-70 Wicomico County homes will close in January. Price should remain stable. Over the next two weeks, we’ll be publishing the Q4 Housing Report and 2023 Year in Review. Significant changes in the local housing market are expected in 2024, so stay tuned. *Based on information from the Coastal Association of REALTORS® for the period 12/1/23 through 12/31/23 Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2024        

Q4 2023 Sales Report- Salisbury MD Real Estate

Q4 2023 Housing Statistics      For the period of October 1 through December 31 in Wicomico County, there were 242 settlements on single family housing units, down 6% from Q4 of 2022.   The median sales price was $250,000, up 8% over the same period. Foreclosure and short sale properties accounted for 5% of single-family home sales in the fourth quarter of 2023. This was up from 3% during the same period in 2022. *    Takeaways for Salisbury MD Area Home Buyers Many Salisbury MD area home buyers took a breather in Q4, despite rates sliding back nearly 150 basis points from October- December as discussed in the December Sales Report. Consumer inflation remained high, inventory remained low and only the most motivated appeared to be house hunting.   Takeaways for Salisbury MD Area Home Sellers After a record seven rate hikes in 2022 and four more in 2023, Jay Powell and the Federal Reserve achieved their stated unofficial objective of “cooling an overheated housing market”. Nationwide, home sales fell by over 17% in 2023.  They knew in advance how rate hikes would impact buyer demand because of higher borrowing costs. However, any anticipated decrease in home prices failed to materialize as the Fed may have underestimated the impact their actions had on housing supply. We covered this in detail in both the Q1 and Q2 Housing Reports. The median home price in Wicomico County was up 2.4% in 2023.    What Lies Ahead for the Wicomico County Real Estate Market? From now through the end March, home sales, prices and mortgage rates should move in a sideways fashion, meaning no significant changes are anticipated. By April 1, around 240 homes should close with prices right around the 250K mark. Our 2024 predictions for the Wicomico County housing market will be made known in the upcoming 2023 Year in Review. *Based on information from the Coastal Association of Realtors® for the period 10/1/23 through 12/31/23 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2024