January 2019 Salisbury MD Home Sales Statistics
In January 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $145,500, up 5% from the median sales price last January. There were 50 home sales, down 29% from last January.
The average time on market was 5.9 months, compared to 3.4 months for home sales in the Salisbury MD area last January.
Currently, there are 7.0 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 Salisbury MD Area Home Buyers
While the Salisbury MD real estate market is shifting, the stats above should be taken with a grain of salt and specifically the 7 months of home inventory in Wicomico County. As the recent partial government shutdown didn’t effect most citizen’s day to day lives, it certainly put many buyer’s home loans on the back burner. This resulted in the low number of closings last month.
Conclusions for Home Sellers in the Salisbury MD Area
Salisbury MD area homeowners planning to sell soon have no reason to panic as January’s sales numbers were an aberration because of the partial government shutdown. Inventory remains steady at around 350 units and the market fundamentals are still strong. As the Wicomico County housing market does slowly shift towards the buyer’s side of the equation, accurate home pricing and comprehensive marketing of your listing will be absolutely critical in achieving a successful sale.
February 2019 Salisbury MD Real Estate Outlook
Our projection for a low month for home sales in Wicomico County was correct in theory but we missed the mark on the severity of the government shutdown and its impact on the Salisbury MD area real estate market as a whole. With the backlog of settlements waiting to happen, we’re expecting a near record February in the neighborhood of 90 units sold. Some of this increase will also be attributed to buyers taking advantage of the unexpected dip in mortgage rates seen last December.
*Based on information from the Coastal Association of Realtors® for the period 1/1/19 through 1/30/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019