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        

September Home Sales Plunge, Prices Up

Salisbury MD Real Estate Sales Report for September 2023   September 2023 Salisbury MD Home Sales Statistics In September 2023, the median single-family home sales price in the Salisbury MD area real estate market was $264,000. This was up 6% from the median sales price last September. There were72 home sales, down 40% for the same month last year. The average time on market was 1.2 months, up from 22 days in August 2022. Currently, there are 1.9 months of supply of homes in Wicomico County.* This is determined by how many homes are available divided by how many homes sold the previous month. Conclusions for Wicomico County Home Buyers September home sales for Wicomico County came in at their lowest for the month since 2012. Record high home prices, mortgage rates at a high for the year, and continued low inventory have taken their toll on local homebuyers.  The seasonal component is again a factor now that the market has normalized. The typical fall slowdown is upon us once again. This also played a role in the fall of 2022 but was previously last evident in 2019.   Conclusions for Home Sellers in Wicomico County While home inventory in Wicomico County remains historically low, the number of actual units for sale and months of supply are at a high for the year. With more buyers on the sidelines because of interest rates at a 20-year high, those remaining simply don’t have the sense of urgency area home sellers have become accustomed to. Contact us for details about your home’s market value or what your neighbor’s home sold for.   September 2023 Salisbury MD Real Estate Outlook Our September projection for Wicomico County home sales came in lower than expected. We believe October will look similar, both in pricing and units closed to the tune of around 70-75 units. Next week we’ll publish the Q3 Housing Report.   *Based on information from the Coastal Association of Realtors® for the period 9/1/23 through 9/30/23 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2023  

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

August Home Sales Decline, Prices Steady

Salisbury MD Real Estate Sales Report for August 2023   August 2023 Salisbury MD Home Sales Statistics In August 2023, the median single-family home sales price in the Salisbury MD area real estate market was $265,000. This was down 2% from the median sales price last August. There were 93 home sales, down 18% for the same month last year. The average time on market was 24 days, up from 22 days in August 2022. Currently, there are 1.4 months of supply of homes in Wicomico County.* This is determined by how many homes are available divided by how many homes sold the previous month.   Conclusions for Wicomico County Home Buyers Wicomico County home sales for August posted a nine-year low, while prices were just off the record set in August of 2022. Mortgage rates in the mid-7 % range have pushed more buyers to the sidelines, while home inventory is at its highest since February.   Conclusions for Home Sellers in Wicomico County Despite higher mortgage rates and fewer buyers, homes are selling in the Salisbury MD area. That combined with stubbornly high prices and lingering consumer inflation have those buyers still in the market more payment-sensitive than ever. This makes an accurate list price a critical component of a successful transaction. Contact us for details on how we’ve been “threading the needle” for years.   September 2023 Salisbury MD Real Estate Outlook August home sales proved to be stronger than anticipated, while pricing was in line with our projection. For September, we’re thinking 85-90 units will sell and a new record for prices is a possibility to finish out Q3.   *Based on information from the Coastal Association of Realtors® for the period 8/1/23 through 8/31/23 Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2023