April 2019 Salisbury MD Home Sales Statistics
In April 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $163,900, up 1% from the median sales price last April. There were 95 home sales, down 14% from last April.
The average time on market was 2.4 months, compared to 2.7 months for home sales in the Salisbury MD area last April.
Currently, there are 3.7 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
Homebuyers currently in the Salisbury area real estate market face a mixed bag this spring. Inventory for starter homes up to 200K is scarce and remains a red hot segment of the market. Homebuyers searching at 300K and up have a reasonable amount of choices and much less urgency.
Year to date, time on market for sold homes 100K to 200K averaged only 2.7 months. For sold properties in the 200K-300K range, time on market averaged 3.6 months while the over 300K price point climbed to 6.7 months on average. Mortgage rates continue to stay at favorable levels, boosting the confidence of home buyer actively looking in the Wicomico County housing market.
Conclusions for Home Sellers in the Salisbury MD Area
For current and would be sellers in the Salisbury MD area real estate market, April’s numbers while historically solid continued the trend seen in Q4 of 2018 and Q1 of this year. Wicomico County home sales been down consistently over this period while prices were up. We sounded the alarm last October about the upcoming shift in the local housing market and 7 months later our theory has become reality.
In the new Wicomico County housing market, accurate pricing, intimate knowledge of the local market and comprehensive marketing of a listing are vital to a smooth and successful transaction. Contact us for details on what separates us from the crowd.
May 2019 Salisbury MD Real Estate Outlook
April’s projection for Salisbury MD area real estate market was spot on. With a noticeable uptick in weekly sales activity, we should see our first month of 100 plus home sales in Wicomico County since last fall.
*Based on information from the Coastal Association of Realtors® for the period 4/1/19 through 4/30/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019