February 2019 Salisbury MD Home Sales Statistics
In February 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $128,000, down 9% from the median sales price last February. There were 55 home sales, down 23% from last February.
The average time on market was 3.2 months, compared to 3.3 months for home sales in the Salisbury MD area last February.
Currently, there are 6.0 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
We laid the results of anemic January sales numbers in Wicomico County on the most recent government shutdown. Last fall we began to make noise about a potential shift in the market, but another soft month in March for the Salisbury MD area would mean a significant trend is developing.
While the weather has been miserable, we believe there is more going on behind the scenes. This is potentially good news for area home buyers, especially considering mortgage rates are at nearly 12 month lows.
Conclusions for Home Sellers in the Salisbury MD Area
Home owners in the Salisbury MD area planning to sell this spring may not have as much competition in terms of inventory, but it’s becoming clear there are fewer buyers out there. Six months of home inventory is considered a “neutral” market when compared to the 3-4 months of home inventory in Wicomico County throughout most of 2018.
While this isn’t a reason to panic, knowledge of the Salisbury MD area real estate market in general, recent sales in your neighborhood, accurate home pricing and bullet proof marketing will make the difference between a successful sale and wishing you had sold last year. Contact us to schedule a brief consultation with no hype or lofty promises- just hard data you can actually use to make informed decisions.
March 2019 Salisbury MD Real Estate Outlook
Our expectations for February home sales in the Salisbury MD area were significantly off base. For March, we aren’t quite as bullish especially when taking weekly housing statistics so far this month into account.
That said, we’re projecting around 80 units to close in Wicomico County to finish out a weak Q1 of 2019. Should this prove correct, it will go down as the slowest March since 2014. Check back in with us in mid-April for the First Quarter Housing and April Home Sale Reports.
*Based on information from the Coastal Association of Realtors® for the period 2/1/19 through 2/28/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019