March Home Sales Plunge 35%, Prices Up Sharply

February 2019 Salisbury MD Home Sales Statistics

In March 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $173,900, up 29% from the median sales price last March. There were 76 home sales, down 35% from last March.Salisbury MD real estate and homes for sale

The average time on market was 3.4 months, compared to 4.5 months for home sales in the Salisbury MD area last March.

Currently, there are 4.6 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.

Homes Sold in Wicomico County March 2019

 

Conclusions for Salisbury MD Area Home Buyers

We had no expectations of March home sales in Wicomico County coming close to the record setting performance of last March, with the final numbers in line with our prediction. The significant bump in the median sales price was likely a “one off” when considering the median home sales price in the Salisbury MD area was 156K in 2018.

Mortgage rates have stayed unexpectedly low year to date. They should remain steady through mid-year after the Fed recently announced further rate hikes on their end were unlikely in 2019. While 5 months of inventory technically means it’s a seller’s market, today’s buyers aren’t facing the stiff competition for homes seen last spring.

 

Conclusions for Home Sellers in the Salisbury MD Area

April through June is traditionally the most active period for home sales in the Salisbury MD area. That said, Wicomico County homeowners just now preparing their homes for sale must consider the recent changes in market conditions to achieve the desired outcome. Gone are the days of “list and forget” only to be replaced by fewer buyers and the need for comprehensive home marketing and competitive pricing.  For a no pressure, no obligation consultation about the value of your home, contact us.

 

April 2019 Salisbury MD Real Estate Outlook

After what will go down as the slowest Q1 for Salisbury MD area home sales in 5 years, April will be by far the strongest month year to date with 90-95 units expected to close this month. This would be well off the pace set last April, which was the second best in history for Wicomico County. Check back in next week for the First Quarter Housing Report.

*Based on information from the Coastal Association of Realtors® for the period 3/1/19 through 3/31/19

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019

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